If you’re reading this, you are likely already aware of the power of personalization and artificial intelligence (AI), and how together they drive ROI.
However, you may be curious about the logistics:
- How can an ecommerce company seamlessly integrate an AI interface into their existing systems?
- How can an ecommerce company identify and prioritize where it may be best to implement AI?
These are common questions ecommerce retailers face when determining how to drive business growth and jump on the AI bandwagon.
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We’ve compiled useful tips and resources on how you can effectively implement AI into your ecommerce business:
1. Educate yourself on all things AI
New research from Forrester predicts that AI-investments will soon triple and new AI-powered technology is increasingly being developed. This leaves ecommerce executives with overwhelming choices to make regarding which system is best for their respective company and challenges.
The following resources help level-set by starting with basic definitions and easy-to-digest videos:
This free, fully-comprehensive, four-month online course is taught by Stanford University professors through Udacity. Check out the trailer.
This advanced-level online course is delivered by edX. Presented by a Columbia University professor, it’s free and spans over 12 weeks.
AIResources.org is a “directory of open source software and open access data for the AI research community.” Members are welcome to submit new resources or edit existing ones.
This non-profit AI research company works to “discover and enact the path to safe artificial general intelligence.”
Personali covers the latest trends in AI and discusses how they directly impact the retail ecommerce space. Frequently-updated with fresh ideas, this is a useful resource for ecommerce executives who want to integrate AI into their business.
2. Decide where AI implementation will achieve the greatest impact
The research and advisory firm, Gartner, recently reported that business leaders should be mindful of how they implement AI. Gartner experts suggest to, “Conduct a pilot study in one or two of your identified key areas, setting yourself clear objectives with strict boundaries, that you can have up and running within 90 days. This will allow you to quickly eliminate projects that aren’t viable.”
Essentially, they emphasize that you go in with a plan. Clear objectives will help keep you on track and be better able to measure success and opportunities. These objectives can include:
- Increased profit
- Increased customer loyalty and retention rates
- More accurate sales forecasting
Here are some of the most impactful places to begin testing AI integration in order to reach the above mentioned objectives:
Gone are the days of needing to manually analyze large data blocks. AI technology replaces slow manual processes with unmatched speed and efficiency. This empowers business leaders to seamlessly filter through infinite amounts of consumer data in order to make more informed and accurate decisions at a much faster rate. In this way, AI enables ecommerce executives to effectively personalize the consumer experience. This is because the consumer insights provided through AI allow for targeting a given consumer with the right message and even price point, at exactly the right time.
For example, Personali uses AI to analyze consumer behavior and tailor personalized incentives to each shopper. Their intelligent incentive platform embraces the principles of behavioral economics to ensure targets are on point.
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Yes, it’s true, robots are now creative writers. This “Robot Content” is slowly but surely hitting the marketing scene.
While not quite yet able to produce what is considered high quality content, Upwork reported that eventually, “AI will be taking over a larger chunk of the creation process. Associated Press is already using AI to create some of its news content.”
Keep in mind that AI can also do far more than craft content, it can also automate and expedite elements of the content creation process, such as:
- Finding relevant research; collecting data points and stats
- Tracking outcomes (clicks, interactions, engagement)
- Micro-targeting potential consumers
- Assisting in pushing content creators to hone in on the human element and art of the craft
Although it is currently best for interpreting data points, sports statistics, and financial reports, AI is well on its way to becoming a more integral part of content creation.
AI-powered platforms with machine learning and natural language processing (NLP) capabilities are changing the way consumers interact with brands.
Marketing Insider Group reported that “Alex De Simone, CEO of Avochato, calls it a shift from traditional content marketing to machine-mediated conversational marketing. This technology will make it possible to determine ‘what the content of conversations should be.’ It will empower marketers to deliver content to the right people and at the right time – at scale.”
AI is able to align with chatbot technology to analyze data and report actionable insights based on specific consumer-brand interactions.
Lastly, AI technology has the ability to quickly review buyer trends and actions to make predictions about potential future sales gains. This predictive knowledge is especially useful for managing retail inventory, but also for dictating marketing budgets, hiring decisions, and so much more.
And yes, the data is accurate. Those using predictive analytics report levels of forecast accuracy to be as high as 82%.
While gaining quick wins is important for consistent business growth, AI technology is not something you want to rush into implementing. AI is not a quick win. It’s a steadily growing technology that is here to stay and will improve your business in the long-run.
To maintain a truly competitive edge in today’s tech environment, AI must be adopted as a key resource in every ecommerce company’s sales and marketing toolbox.
Learn how Personali’s Intelligent Incentive Platform can impact your customers’ purchasing decisions and increase your profits. Contact us, today.