5 Ways to Enhance Your e-Commerce Sales with ML and AI

E-commerce has and will keep revolutionizing digital enterprises. Customarily, the businesses collect, process, and store vast amounts of data that they can analyze to maker personalized products and service recommendations, determine shopping patterns, identify customer behaviour, and enhance user experience based on the analytics. Besides, AI and ML enable eCommerce companies to detect and prevent frauds and other forms of cyber threats. If you’re running an e-commerce enterprise and you’re not using ‘Machine Learning’ and ‘Artificial Intelligence’, then you could be missing out on the boost they can provide to your business. Advancement in technology is moving at a fast pace. Those who don’t embrace new ways of working are being left behind by those who do.

In this article, we look at five ways you can enhance your sales using the modern paradigm that is Artificial Intelligence (AI) and Machine Learning (ML). However, before we dive in – a quick explanation of how this innovation is defined.

Revolutionizing e-commerce

Artificial Intelligence (AI) and Machine learning is a form of something that’s revolutionizing how the e-commerce industry operates. Mainly, machine learning describes how the e-commerce software in question can learn from experience over time, with this learning occurring with no human input. When something works well or conversely, doesn’t, the software remembers this and uses it to guide future processes. Organizations use AI for Rapid Pattern Identification. The great thing is that, as mentioned in the title, Machine Learning and AI are great for improving your e-commerce sales and much more.

Five great examples let’s take a look at how you can achieve this below;

Example #1 – Data Analysis – A well-run business of any kind makes use of the data it receives from its business processes to make decisions. These decisions are based on labour-intensive data analysis; however, machine learning can take all of the legwork out of the task, providing all the insights you need without all of the painstaking work.

Example #2- In manufacturing, factories are hiring data scientists as new operators. Unlike in traditional processing, the manufacturing sector is leveraging data science to gain and apply knowledge to help optimize production, reduce costs, and meet clients’ requirements. Besides, factories produce large amounts of data through the Internet of Things (IoT) technology sensors installed on equipment and plants.

Example #3 – Banking widely applies data science to keep up with the spiralling competition. The technology offers financial institutions insights on how to manage limited resources efficiently, make smarter decisions, detect fraud, manage customer data, model and mitigate risks, conduct real-time predictions, and analyze market conditions.

Example #4 – Customer Segmentation – Another way that machine learning can help is in the creation of targeted customer campaigns. AI can achieve this by greeting visitors to your online store and directing them to their most relevant products. This personalized service is not usually possible away from bricks and mortar retail, however, by using what’s known as customer segmentation, AI can identify your potential customer’s preferences, recommend accordingly and increase your sales.

Example #5 – Price Optimization – There’s no doubt that modern shoppers are price-conscious and should someone believes that they’re not saving anything by buying online, they’re likely to visit the store for the customer experience. Machine learning can analyze the market and offer dynamic pricing so that you’re always competitive and not missing out.

Even with just these five advantages, your e-commerce business could gain a real competitive edge, and that’s before taking account of the variety of other benefits it provides.

Summary

AI and machine learning are undoubtedly here to stay, and it’s not hard to see why. The notion of Machine Learning is not new, but the way it can now be used by e-commerce stores to improve sales is something that you shouldn’t ignore. It can also be used for analyzing vast amounts of data to provide valuable business insights with which to build your sales strategy.

In the current digital economy, most businesses have to introduce AI and machine learning in thier e-commerce store. Even if you can, we can only assume that you’d like more sales and a site that offers a better customer experience, so we’d strongly recommend doing so.

The competitive edge that AI software provides can turn an e-Commerce store from a failing one into one that’s intuitive, fit for purpose, and that provides a superior customer experience.

If you’d like to learn more about how to ensure your business continuity is protected, please visit our website www.cxportal.com, where you’ll find lots of useful information. Alternatively, if you’d like to speak to a member of our team, call us now on +442034416513 and we’ll do everything we can to help.