How to Use AI for Boosting Your Ecommerce Profits

How to Use AI for Boosting Your Ecommerce Profits
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Boosting Your Ecommerce Profits – The eCommerce business is on the rise, and according to Statista, it will reach $4.878 billion in sales globally by 2021. This popularity prompts thousands of entrepreneurs to open online shops, which consequently makes it harder to get noticed.

Integrating AI solutions can help you achieve success in this business by enhancing your customers’ experience and boosting the efficiency of your store. The trick here is to use the available machine learning solutions wisely.

How to Use AI for Boosting Ecommerce Business

1. Generating leads through predictive marketing

Predictive analytics is where the main power of AI for eCommerce lies. These solutions are able to process scores of data to provide insights that can make a huge difference even for a very small business.

You can get some idea of how this can work out by watching a video where a Getty Images representative recounts their experience with using a predictive analytics AI for lead generation. These solutions are numerous and flexible, so they can be customized to the specific business’s needs. To benefit from them most, you’ll need to consider the analytics capabilities very carefully and choose the solution that will work best in your particular niche.

2. Improving the sales process

Forget about basic predictive suggestions in your website’s Search feature and think how you can integrate a voice search feature into your customers’ shopping experience. As this kind of service gets more popular (50% of all searches will be done through voice by 2020), eCommerce businesses can get an instant boost from this feature alone. Though, you’ll need to be sure that your website will support advanced solutions like this, so be careful to choose a suitable cheap business host.

To make the most of this opportunity, you’ll need to use a solution that will not only enable the buyers to search for products using Google Assistant, Alexa, or Siri. You’ll need to combine the search with a feature similar to a chatbot that offers suggestions based on the customer’s input. Add to it a parallel research feature that will use your customer’s GPS and other known data for personalizing results, and you get the best online shop assistant you can have.

The North Face company does this right using IBM’s Watson solution, so check those out for inspiration.

3. Preventing cart abandonment

Reducing the cart abandonment rates is the easiest implementation of AI for boosting eCommerce businesses. However, it’s also something shops do very rarely. You can check out CR7 Fashion to see how a small AI tool can make a huge difference.

This particular company has a solution that offers a Messenger signup form for a discount promo code right under the Add to Cart button. If the customer clicks on it (and who wouldn’t seeing as it’s an easy discount offer) the system connects to them on Messenger. If the cart is abandoned, an AI-run chatbot will contact the customer and offer suggestions/discounts/etc.

When developing a system like this for your business, remember that your main goal is not only to bring the attention back to your store. You need to rectify the issue that caused the customer to abandon their cart initially. Predictive analytics AI solutions that analyze customer behavior on your website can help with that.

4. Integrating with multiple smart devices

This type of using AI for boosting eCommerce is quite limited today. However, this means it has a greater potential than the already explored options. To give you an idea, check out this introduction of LG InstaView Door-in-Door refrigerators. Now imagine what kind of boost you’d get as an eCommerce food retailer with an access to that screen.

You’d get a chance to cut the customer’s grocery shopping to a few taps on their refrigerator door. The potential in this is incredible and as IoT technologies grow more popular and advanced, the opportunities for eCommerce businesses increase. Be sure to catch the chance.

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