5 Ways Artificial Intelligence Will Improve Your Online Business

AI has gradually made its way into our lives over the past few years. This technology is highly evident in games and mobile applications.
Created by
July 6, 2018
Artificial Intelligence is making a bold move forward in modern business. All companies, large and small, are beginning to truly appreciate the capabilities and convenience of AI. Apart from implementing AI into basic marketing campaigns, e-commerce websites are now using AI to improve sales, customer service, and the overall experience of the website.

AI has gradually made its way into our lives over the past few years. This technology is highly evident in games and mobile applications. There are even AI and machine learning in social networks. One of the main reasons for using this useful piece of technology is to increase the overall customer experience. If a customer is satisfied while shopping on an e-commerce website, then they are likely to purchase something.

Customer Mobile Shopping Visual

Today, e-commerce giants around the world make use of AI when optimizing their websites. Software with AI-based algorithms gives these companies the edge over its competitors. This is due to the software machine learning capabilities which can help you better understand and serve your customers. The minor addition of AI can improve an online business drastically. Below are 5 examples of how AI can improve an online business.

Artificial Intellegence Will Improve Online Business

1. Chatbots

Chatbots are AI-based technology that allows software to interact with people. The aim is for the chatbot to gather as much information as possible from a customer in order to effectively find a solution to their current needs or problems. Chatbots can work alongside human agents as assistants who collect standard personal info from a customer while they wait for support. This is an excellent way to assist a customer as they hold on for the next available service consultant. In some cases, a chatbot may even be able to solve a customers query on their own.

Chatbot Screenshot

Source: Instabot

Since the advent of chatbots, e-commerce websites now have the option of supplying their customers with 24/7 customer support in the form of online chat. This is a great advantage for online stores who wish to serve their customers after hours as well as international customers in different time zones. It is also possible to program a chatbot to behave in a manner that best suits your brand's vision.

2. Creating an Efficient Sales Process

Artificial Intelligence can be utilized for sales in many ways. A chatbot could interact with a customer in order to gather more information on their needs. The bot can then suggest possible solutions to your customers needs immediately by offering them items from your inventory. This way customers will be offered the appropriate items that best suit their needs.

This technique works great with online stores with limited support for sales and support. It can also serve as an assistant to a sales representative who is currently unavailable. Chatbots can also interact with customers after the sale has been made. Sales staff tend to have difficulty when following up with their clients, but chatbots can assist in follow up questions related to the products that were purchased.

3. Personalized Customer Experience

We notice this sort of personalized algorithm at work in apps such as YouTube. YouTube uses data that it receives from you in order to personalize your overall experience. The platform uses data such as videos watched, likes, dislikes, and subscriptions to recommend the type of videos that you will most likely want to watch. Twitter and Instagram do the same as they only deliver posts that you would want to see to your timeline and not chronologically.

Online e-commerce stores have also been known to practice similar techniques in their stores. With technologies such as AI and machine learning, an online store can deliver suggested items to customers who browse the website. Some customers may discover items that they probably did not know the store stocked. AI can also be used to deliver relevant sale items to customers, like informing a customer who is viewing a new mobile device about a smartphone sale that is currently on.

4. Retarget Customers

If your business has already built up a considerable client base in the last few years, then you should have access to some data regarding these clients. What most companies do is they go back to this old data with the hopes of using it to generate repeat business from past customers. Analyzing this data manually can be time-consuming with the possibility of drawing you away from your current work.

Feeding such data into AI systems designed with a focus on customer relationship management involved can save you precious time. The algorithm involved in these complicated systems allow for the software to analyze and predict customer behavior. AI CRM systems can also make sure that leads are properly followed up on as human sales representatives can be prone to forgetting to follow up.

5. Inventory Management

E-commerce inventory systems are usually on point in terms of accuracy. An item is placed in a customers cart, they pay, then the item gets invoiced out of stock. The stock holding automatically goes down. This is more or less about it as the store owner or stock controller will be required to constantly analyze stock movement behavior in order to keep on top of new stock orders.

With Artificial Intelligence, store owners can receive valuable insights related to inventory management. Information such as current trends and predictive analysis for future demands. The more information you feed your AI system, the more it will understand the dynamics of your business in terms of sales, customers, and stock. This info can assist the system to accurately predict both present and future inventory needs.

Many companies today are searching for the most efficient way to carry out daily duties. So far, the software has made it possible to optimize most administrative duties. AI, on the other hand, offers us a valuable solution towards speeding up the sales process as well as customer experience. AI, alongside traditional software, can make for a streamlined work environment that requires as little staff as possible.

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