From USD 2.3 trillion in 2017, the worth of eCommerce transactions is estimated to reach USD 4.88 trillion in 2021.
Sounds great? Of course, it is. But the meager contribution of eCommerce in the total retail sales (In the same period, from 10.2% to 17.5%) explains a huge gap which, in fact, is an opportunity to tap into. Wisitech explores its critical usability in our regular business.
How Familiar are We to AI or Artificial Intelligence?
You might have noticed your kid making use of Google Assistant, Siri, Cortana or Amazon Alexa to seek answers from Google, control devices, and apps, or place an order on Amazon. AI or Artificial Intelligence no longer remains a topic for scholars and IT professionals alone. It is so much part of daily life that we don’t even bother to think what it is and how it works.
eCommerce growth is being fueled by increased accessibility of goods and services online through a variety of smart devices – phones, tablets, e-readers, laptops, computers and more. However, there is a long way to go. Intelligent utilization of AI will help you to exploit the massive growth potential eCommerce offers today.
How AI Can Boost Your eCommerce RoI
- AI Makes eCommerce Store Compatible with Voice-Based Search
With the rising voice-based search trend, it’s imperative to make your website friendly with voice search. Google Executive Chairman Eric Schmidt in September 2010 revealed that 25% of searches in Android apps in the US were made through voice-searches. It has been a long time since then.
Search engine strategist Greg Sterling in a post in 2015 had said 60% of respondents prefer to use voice to get things done on their devices, quoting a survey from MindMeld, done on a group of 1800 adult smartphone users in the US. Voice search since then has undergone a massive revolution, incorporating a host of features, functionalities and user-friendly interfaces.
Digital assistants today enable your customers to browse your store and make a checkout with ease using voice.
- AI Makes Shopping Hands-Free Experience with Smart 3Speakers Integration
Today SERP is no more about textual search results alone; rather its scope has broadened to include voice-based results also. Sales of voice-activated speakers, popularly, referred to as smart speakers like Google Home and Amazon Echo increased three folds in 2017, mentions Jayson DeMers in a column in Forbes. Thus, along with having a stunning visual, make your eCommerce store compatible with these devices.
It’s clear that old-school SEO strategy will not work. Digital marketers need to revamp it according to Google RankBrain, the machine learning algorithm reading AI system. Its successful implementation is likely to help your website to respond to the queries of customers accurately, thereby driving engagement and conversion.
- AI Chatbot Takes Engagement and Customer Experience (CX) to a New Level
Successful chatbot development and integration significantly boost your brand awareness, customer acquisition, and customer service endeavor.
Whether it’s taking an order, conveying delivery status to customers, or helping customers registered complaints, a chatbot can perform all as per your business needs. All these aspects are vital to CX and can help you drive ROI and take your brand’s reputation to a new height.
- AI Helps with Checking Shopping Cart Abandonment
What is shopping cart abandonment? It’s the decision of a customer to quit the online shopping path after adding stuff in the cart.
Inability to find the relevant product or information is one of the key reasons leading to shopping cart abandonment. Thankfully AI brings a breakthrough in checking shopping cart abandonment issues by helping website owners to display customer-centric search results. It helps with understanding the queries of customers and processing the available data appropriately to bring the desired results.
There are many AI-based web and mobile analytics tools like Mixpanel that can help you to read the shopper’s mind and behavior.
- Retarget Potential Buyers
According to a report by Monetate that tracks the KPIs of big retailers, only 2.48% of customers concluded a purchase in 2017.
Does it mean 97.52% of customers were not interested in buying the products?
This is something really hard to digest because why shall a customer enter a store if there is no need to buy anything?
One of the ways to address this issue in your eCommerce website is to retarget the potential buyers be decoding their shopping behavior and pattern using AI.
Use the personal or non-personal information (like device IP, browser, etc.) to target buyers who spent a considerable time on your website. Chase them on their preferred devices at preferred times, offer personalized products, discount or coupon code to make them conclude the purchase.
The Bottom Line
There is a big similarity between the human and artificial intelligence – both grow with experience and become sharper and more purposeful. We have just exposed the tip of the iceberg. Stay tuned to Wisitech to learn more about AI in our upcoming posts.