- January 19, 2020
- Posted by: admin
- Category: Predictive Analytics
For e-commerce professionals, AI is more than just a buzzword now – it is already part of their reality. The top players in the e-commerce industry have already started implementing Predictive Analytics and some of the smaller brands have also started adopting AI models for boosting business.
Experts say that irrespective of their size if enterprises want to make their mark in this highly competitive market, there is no escaping AI implementation.
Now, you might think, how predictive analytics can enhance your business?
Let us find out below –
• Enriched personalized customer experience
Offering a highly personalized customer experience is the key to winning customers and gaining their loyalty. And studies prove that adopting AI helps companies in delivering top-notch CX. The AI interface is designed with machine learning algorithms so that companies can realign their strategies promptly to suit customer preferences by monitoring their activities online.
According to a report published by Forbes, about 70 percent of enterprises have increased their investment in real-time analytics to improve their customer experience. The same report also depicts that about 58 percent of organizations are seeing a significant increase in customer retention after implementing customer analytics. (Source)
• Find out the intent of the searcher
Today AI has progressed at such an incredible pace that AI systems are getting better and better at processing natural language. How people speak normally is indeed different than how they phrase words while typing in search engines. But no matter what the searcher types in, AI-enabled applications are smart in understanding what the actual query of the user is. Being able to understand their customer’s intentions is like half the battle won for companies.
• Smart recommendation to boost sales
Ecommerce organizations are now using Predictive Analytics in business to maximize their order value when a customer is about to make a purchase. This is done using an approach that is essentially a blend of cross-selling and up-selling. For instance, Amazon has launched smart recommendations for its customers that have offered a huge boost to their sales. These recommendations are AI-led and pick out products that are most likely to lure the shopper to add to cart and buy that too, resulting in maximizing the order value and boosting revenues.
• Higher operational efficiency
Major advancements and contributions of AI usually take place behind the scenes, like streamlining backend operations. And the wonders of AI is also clear on the operational forefront, for global enterprises. This is mainly because AI can assist every process, starting from solving admin related issues to navigating HR processes such as onboarding new employees, identifying new products that can potentially hike revenues and much more.
Put in simpler words, predictive analytics, and AI has got the potential to improve each aspect of a business. However, it is important to remember that AI is not something that can be left to run by itself after being set up. It still needs human intervention and regular monitoring to generate sales for any company to thrive amidst competition.