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Artificial Intelligence is everywhere, but it reserves a very important place in the eCommerce industry. If you’re a Magento store owner, then we will tell you how you can revolutionise your online store by incorporating AI!
The Role of Artificial Intelligence In Ecommerce Industry
The eCommerce industry powered by Artificial Intelligence has taken a whole new dimension in the direction of satisfying customers from all across the world. If your Magento store is still untouched by this futuristic technology, then you immediately need to find the best Magento store development services that can help you make your digital store advanced by incorporating AI. But before that, stay here and check out the ways in which Artificial Intelligence can help you make the most out of your Magento Store!
Can Magento Stores Drive Better Returns Using AI?
Artificial Intelligence or AI is one of the hottest topics these days. Nothing is untouched by this pioneering technology, be it your mobile apps, software, games, digital appliances and you name it. So, it’s a bit hard to believe if you haven’t already thought about fusing this blazing tech in your online store. However, if you still doubt its importance, let’s talk in stats instead of talking in words!
According to Global Market Insights, Artificial Intelligence in the retail market has crossed $2 billion in 2020 and is expected to grow at a rate of 30% CAGR by the year 2027 – which projects a whopping value of approx. $20 billion!
According to Gartner, the organisations and businesses using AI will see around 25% improvement in revenue generation, customer satisfaction, cost reduction and overall performance by the end of 2023.
Another survey done by PwC predicts that AI is capable of transforming businesses and may contribute up to USD 15.7 trillion to the world’s economy by the end of 2030 – that’s HUGE!
Pretty impressive, right? These basic stats are enough to tell the role Artificial Intelligence is playing in nurturing and thriving the eCommerce industry. Let’s continue with some ways how you can use AI for taking your Magento store to a next level!
10 Ways Artificial Intelligence Can Revolutionise Your Magento Store
To begin with the simplest AI attribute, there are ChatBots. Although these make the first step towards automation, many people believe AI is limited to the use of ChatBots only – which is absolutely wrong!
Artificial Intelligence is much more than ChatBots but they play an important role in transforming an online store. If you're into an online business then you should definitely know how important it is to offer reliable customer support. And the biggest reason why eCommerce companies are able to offer quick and responsive customer assistance is because of ChatBots. These little bots help by offering all the possible solutions to the queries raised by customers. Not just that, but some advanced ChatBots also help the shoppers in making informed purchase decisions.
2. By Creating Shopper-Centric Visual Search
Suppose you're a customer who visits an online store to purchase any desired product. Now, when you're exploring the products, you come across a product page that is not only foreign but also irrelevant. Annoying, isn't it? What will you do? You'll leave the site immediately and look for another store with a good and friendly layout.
This is exactly where Artificial Intelligence can play an important role. To deal with this issue, AI uses Natural Language Processing (NLP) to improve and contextualise the search results. This is not it, AI also adds visual search functionalities to help customers match their desired products.
3. Increasing the Sales Opportunities By Generating Quality Leads
According to a survey, nearly 37% of the sales are affected because of low-quality leads. This means that the potential buyers that are actually interested in the product may fall into this category. This happens mainly because businesses fail to understand the expectations and interests of their customers.
Artificial Intelligence offers multiple ways to help business owners understand the needs and interests of their potential buyers. For instance, some online platforms use face recognition to learn customer behaviour. You may ask, how??
So, suppose a customer is spending a lot of time exploring a particular product or category. Then this information can be stored to hint the store-owners about the demands of their buyers.
Personalisation plays an important role in increasing customer engagement. It also helps you build stronger relationships with your customers. With the help of advanced AI features, you can offer a highly personalised experience to your customers. These features help you create a special bond with the prospects, which in turn increases the conversions while reducing the transaction time. You can greatly influence the purchasing decisions of your buyers by sending them personalised messages!
5. Providing Product Recommendation
By now, we have discussed that Artificial Intelligence can help in predicting and understanding customer behaviour. But that's not all of it, it can also provide them with helpful recommendations and encourage them to shop more. This is one of the most common but equally important AI features for digital stores. If you're still unaware of it, then hire one of the professional Magento development services that can add this feature to your store.
If you're still wondering how product recommendations feature work, then here is your answer :
First, the AI attributes collect all the data that a customer searches for. Next, the algorithms are applied to this collected data and relevant products matching this data are displayed to the user.
"Automation" is a buzzword that is often used interchangeably with AI. Automation in simple words is making the processes free of human intervention. Artificial Intelligence makes use of technology and algorithms that tell the retailers what their customers are searching for. Apart from it, AI-powered automation automates the manual tasks and makes them easy, quick and error-free. Some good examples of eCommerce store automation includes automated billing process, autoresponders, recommendations, automated promotions, deals and offers, etc. Automation can help the retailers save their time, effort and reduce their total operational cost as well.
7. Sales Forecasting
Today, there is a wide range of applications and software that can be used for forecasting your sales! Yes, you've read it right, but HOW can it help?
Think of an alternate scenario where the marketing expenditure and efforts are visible only when a customer makes a purchase. In this reality, the conversion rate and targeted expenditure will never touch the height until the potential customer finally makes a purchase. But when you have the sales prediction results, you can learn what product will be sold the most and hence you can keep it in stock. This will not only eliminate the additional operational cost but will also help you provide the best customer experience.
8. Discarding Fake Reviews
Dealing with fake reviews is one of the most challenging tasks for online retailers and e-commerce platforms. According to a marketing survey, more than 88% of customers make their final purchase decision on the basis of online reviews. What does that mean? The fake, negative reviews that might be posted by your competitors or other rivals can negatively impact your sales. So, to tackle this issue, a majority of businesses today prefer using AI techniques that filter out the fake reviews and provide your customers with the most authentic honest reviews from genuine buyers.
9. Advanced Searches
There is no doubt that Artificial Intelligence can make your search engine intelligent and smart. AI-powered browsers or search engines keep tracking the browsing pattern and help you offer the best results based on this pattern. With deep analysis, AI-based search engines retrieve information from BigData. They simply pull a search term entered by you and analyze it deeply to understand its actionable outcomes.
10. Increase Cybersecurity
Magento is undoubtedly one of the most popular electronic Commerce platforms, but this fact doesn't make it any less prone to cyber-attacks. Keeping the customer data safe and secure is still one of the biggest concerns of the eCommerce store owners. Well, the good news is, you can enhance and improve your database security by deploying AI and deep learning. And naturally, when customers find your store secure and robust, they get attracted to it like a magnet!
Today, the eCommerce industry is at its peak in terms of offering an exceptional experience to its customers by understanding their requirements, predicting their likes /dislikes, forecasting the sales, recommending relevant products and offering round the clock customer assistance. The collaboration of a Magento store with AI can result in numerous fruitful outcomes including increased sales opportunities, better customer experience, increased customer base, reduced operational cost, increased revenue, seamless growth and higher returns of the investments. If you're ready to take your Magento store to a greater height, then feel free to contact RVS Media. As one of the leading Magento development services in the UK, we can help you deploy powerful AI tools in your digital store which will help you make the most out of your eCommerce business.
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