As artificial intelligence becomes more prominent and significant in the e-commerce world, there are many ways e-commerce store owners can leverage AI tools to build a world-class online experience.
There are already many examples of AI in e-commerce including virtual try-ons, dynamic pricing strategies, logistics optimisation, and personalised product recommendations.
AI is making it easier than ever before for e-commerce sellers to collect data on their customers to provide an enhanced, improved, and optimised online experience.
Playing an enormous role in providing better customer services, experiences, and solutions, it is important for e-commerce store owners to leverage AI in the e-commerce industry.
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Many e-commerce businesses are already using AI to better understand their customers and ultimately generate new leads.
This blog mentions seven ways you can use AI to boost customer satisfaction and loyalty while increasing and streamlining sales.
What is AI?
AI stands for artificial intelligence is a relatively new phenomenon that is currently being implanted across a multitude of industries. In e-commerce, as we have already mentioned it is already being used to provide personalised product recommendations, virtual shopping assistants and dynamic pricing.
As these machine learning algorithms and data analytic techniques develop, it is expected they will be leveraged to further improve various other aspects of the online shopping experience.
With access to new technology and industry developments, AI has potential to streamline operations and drive business growth for e-commerce stores.
How can e-commerce stores leverage AI?
E-commerce stores can leverage AI in many ways to increase sales and streamline the customer journey.
Chatbots, virtual assistants, enabling visual search, and implementing supply chain tools are just a few examples of this.
Today, AI allows e-commerce stores to gain a competitive edge by personalising product recommendations, forecasting future trends, optimising inventory, and enabling data-driven decisions.
In the future, it is expected that AI will introduce significant advancements in the industry such as AI-powered content creation and marketing automation.
7 Ways to Use AI in E-commerce
Here are seven ways to use AI in e-commerce right now:
Target potential customers
AI helps e-commerce sites and marketplaces to make recommendations based on purchase history, searches, and browsing habits.
In addition to making targeted and data-backed recommendations, AI also helps to create tailored content to target audience segments.
Identify new prospects
By analysing data, artificial intelligence and machine learning can create new customer segmentations based on similarities it identifies. New AI tools have the ability to identify new segments as well as highlight existing segments that may be overlooked.
Customers value a personalised experience and by segmenting your audience, you can deliver targeted marketing and communications to niche groups in order to increase sales.
Simplify the sales process
With the rise of convenient social media shopping through apps such as TikTok and Instagram, it is more important than ever before that e-commerce stores simplify the sales process.
Offering Apple Pay, Google Pay, and Android Pay payment methods, guest checkout options and autosave information are just a few ways you can provide convenience to your customers.
With AI, e-commerce stores can activate voice input, smarter searches, and effectively solve customer queries enabling customers to find the perfect product or service.
To identify three ways to perfect e-commerce checkout, click here.
Add a new layer of personalisation
Personalisation in e-commerce is nothing new. However, with advanced AI technology, e-commerce stores can begin to provide a deeper level of personalisation to the online shopping experience.
This can be achieved through push notifications, cross-selling at checkout, and abandoned cart follow-up notifications to name just a few.
Artificial intelligence allows e-commerce brands to target and deliver deeply personalised messages and communications to each individual rather than generic marketing and promotions.
Provide personal touches
Through the use of chatbots and other virtual assistants, e-commerce businesses can provide touch points to build and improve the consumer experience.
Chatbots are also an innovative way to drive conservation with consumers and deliver personal responses to questions, queries, and concerns.
Additionally, chatbots are fast and convenient, providing customers with quick and effective solutions and advice.
Provide 24/7 customer service and support
Furthermore, automated chatbots allow e-commerce brands to provide around-the-clock customer service and support. By implementing chatbots in an e-commerce site, customers can track orders, and get order updates, and product recommendations 24/7.
This not only saves customer service teams time, but it is also quick, convenient, and helpful- a great alternative to email responses, contact forms, and phone calls.
Improve recommendations
Highlighting recommendations to consumers is a huge factor in converting leads into sales. With AI, e-commerce stores can accurately identify and analyse customer behaviour to offer relevant and helpful suggestions and product recommendations.
While most online stores provide recommendations to customers already, AI technology looks at data to deliver personal messages that allow customers to discover products and services they love.
AI is all around us and is already having a huge impact on a range of industries. For this reason, e-commerce brands and businesses are encouraged to experiment with and implement AI tools and technologies before they become essential to e-commerce success.
Next steps
If you are using artificial intelligence to grow your e-commerce business, don’t forget to stay on top of your e-commerce accounting needs and requirements. Growth and success are exciting, but it is important to ensure your accounting obligations are taken care of.
To see how the expert e-commerce accountants at Unicorn Accounting can help you further accelerate the success and growth of your online store, get in touch.
When you outsource to a specialised e-commerce accountant, you get more time to focus on what you love.
Why choose Unicorn Accounting?
Ensure you keep on top of your finances and tax obligations by outsourcing to an accountant. This means that you don’t need to worry about your end of year accounts, payroll, or bookkeeping requirements.
At Unicorn Accounting we are e-commerce accountants who help make your online business a growing success. We offer e-commerce accounting advice, financial management, bookkeeping, cash flow statement, and tax filing services to support and scale your business.
Our team of accountants and Xero-certified advisors have experience working with both small start-ups and family-run online stores to large-scale, international retail and e-commerce brands.
If you’ve got an online store, we have the best solution for you. Providing you with a financial arm to your business through our sector experience, and skills with innovative technologies.
To see how we can help you maximise the scalability of your e-commerce brand all year round, get in touch with Unicorn Accounting today. Or click here to get a free quote.
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