Diverse artificial intelligence (AI) solutions provide businesses all over the world with a wide range of solutions which, among others, include language processing, image recognition, and robotic process automation. AI technologies can be used in almost all fields and industries, including sales and customer service, where AI can maximize profits. In this article, we will analyze how AI-based techniques and tools can help your company make more money.
Since the subject of AI in sales is extensive, we decided to take a closer look at its three specific facets:
- Product recommendations
- Personalized marketing activities
- Identifying the most promising prospects
When it comes to many online store owners, it may seem that the only way to increase sales is by increasing advertising spending. Thanks to AI, they couldn’t be more wrong. In many instances, instead of spending more and more money on new solutions, online business owners and managers should consider making the most of what they already have without incurring high costs.
One of the possible solutions is a system of related product recommendations in an online store. In such a case, an intelligent tool analyzes each user’s online activities, processes the obtained data, and creates product recommendations that correspond to a given customer’s needs and interests. For example, if a person buys a lamp for the living room, it can be beneficial to show in displayed suggestions other interior items that match the chosen product. The use of a solution based on a recommendation engine encourages visitors to learn more about other products available in your store. This technique is frequently referred to as cross-selling, and it’s extensively fueled by intelligent ML-based algorithms.
More personalized marketing
Thanks to machine learning, you can analyze each of your customer’s purchasing history in order to implement personalization in your store. It’s a perfect way to make more money and grow UX at the same time. We know for a fact that personalization vitally increases the revenue of many online entrepreneurs. According to Epsilon, 80% of consumers are more likely to make a purchase from a brand that provides personalized experiences.
Personalized marketing can have different faces. Personalization can be used in:
- Social media communication
- Newsletter and email campaigns
- Website communication and banners
This type of mechanism is based on an algorithm that analyzes which products are most often ordered by a given consumer and at what is the average period between such orders. The algorithm learns how often the customer purchases a product and suggests other articles that a specific person may find interesting as well. For example, suppose a user orders contact lenses monthly. In that case, a store using such an AI tool could periodically generate a ready-made product cart for them (comprising recommended products) and send it via email.
Finding and identifying customers
Identification of the profitable target group is a highly important element of all marketing activities. Generally speaking, it isn’t easy to convince the consumer to buy your product if you do not know to whom you are talking to. In the past, marketers have defined an overall goal by asking themselves, for example, “Do we want a higher level of awareness, commitment, customer retention, profit, or something else?” Then, they manually estimated the optimal target audience for a given campaign.
Currently, artificial intelligence and predictive analytics allow marketers to define the best target group precisely. The process is quicker and more accurate. Moreover, with predictive analytics, AI can help you identify new segments of such groups that share similar attributes. This approach allows you to provide customers with a more personalized offer and, as a result, create a unique, personal relationship that would be difficult to achieve without AI. Having this kind of relationship with customers will undoubtedly improve sales, as (thanks to AI) customers will feel more attached to your brand and product.
The solutions mentioned above are already being successfully used by many companies across many sectors and industries. However, this is just the beginning of the opportunities modern technology has to offer for entrepreneurs. Predictive analytics, personalized offers, and communication adjusted to the customer profile are only a few among many. Both small online stores and international corporations can benefit from implementing the AI tools mentioned in the article.
Thanks to the use of artificial intelligence in the sales segment, the customer’s purchasing process becomes simpler, quicker, and more intuitive, which measurably improves the relationship between the consumer and the company. In the long term, this relationship translates directly into the real financial profit of your company.
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