By Sahil Arya, Co-Founder and Director at Fat Tiger
Businesses, large and small, are increasingly realising the importance of implementing AI to achieve both short and long-term objectives. It is a technology with the potential to have an impact on every aspect of your business, from marketing and targeting to logistics and ordering. With AI, eCommerce brands can better understand their customers and improve their offerings at each stage of the customer journey.
According to recent McKinsey research, the use of AI can benefit every aspect of retail. Because of the ease with which they can collect detailed shopping data, online brands are uniquely positioned to benefit from AI commerce.
Let us look at a few of the advantages of implementing AI eCommerce and how brands can benefit from them:
Better Market and Consumer Insight
Marketers use AI-powered marketing to conduct predictive customer analysis and provide a more targeted and personalized customer experience, thereby increasing ROI on each customer interaction. AI can help companies develop more effective marketing strategies, improve the customer journey, and transform how they attract, nurture, and convert prospects.
More precise marketing campaigns
There are numerous ways AI eCommerce can improve the outcomes of your marketing campaigns. AI can assist you in presenting the right message at the right time, gathering insights to help you make better decisions, or discovering audience traits that lead to higher conversions. Marketers are constantly looking for new ways to find and incentivize their ideal audience. AI enables marketers to multiply the number of campaigns they create and then precisely define which campaign to send to which cohort.
Better customer experiences
Every day, brands can use AI to track and analyze millions of customer actions. They can also personalize content for each user. As a result, AI eCommerce stores can provide engaging conversations, helpful advice, and intimate interactions similar to those provided by an in-store assistant. Until now, eCommerce brands have struggled to provide this to customers.
Reducing Overall Costs
Introduction of Artificial Intelligence tools that enable Big Data analytics will enable businesses to maximize financial profits while minimizing financial losses by identifying weak points in their business model, increasing their digital presence, and providing products that suit the specific needs of consumers. Businesses can also use AI technology to digitize a wide range of processes, freeing up employees’ time and increasing productivity. Businesses can increase output in less time and at a lower cost by automating routine tasks.