Contact us anytime to know more — Abhishek P., Founder & CFO CISIN
In regards to shopping, many entrepreneurs have decided to take their company online.
Statista has estimated that 1.92 billion global buyers will take part in e-commerce tasks in 2019. The number is expected to grow to over 2 billion by 2021.
This demand for online merchandise has caused businesses to be more creative in the way they reach audiences on the internet.
From dynamic email messaging to voice and visual research, companies have had to pull out all the stops to capture online audiences. A number of these tools are made possible from the power of AI and automation.
AI has evolved to provide entrepreneurs with a leg up in enhancing their e-commerce advertising efforts. It has also allowed marketers to approach consumers with unprecedented levels of personalization and customized messaging.
There is a mixture of ways about how AI has shifted e-commerce to betterment, particularly within the last decade. Knowing how this technology has evolved will allow you to see how solutions may affect your advertising.
Thus, take a look at five ways AI has shifted e-commerce.
1. Decrease Cart Abandonment with AI
Abandoned cart followup emails possess an average open rate of 45%. This amount is likely directly related to email marketing automation.
An abandoned cart is one of the most direct signs a client encountered a technical glitch or adverse experience before purchase. They were only a couple clicks away from completing a purchase and transitioning from a lead.
Marketers can now use AI to make the most of the initial attention by following up.
Automation is an excellent way to bring customers back, while also collecting information that can help you further prevent cart abandonment is using a triggered email that includes a questionnaire.
There is an assortment of reasons clients choose not to complete a purchase. By way of example, based on Baymard, the best two reasons customers leave their carts would be high added costs (55%) and the need to make an account (34%).
Knowing why your clients aren't completing a sale permits you to remedy the problem and make the buying process all the more compact and straight forward.
Marketers can also utilize AI tools to target customers based on their online behavior, and the degree of interest they have shown in goods.
These instruments may use machine learning how to help marketers decide which prospects would most likely convert, and which may abandon their carts. From this information, entrepreneurs can use these tools to ascertain the ideal content to distribute to target audiences.
2. AI Has Facilitated the Growth of Voice Search
A study by comScore predicted that by 2020, 50% of all web searches will be conducted by voice.
Together with the rise of apparatus like Alexa, Echo, Apple devices which use Siri, and also the Google Home, customers can search for products using their own voices.
As a consequence of this, businesses are having to ensure their products can be discovered by voice search.
Companies have to begin to optimize their sites for perceptible searching. For example, many businesses can now use machine learning by enabling customers to shop via Alexa.
Customers are searching for more convenience in their online shopping procedure. Voice search enables customers to search for items without the need for telephone or a laptop, which makes the shopping experience much more effective.
In addition to voice hunt, marketers should also begin to plan for visual search, as more and more customers are shopping for products with the use of images.
Some businesses are creating apps that allow users to take photographs of an object and hunt for it in their market. These processes would be impossible without the help of AI and machine learning.
As companies continue to maximize their approach to e-commerce marketing, visual and voice search are going to continue to take center stage.
3. AI Allows Marketers to More Easily Target Certain Customers
AI takes away the guesswork when it comes to attractive to ideal buyers. Rather than having to make a one-size-fits-all ad, companies are now able to create ads which are targeted at particular buyers based upon their online behavior.
Marketing automation and AI tools make it simple to collect customer data, create dynamic advertisements that take this information into consideration, and distribute relevant advertisements and content on platforms where ideal buyers will likely see it.
AI tools have led to more effective targeting strategies. Now, social networking platforms like Facebook make it easy for businesses to target advertisements in areas where clients go online.
Also, AI tools are becoming sharper at studying customer behavior and ascertaining intent.
A business that has done a great job with this really is StichFix. Each month, the apparel company sends product recommendations to customers based on client feedback, algorithms, and trends.
From there, customers can opt to keep the items or send input to get a more tailored choice.
This new age of strong AI tools can't only gain more advanced details about customers, but they can also make algorithms which make it easier to reach target audiences.
4. AI Can Help Improve Search Results
A marketer can create the most engaging and effective web copy on earth. However, it won't help them reach their revenue goals if customers cannot find it.
An increasing number of clients are discovering products using search engines and market search.
Over 40% of ecommerce traffic stems from organic Google searches. Therefore, SEO is vital to the success of an ecommerce shop.
SEO-based AI tools can:
- Conduct site performance analysis.
- Help with keyword research.
- Optimize content.
- Recommend relevant tags.
- Guide marketers on the best times to publish articles.
A user-friendly site with relevant keywords, meta descriptions, and tags can go a long way in reaching ideal buyers.
Thus, AI tools will help marketers to drive more traffic to their site and arrange content in a manner that encourages buyers to smooth stream through your ecommerce store.
Today's entrepreneurs are heavily concerned with the customer experience and developing sites that rank high on search engines.
SEO-based AI tools may take a number of the guesswork out of picking the ideal keywords, publishing the best content, and knowing how to improve your SEO.
5. AI Allows Businesses to Better Retain Customers Through Intentional Follow-Ups
Consider how you'd feel if you made a purchase from business and never heard from them. It is likely that you would believe they didn't appreciate your business.
Savvy marketers will understand the importance of the follow-up. However, if entrepreneurs are working with tens of thousands of consumers who are at various stages of the purchasing process, it may be hard to always get the timing right on a follow-up plan.
Repeat clients are worth their weight in gold and also the numbers prove that this is the case - 61% of SMBs report which more than half of their revenue comes from repeat customers.
It can cost five times more to get new customers than to keep the present ones.
The average repeat customer spends 67% more in 31 to 36 months with a company than six months.
Customer retention is essential to long-term profitability, and now's marketing automation and AI tools are making this a lot simpler to accomplish.
Robust email marketing software can help you trigger promotional messaging, product recommendations, and relevant content to repeat clients.
Also, as stated previously, AI tools have evolved to allow entrepreneurs to predict the activities of individual clients based on their online behavior and purchasing history.
Luckily, these AI tools take the uncertainty out of creating a digital advertising strategy for every portion of the buyer process, especially for repeat clients.
The Future of Ecommerce
Years back, the mention of AI brought up images of robots, advanced computers, and autonomous machines.
Today, it is almost impossible to have a conversation about advertising without mentioning AI, machine learning, and automation.
As a marketer, it is on your - and your clients' - best interest to use AI tools in ecommerce marketing approaches.
You cannot be anywhere your customers online. But, an AI advertising tool can target advertisements to attain your potential customers on a variety of websites and societal networking platforms.
You may have no idea as to why your client left handed their cart, but an automatically triggered email can accumulate information that points to why while inviting them back to finish the purchase.
Marketing-based AI tools are very similar to getting access to an electronic marketer who has unlimited potential for studying and understanding customer behavior. These instruments are crucial as e commerce shopping is certainly not slowing down.
You would like to be sure to have these resources at your disposal since they may be the difference between advertising on a campaign or creating effective ecommerce advertising strategies that drive sales.
