The digital transformation of both small and large companies is already a reality. Retailers strive to introduce process automation and analysis tools to reduce times and optimise results.
One of the latest steps within this digital transformation has been the implementation of artificial intelligence within eCommerce. Globally, recent studies have revealed that 37% of companies have implemented some form of artificial intelligence during 2019 – a figure that is on the rise.
The potential of artificial intelligence for eCommerce lies in its ability to learn from the tasks performed in order to achieve better results and multiply productivity, thus increasing business profits. These are systems which are capable of addressing tasks, that would require human input, quickly, efficiently and in a totally automated way.
Tasks that artificial intelligence can develop include analysing and segmenting competitors and customers to optimise sales – essential knowledge for the development of the business and its subsequent success. We explain all its benefits and how to implement AI in your digital business.
Analysis of competitive prices and products
On one hand, the implementation of artificial intelligence systems allows for automated analysis of competitors, their prices and their catalogue of products and services. This information is valuable tool to define the pricing strategy of any eCommerce, including promotions, rebate period, loyalty campaigns, etc. This is a very effective way to adjust prices to market needs with the objective of simultaneously increasing sales and profits.
At the same time, the machine learning capability of the system allows you to learn from the behaviour of competitors to predict what your next steps could be and recommend the best actions for sales optimisation. These recommendations should, of course, be validated by the marketing team according to their experience and in line with the company’s annual growth goals.
On the other hand, having a system with artificial intelligence allows for the implementation of advanced dynamic pricing campaigns in which prices will be adapted to market trends and increased profits. eCommerce AI’s will analyse the effectiveness of different prices for each product or service and learn from them, as well as the decisions made by the company, and will use this information to evaluate new price changes. This way the future can be anticipated by interpreting previous decisions and their failures or successes.
Increasing customer segmentation to increase sales
Artificial intelligence applied to eCommerce also improves knowledge about the customer and assists in providing more personalised shopping experiences. By analysing users’ consumption patterns, it is possible to get to know them better and classify them into different profiles which will then be used to customise different offers and marketing campaigns. A clear example of this is the related products section that Amazon includes in its purchase confirmation emails. Offering users other products that may interest them increases the conversion rate.
This function is in the hands of deep learning, a subcategory of the machine learning that processes datasets on a large scale and creates patterns for decision making. Recognises behaviour standards, attitudes, personal taste and intentions. Thus, you can predict from this knowledge about each user what the outcome of the purchase process is most likely to be and to propose actions for optimising the conversion funnel.
In addition, to improve the shopping experience, eCommerce’s can also work on improving the quality of their own management, including logistics, distribution, stock control and the catalogue of products and services. For example, a good management system would allow a complete analysis of each of the distributors, determining the exact positioning of the brand and making it known to CEOs how the prices of their products behave over time. Thus, from the data collected by the AI, strategies for the distribution and replenishment of goods, adapted to the demand and interests of the company, can be designed.
How to implement a system with artificial intelligence
When implementing an AI, the first step should be to assess the company’s capabilities and digital transformation status. One of the main obstacles that companies encounter when it comes to taking advantage of artificial intelligence is the lack of talent. Therefore, it is advisable to have external suppliers, such as Minderest, that carry out the activation, configuration and monitoring based on the needs of each eCommerce.
Depending on the size of the organisation, you can opt for a standardised solution or custom systems that add value to the company and adapt to your needs. In the end, the main objective should be to find a solution that provides a true improvement for the business and its profitability.
Original post: https://www.bmmagazine.co.uk/in-business/artificial-intelligence-is-key-to-understanding-clients-competitors/
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