How Artificial Intelligence Helps Drive More Wins For Retailers?

There’s been a lot of buzz on robots replacing human workers and slowly pushing human labor into obsolescence. However, the less-hyped reality is that new software programs are popping up every day to perform some complex tasks without active oversight from humans.

From security checks at the airport to enhanced user experiences, AI is gradually flowing into all the aspects of our lives. Thanks to the advancements in AI that these innovations are beginning to find their way into the daily lives of consumers as well.

Artificial Intelligence Helps Drive More Wins For Retailers

While customers increasingly want retailers to offer personalized, convenient, and responsive services, the retailers are beginning to explore how Artificial Intelligence could make smarter and more personalized customer experiences.

Creating more personalized customer experience

AI can analyze vast sets of data more efficiently than a human being. It can quickly identify clusters and patterns in the customer information – such as customers’ past purchasing behavior, similarities between customers, credit checks and other common threads. Millions of transactions can be analyzed rapidly to target offers down to a single customer.

The customer information gathered previously can be put to good use. Through actionable sales intelligence, companies have access to abundant data regarding client throughout his customer journey. This allows them to boost customer engagement at every point of contact and create a more personalized experience.

AI technologies will equip e-commerce companies with timely information to help solve their business challenges. Using Artificial Intelligence, the teams can identify who is most likely to buy their product based on demographics, purchase history, etc. This way, when they do have a communication with a prospective buyer, they are well informed as to what the customer needs – and therefore, more favorable with their sales.

Leverage Artificial Intelligence For the Holiday Season

When it comes to holiday season sales, Black Friday in-store shopping has declined drastically over the past few years. And, this will continue to decline due to the use of online shoppers, Chatbots, and the overall fact that customers prefer online shopping saves the trouble of that crazy Black Friday crowd.

Leveraging Artificial Intelligence technologies is essential for companies during the holiday season. The customers want better, convenient shopping experiences, and retailers need to adapt to meet their demands.

Modern customers no longer want to leave the comfort of their homes, drive to a mall, stand in the long queues, and battle for prized gifts or sift through mountains of discounted clothing. Artificial Intelligence has opened up plenty of options, never imagined before in the eCommerce industry.

Holiday Selling Guide For eCommerce Store Owners

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Creating an Efficient Sales Process

Gone are the days of picking up yellow pages and cold calling clients. Sales techniques have thankfully moved on beyond such time-consuming methods. Consumers’ lives are now influenced by so much more types of media, from TV commercials to social media.

Integrating AI into your CRM is the best way to go if you want to customize your online store and craft a sales message that reaches the right set of customers at the right time on the right platform. An effective AI-driven CRM can perform multiple tasks to handle various functions at the right time.

AI is transforming the eCommerce sector for the better by evolving the sales process intelligently so customers will no longer be offered the solutions that are neither tailored nor appropriate. It’s making drastic changes to the way companies deal with their clients, gaining faster access to customer data and harnessing their employees’ talent for better use.

Conclusion

For retailers, that want to compete and differentiate their business from competitors, retail is the breeding ground of analytics and machine learning. A Forrester report predicts that AI will drive faster business decisions in eCommerce, product management and other areas of online businesses by helping close the gap from insights to action.

In IBM’s survey, 91% of retailers said they believe artificial intelligence will play a disruptive role in the eCommerce industry, and 83% believe it will have a critical impact on the future of their businesses.

Over the coming years, artificial intelligence will become a crucial differentiator of e-commerce performance. Retailers who are still not ready to leverage the benefits of AI, risk being left behind by the early adopters who reshape the e-commerce market and the customer expectations.

For brands to stay current and on-trend, they need to embrace AI – It is changing eCommerce, and the entire commerce industry, forever!

Sumesh Soman

An MBA in International Business, Sumesh (Business Development Manager) has been monumental to various big deals that Krish has got in the past 4 years and his cumulative capability in cementing clients trust has been phenomenal and a game changer for Krish.

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