Artificial Intelligence has been influencing humankind for decades. It has disrupted every area of our lives, from curating ‘Discover Weekly’ playlists on Spotify to predicting our Google searches. In the business arena, there have been alarmist calls surrounding technology replacing human jobs. However, the ultimate role of AI is to assist human efforts and help workers increase productivity, not replace us.
Artificial intelligence is transforming every possible field, from marketing to customer support to sales. Although sales and marketing have traditionally been reserved for humans with great communication skills, today, machine intelligence is re-shaping and revolutionizing the field.
How AI is Transforming Ecommerce Retailing
In the realm of business, there are many repetitive and time-consuming tasks like updating the contact list for CRM, fraud detection, product recommendations, and purchase predictions. These tasks have always been completed by people. Today, with the evolution of technology, Al is able to do these repetitive yet necessary tasks more efficiently while employees focus more on high-priority areas – accounting, operations, teamwork, collaboration, etc. AI works in the background, giving employees the freedom to focus on their unique abilities and areas of expertise.
Companies like eBay, Amazon, and Alibaba are using AI to sort through their massive databases of customer purchase behavior to predict their future needs. AI’s automated analysis of individual customers’ needs helps increase efficiency by reducing manual work, therefore providing a competitive advantage. So, just about every brand under the sun is intensively investing their money in Al in order to build brand competitiveness and customer loyalty.
Understand Your Customers Better with AI
To develop long-term customer loyalty, marketers can use AI to better understand an individual consumer’s desires. Through predictive analytics, brands recommend the most suitable product offers or send personalized messages through email marketing, messages, etc. This helps to create unique customer experiences and targeted offers that go beyond selling and buying, and strengthen customer relationships with the brand.
Artificial intelligence can identify the most suitable customers who are most likely to buy a given company’s products. This gives companies more revenue and sales opportunities as their efforts are directed towards qualified opportunities. Early adopters of Artificial Intelligence have been seeing tangible benefits. For example, Daiwa Securities has been able to increase its customer purchase rate by 2.7 times through the adoption of AI-enabled technology.
AI is the Boost Your Sales Team Needs
Today, consumers’ lives are greatly influenced by a variety of different media. In such an age and day, developing an impactful sales message that is visible to your customers both at the right time and on the right platform translates into the integration of AI with your CRM system.
With the help of AI, your CRM system can answer customer queries and resolve their issues. By maintaining a consistent and meaningful relationship with your customers, AI can improve customer engagement and sales. Keeping customers engaged is a primary challenge for e-commerce retailers. AI can easily spark customer engagement by acting as their personal stylist (providing a personalized experience through product recommendations).
A common challenge across all industries is to maximize revenue, increase market share, and maintain low costs while minimizing risks. Artificial Intelligence allows companies to take advantage of their internal database to the fullest potential and mine it for new opportunities.
Look what AI has in store for Online Sales
With the use of AI, business processes will become fully automated and innovative in the near future. It will help companies to be completely customer-focused, offer unique and personalized services, use predictive analytics more accurately, and save time otherwise spent on finding and converting leads. Artificial Intelligence will make things easier by optimizing budgets, personalizing every customer’s experience, and reducing time and cost with automated online sales processes. This means that brands will be able to improve their customer engagement more efficiently.