eCommerce is evolving at a very rapid rate and so is the competition in this field. But thanks to Artificial Intelligence, Augmented Reality, and Machine Learning tools, any eCommerce business owners can utilize these technologies to be an exception in this competitive market and rise above all. These fields are very effective if you want your eCommerce business to increase its sales and make a positive impact on the potential customers. If you’re struggling with making good sales or profit out of your business, then it would be wise to consider using these technologies to support your business.
So, how do these fields help? And what are the best practices associated with them? But before we explore their benefits, let us have a brief understanding of these concepts.
What are Augmented Reality, Artificial Intelligence and Data Mining
Augmented Reality was a figment of imagination for a long time. It was confined to movies and entertainment industries, but with recent technological advancements, AR has witnessed a rapid growth and it has left the domain of Sci-Fi and entered the realm of science. Augmented Reality is an interaction between real-world environment and computer-generated environment. It overlays digital visualization objects over the real world through AR applications. Virtuality will be the future which will soon influence all the technologies that we use today. However, with the introduction of AR, it has already begun.
Artificial Intelligence is the ability of a computer program to understand and act accordingly. It is a field which tries to make computers and machine ‘smart’. With a simple program, it can learn and think like a normal human being. AI is the demonstration of learning and improvement on its own. Involvement of AI in the industries has shown a remarkable success and positive impact.
Data Mining is the process of gathering a large data and sorting through them. From competitor’s price to customer’s cart, the data could be anything. This data is then reviewed and monitored which helps in identifying the patterns and relationships in order to produce effective information. This effective information can be used to determine the market trends or develop a marketing strategy for better sales.
Apart from using these fields in different sectors like automation, gaming, healthcare, or finance, another industry embracing these technologies and which holds the capabilities to make the most out of it is eCommerce sector.
Using these fields in an eCommerce business can help you enhance:
Shopping experience
The introduction of AR and AI can improve customer’s shopping experience and boost your economic sales. Technology enables customers to view products and their features with help of AR applications. AR applications can visualize and animate the product for the user to understand its features more easily. It is very beneficial as the customer will be satisfied with the use of a product which he wants to purchase. For instance, IKEA catalog came up with an AR application in 2013, which visualizes its catalog pages and shows a 3D animation of their furniture. Use of AR technology in their business firm attracted a large number of customers.
Customer centric search
Sometimes, a customer may abandoned e-commerce experience because of the irrelevant result is displayed. It is mandatory that the eCommerce business should provide the exact same product which the consumer is searching for. Hence, with AI technology this has been made easier. AI technology can generate results relevant to the search made by the consumer which will indeed satisfy the consumer. It can build customer-centric search and shows only the mandatory products for the consumers. AI can also show similar products to the customer via sponsored advertisement even if he has left the eCommerce website. Thus, it will bring more traffic to your website which will likely increase the sales as well.
Personalizing online experience
Over time, a customer will be able to choose between different sizes and colors of clothes which will be best suited to them. This will be achieved through applications of AR. With AR tools, the customer will be able to see himself and can actually see what clothes would look great on them, what color or size would suit their personality. Instead of seeing the clothes on models and mannequin, the customer will be able to see themselves in all the outfits. Customers will be more engaged with these applications and eventually, it will increase the sales of your online clothing store.
Data analysis and research
Machine learning and statistical data can be used to predict the future market based on historical data. This is known as Predictive Analytics, which is around for quite a while now. This will help tremendously to approach customers and increase sales. This practice will allow you to know what your customers are most likely to buy in the future or determine the price of a product which a customer will pay. It will also retarget users by promotions and recommendations. If you can predict the market with the help of AI and Data analysis, you can easily manage your price for the product and increase the sales by not offering a higher price.
Live support and Chatbots
The important aspects to increase your sales are the FAQ and help support to customers in need. Sometimes, customers may get confused while selecting between two or more similar products. If they didn’t get any help support in time, it might change the customer’s mind about not purchasing these products. Hence, AI technology has eliminated this scenario by introducing live chats and support. AI uses simple pattern algorithms which understand, learns and act accordingly to the customer's query. The customer will never felt disappointed if his query is solved immediately. This will save up a lot of time for the customer to select the between similar products and will help them to improve their product search and enhance sales.
Do you need help in redoing your eCommerce store to make the most of these new technologies? Get in touch.
