8 Ways AI is Revolutionizing eCommerce Business

August 9, 2022

AI is not a part of high-end sci-fi movies anymore.

It’s for real. From automated cash registers to high-end security verification at the airport, AI is gaining a deeper grip on almost every business sector.

How can eCommerce stay untouched?

Here are some of the most amazing ways AI revolutionizes eCommerce businesses.

#1. Shopping Becomes More Cost-effective with Voice Commands

There was a time when shoppers browsed search engines, looking for price comparison tables to make purchase decisions. While the idea sounds retro today, there is still a considerable group from the global population that always bets on this.

* It’s a wake-Up Call!!!*

AI-powered voice assistants are here to take over the entire eCommerce search era.

With such aids on your smartphone, shopping via eCommerce apps is as easy as calling out:

“Alexa, buy me a new pair of shoes, please.”

The voice assistant will compare the top-rated shoes on various websites, list them according to the compared prices, and display the results on the screen.

All you need to do is: Click. Pay. Place Order.

Simple, isn’t it?

Besides helping customers shop better cost-effectively, it helps you earn customer loyalty (obviously, if you tailor your strategy accordingly).

#2. Augmented Customer Satisfaction with Better Services

Imagine this: A customer scrolls through your eCommerce website to find a leather belt in brown. Despite browsing the entire range, they don’t find the one they want.

As soon as they are about to click the “Close Tab” button, the AI-enabled chatbot on your website gets activated, and a message asking specific item details pops up. The customer shares the features he needs and the chatbot completes the order placement in a few minutes.

What’s there for you in this implementation?

One, Revenue.

Two, Customer Delight

Three, a loyal customer.

And not just that, chatbots can also help you offer 24/7 assistance to your customers.

All you need is to get a Custom AI chatbot developed and implemented according to your customer and business demands.

#3. Tap Opportunities by Offering Personalized Recommendations

For eCommerce businesses to thrive, it is vital to understand buying behavior and strategize accordingly. And that’s where AI-enabled analytics come in. Such insights not just deliver crucial details, but also enable personalizations at every stage of the buyer’s journey.

These systems track your buyer’s activities across channels and platforms and help you to:

● Drive 16-10x conversions (Source)
● Increase average order value by up to 20% (Source)
● Open multiple channels for interacting by assessing the platforms where your customers are most         active
● Build a personalized strategy
● Nurture first-time website visitors by offering them the kind of service they need
● Tap cross-sell and upsell opportunities
● Reduce cart abandonment

Tracking buyer activities helps you build a more reliable buyer persona and hence create friendlier marketing opportunities. In turn, this pays in the long run, to not just augment revenue and entice customers, but to maintain their loyalty to your brand. These personalized marketing activities include interactive quizzes, referral and loyalty programs, product recommendations, Vlogs, live sessions, and interviews.

#4. Visual Search to Enable Customers Find Products Easily

Visual searches are a great business tool that change how customers interact with your online retail store. Rather than long strings of search queries, visual search engines can identify and lead you to the products you need simply by uploading the scanned image.

Gartner predicts that early adopter brands that add visual and voice search in their websites will boost their revenue by 30%.

Today, customers love images and, of course, anything that makes their life simpler- as it has ever been. There are over 600 million Pinterest searches every month, and yes, 62% of the Millenials today demand visual search integration in digital shopping.

Implementing visual search is not just a matter of enhancing your functionality, but also the need for the hour to stay ahead of the competition curve. Helping you land among customer’s favorites, the strategy also earns you colossal revenue and entices more customers.

A striking example of ASOS’s search tool, known as Style Match that lets you snap and upload pictures and discover products from their catalog. The tool can match more than 850 brands and over 85,000 products that users can buy from. Their strategy revolves around offering the most affordable products to their buyers. The products are an excellent replacement for designer counterparts and also matches their style.

#5. Maintain Review Authenticity with AI

Fake reviews have always been a pain in the neck for the eCommerce stores.

In the era where 88% of the consumers trust online reviews, a single bad review can take a toll on entire sales and cause strategies to fall flat. Popular brands like Amazon are employing AI/ML systems to track customers’ behavior and purchasing history to boost the verified customer purchase reviews’ prominence and weight.
Therefore, only authentic and genuine reviews display on the website.

#6. Enhancing Shopping Experience with Mix of In-store and Online Shopping

Yet another time, Amazon took the innovation game to another level when it launched the chain of stores that offered a combination of in-store and online shopping.

Justifying its tagline, “Just go out shopping,” Amazon Go is a grocery store network that gives you freedom from long queues to shop for home essentials.

The stores work with an Amazon Go application- you enter the store, take products you want, and leave. Enabled through artificial intelligence, sensor fusion, and deep learning, the technology detects the items picked from shelves and tracks in the virtual cart. When you leave the stores, your Amazon account is charged, and a receipt is emailed to you in just a few seconds.

#7. Automation Kicks In to Boost Productivity

Spoiler Alert: AI and automation aren’t just about robots and machines trying to win over the earth.

Using trending technology with the right algorithms, AI automates the various processes to help you streamline your business for growth, accuracy, and popularity.

Imagine this: There’s a buyer who needs to change to a specific order for the fourth time. While having your manual resources doing repetitive tasks may negatively impact the productivity, an automated machine could help you get the job done for ‘n’ number of times, easily and quickly.

#8. Better Strategies with Sales Forecasting

Let’s imagine an alternate reality where the marketing strategies and expenses are only directed to the buying customers or potential customers who are more likely to make a purchase. The conversion rates here will only see the uphill and translate to positive value.

Having the data on when the product would be sold would provide the customer with an idea of the inventory that they need to stock up again. This would eliminate the large sum of undesired costs and tend to make the retailers more efficient. This is much more useful in the industries that tend to sell tickets or provide transportation to the people.

Take-Home Message

Shopping your favorites has come a long way from being an experience of scrolling through Yellow Pages and hunting the store. Stores ranging from apparels to grocery to eye-wear have now fitted into your palms, and all you have to do is browse through them and choose the product. Delivery shall land right at your doorsteps in a few days or a few hours. While some examples are right here in this blog, there are more other ways. To stay ahead of the competition, one is required to gear up and upgrade their services.