Chatbots, dialogue-based searches, digital mirror; the wave of advances in AI has reinvented the way we shop online. Even though there are so many ways to leverage AI; it’s spoken of far more than it’s practiced. And if you too have been guilty of not implementing AI to give your e-commerce business a competitive edge this is the right time to start. By harnessing the power of artificial intelligence, you can deliver personalized and faster service to your shoppers to take their shopping experience to whole new level.
Here are four most effective ways to implement AI successfully to boost your revenue and improve your customer experience in the coming months:
1. Invest in chatbots
Quickly responding to customer queries is the key to convert them. Being quick will become even more critical in the coming months. Whether you’re a small online store or a big brand, chatbots can help you in delivering rapid customer service with a highly personalized experience. Top retail brands are using chatbots to provide personal assistance to customers. One such brand is Estee Lauder; it is using augmented reality to entice customers to try their makeup on virtually via chatbots.
Chatbots bring a humanized element to boost the shopping experience and can be used in a number of ways from offering recommendations to automate the purchase process, which in turn will lead to more sales. According to IBM, 65 percent of millennials prefer interacting with bots to talking to live agents.
2. Power up your product recommendations with AI
Relevant product recommendations can enhance the buying experience, and almost all online retailers are already using it. 35% of Amazon’s revenue is generated by its recommendation engine.
However, you need to think beyond generic product recommendations and personalize your recommendations by using AI to improve your shoppers’ satisfaction and boost your conversions. As per a Forrester study, 77 percent of customers will pay more when brands accurately make personalized purchasing recommendations.
The product recommendation method was limited to item-to-item filtering, showing same products to everyone looking at a particular product. But the truth is different people like different things and showing them the same recommendations will only ruin their shopping experience.
By using AI, you can show your shoppers tailored product recommendations that are highly personalized for each shopper (based on the data gathered about both the products and the customers) in real-time.
3. Use semantic search technology
Poor product discovery is a huge problem with online retailers. As per stats, 15-40% of revenue is lost each year due to a poor product discovery experience. Also, it ruins your shoppers’ experience – this is where AI can be used to great advantage. How? You can use semantic search technology to power your search bar. This technology uses AI to improve search accuracy to save customers time. For example, if you enter a term in the search box – semantic engines can predict the products you might be looking for and can suggest related products to you not just for that search term but by analyzing your previous search terms and based on top queries.
A good In-site search will not only improve your shoppers’ experience, but it will reduce their path to purchase too.
4. Add Visual search to your arsenal
More and more people are pressed for time these days, and your shoppers are no exception. Providing a quick and easy shopping experience can delight these time-strapped shoppers; the better you can serve them, the more you will sell. By adding visual search, you can make it easier for your shoppers to find what they’re looking for leading to a positive shopping experience.
Artificial intelligence is a buzzword in the business world right now, and for a good reason. It is a major step forward in how online retailers can improve their customer experience. And if you haven’t implemented these AI driven technologies in your business, it’s the best time to create an AI strategy for your business and stand out amongst your competition.