Have you been using AI in your e-commerce? Are you planning to level up your e-commerce Strategies to generate more sales, and achieve top-notch customer satisfaction? Are you not satisfied with your current AI strategies? This blog briefly talks about how AI is transforming the e-commerce industry for the good. Along with insights on how you should be innovating on your e-commerce, and how AI can help you achieve the same. How about we jump directly to some of the must-have AI features for your e-commerce?
I will give you a brief outlook on how Kaliper.io is solving complex business problems using AI, which is not very trivial to look at, using AI.
As we know e-commerce core strategies generally revolve around Revenue Growth, Increased Engagement, and making Customer Experience top-notch. Every eCommerce continuously aims to improve these areas. Though large and matured eCommerce has shifted to AI-driven decision-making, mid-level eCommerce is generally driven by manual Business Decisions only. This keeps them off the edge when there is a need for more complex decision-making, and keeping customer satisfaction at the best.
We will explore various AI opportunities and how you can use them to your benefit while enabling AI for your Revenue Growth, Increased Engagement, and making Customer Experience top-notch.
Though there are many aspects of AI which help businesses achieve their different sets of Goals, there are 3 must-haves you should be doing right away in your eCommerce to level up, and keep yourselves ahead of the competitors in future also.
- Recommendation System
- Customer Segmentation
- Customer Chat Support.
We are going to talk briefly about how AI can revolutionise these areas, in the form of use cases that we have achieved for our eCommerce Clients worldwide. We strongly believe that this will help you achieve your goals of Revenue Growth, Increased Engagement, and making Customer Experience top-notch.
Recommendation System
Compare a scenario where you present 10 different pizza options in front of your customer Bob, with the scenario where your competitor presents only 2 of Bob’s preferred flavours(out of 10) of pizza options to choose from. Where do you think Bob will be more likely to make his next purchase from?
Traditional E-commerce has been doing push sales for decades, in the form of Ads, Digital Marketing, and several other channels. On the other hand, eCommerce has been struggling to increase its pull sales among its customers, where the customer is pulled to the products that they need but may or may not be actively looking for at present.
In traditional offline shops, we have a well-dressed salesman for that. But how will it be possible in an online store, where there is one store and millions of customers? The answer to that is an online recommendation system. To learn more about how we can help you achieve this strategy using AI, visit our Blog on Recommendation System for Ecommerce
Customer Segmentation
You want to know your customers’ preferences and alignment before they figure it out themselves on your competitor’s website. Segmenting the customer base in meaningful sets has always been a challenging part for the majority of eCommerce businesses. This is where your e-commerce can go the extra mile with the help of our AI-enabled Customer Segmentation Strategies.
Traditionally e-commerce relies on simple demographics and lifetime purchase data to segment their customers, ignoring their Customer behaviour/Journey, and interests at a large scale. This results in grey area user segmentation, where they will be missing out on customer preference, behaviour, and other external factors while Grouping them as a set of Customers.
Case Study: Our client was facing low retention of customers who had purchased during campaigns. After thoroughly analysing the data, we found that 8% of overall buyers from the campaign contributed to ~60% of sales revenue during the Campaign event. While we dived deeper, we found that these users were some sort of traders and merchants, who used to abuse the campaign. We created a Segment of Campaign Abusers and segmented abusers using our AI-enabled Customer Segmentation Strategies. This segmentation further helped the client to keep the abuser’s purchase limit in check in real-time.
To learn more about how we can help you achieve this strategy using AI, visit our Blog on Customer Segmentation for E-commerce
Customer Support ChatBot.
Ecommerce chatbots are computer programs that interact with website users in real time. They provide customer service, answer questions, recommend products, gather feedback, and track engagement.
What our Ai-enabled ChatBot can do for you?
Chatbots can reduce the number of customer service interactions you have by up to 80%. Here are some of the Applications of chatbot that is widely used and must know/have for ecommerce businesses.
- Answer FAQs
- Engage customers
- Automate sales
- Offer post-sale support
- Gather feedback and data
P.S: According to a report by Precedence Research, the eCommerce AI market is expected to hit $45.72 billion by 2032. Also, it’s expected to grow at a CAGR of 18.45% each year from 2023 to 2032.