Artificial Intelligence or AI has begun to embed itself into the tech world and also into our lives. It is no more hype but a practical reality that will touch our lives in more ways than we can imagine. A recent study by Business Insider suggests that as much as 85% of customer interactions will be managed without a human by as soon as 2020. AI being used extensively in the ecommerce sector is only a natural progression of this reality. AI helps e-commerce businesses to better understand their customers, generate new leads and provide an enhanced customer experience.Presently, only large-sized business houses are able to realize economically, the potential of AI for their business needs. On the flip side, many mid-sized ecommerce retailers are unaware and unable to grow their business using AI. This is where Scalend fits in- with one of the best AI tools for the mid-sized companies that can help you to grow your top line & bottom line.
How Artificial Intelligence can help the mid-sized ecommerce retailers?
Seamless Buyer Experience
In these days of instant gratification through e-commerce purchases, as the customer journey goes from browsing to buying, we have to make the entire process quick and personalized. With the help of AI, numerous transactions can be quickly analyzed for generating customized products, offers & add-ons for some target customers. It also helps to make Omni-channel retailing much more smoother and doable.
One of the biggest let-downs for any potential sale is for the product to be stocked-out. Keeping the inventory up-to-date all the time and proactively predicting future potential customer buys is being done by AI’s predictive analytics. This helps in reducing inventory holding costs and order returns. It helps the experienced store workers to engage themselves in interacting with the customers rather than managing the inventory all the time. And, more importantly, the customer gets the right stuff at the right time.
Helps To Provides Meaningful Reports
Reports work best when they have actionable recommendations based on the entire customer journey. AI helps in drilling down to the most useful data and converting data into knowledge. As each customer buying pattern becomes more and more complex and data driven, the need to leverage the data to offer bespoke solutions to the customers becomes that much more important.
Simplifies Your Business Challenges
Finding the right products to sell to the right customer and repeating this process time and again to achieve profitable long term growth is the single most biggest challenge for any e-commerce business. AI can provide you with timely intelligence that can help you simplify some of the complex challenges of converting leads to buyers, choosing the right technology & partners for growth & attracting and hiring the right people. For example, identifying target audiences can be a marketers’ nightmare. But with the help of AI, your marketing team can easily and efficiently target the audiences based on previous information from the purchases, demographic and interests. Thus, when the businesses interact with the prospective buyers in this way, the business will understand the desires and needs of the users from their store.
Improve Customer Relationship Management
The online market has moved from being transaction-based to relationship-based. Online shoppers are an intuitive and evolved breed these days. They use e-commerce sites to search for products. They seek product endorsements on Social Media. Concurrently, they read product reviews on the e-commerce site itself. And finally they pay for purchases using all sorts of payment methods.
How do your grab these multitasking eyeballs, give what they want repeatedly and make money in the process?
AI has an answer for this too. Starting from chat bots to recognizing customer window-shopping and buying patterns and then to sending notifications to potential & buying customers about product availability, discounts ,new product releases etc- it has it all covered..
Improved Recommendations For Customers
One of the most key metrics in any eCommerce site is conversion rate. And, increasingly, production recommendations are the best best to increase conversion rates.
Recommendations will work once we have two things in place :
- Knowing the customer as well as we possibly can.
- Helping the customers find what they want or will want in the future.
AI-based recommendations do just this with the basic “best sellers”,”highest ratings”, “also liked”, “frequently bought together”, then the more personalized “Recommended for you” based on previous browsing history. And finally for the super-personalized recommendations where you show the customer what accessories he/she would like with a item in the cart, based on previous purchases.
The possibilities are endless for AI’s algorithms as we garner more and more customer data.
Keep Track On Your Payments
Payment might be the last thing the customer does on a ecommerce site but it is certainly is one of the vital parts of any ecommerce website. With so many financial transactions happening from different places and payment options, AI needs to be used to bring sanity here. There is also the not-so-small aspect- payment processing fees, which have to be factored in whilst calculating your revenue. With AI, you will be able to check all the successful transactions along with the declined payments, cashbacks, credits and refunds.
Is AI affordable?
It is true that AI is becoming more affordable, but it is still certainly outside the reach of many mid-sized eCommerce companies. To enable Artificial Intelligence, an organization should invest on necessary infrastructure, engineers and data scientists in order to combine, cleanse and then automate mathematical functions to understand the data deeply. Today, it is the large enterprise merchants who are investing in AI.
AI for Mid-Sized Ecommerce Retailers
If you are a mid-sized Ecommerce retailer, you may find AI to be out of your budget even though you need it to grow your online sales!
This is where Scalend Commerce Insights steps in!
Scalend Commerce Insights- one of the best, most efficient AI products for E-Commerce merchants that is equally quite affordable. It is meant for the mid-sized ecommerce merchants who are looking for the best of AI assistance.
Scalend Commerce Insights is incubated by one of the most trusted brands, PayPal. It seamlessly connects the store data from Magento and Shopify, visitor data from Google Analytics and payment data from Stripe and PayPal. After analyzing all the data from these, it provides complete AI-driven ACTIONABLE insights.
With its simple interface and easy integration, using its in-built Machine Learning & Artificial Intelligence for your business analysis becomes a no-brainer.
You will also get more meaningful AI-driven recommendations based on which you can take growth actions for your business. This can also effectively help in data management with automatic secure data consolidation like time zone or currency conversion. The best part is that all these features come at a very affordable price – just 1/10th the price of any other BI tool.
There is no need to make a decision now- you can start by simply opting for the free trial for 30 days and see the power of AI grow your business.