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Increasing retail sales with AI
July, 2024
Personalisation, predictive analytics and more
Gone are the days of boring retail and e-commerce websites and apps. Modern trends, ever-changing user needs and new technologies are just a few aspects that have led to a paradigm shift in how companies market products and services. Times are changing, and the e-commerce development services industry is changing with it. Implementing AI is no longer an option but a necessity as it is proven to be the antidote to boring commerce.
And what better way to do this than by implementing AI-based features into an e-commerce website?
By leveraging AI capabilities for personalisation, predictive analytics and more, e-commerce web application and development can significantly increase customer engagement and conversion rates.
Your antidote to boring shops is the introduction of AI
Personalisation based on AI: individual shopping experience for every customer
Imagine that you walk into your favourite shop and are greeted by a salesperson who is already familiar with your preferences and purchase history. He guesses exactly what you want, what new products are available. You feel that you are welcome here as if you were at home. This level of personalisation is achieved thanks to AI algorithms that analyse data on the behaviour, purchase history and demographics of each customer.
This means:
This means:
"You Might Also Like" or "Customers Who Bought This Also Bought" sections now operate on a new level. AI doesn't just guess but knows exactly what you need.
AI segments customers and sends targeted email campaigns with offers that genuinely interest the recipient.
Your online store's storefront will be personalized for each shopper, offering "Top Picks" or "New Arrivals" based on their preferences.
Predictive Analytics: Demand Forecasting and Inventory Management
What if AI could suggest which products to stock up on or which items to avoid investing in for now? Thanks to AI, this is possible. Algorithms consider past seasonal sales, current trends, and market fluctuations.
How to use it?
Dynamic Pricing
AI analyzes competitors' prices and customer behavior to offer optimal prices.Targeted Promotions and Discounts
AI determines which customers are most likely to respond to your offers in advance, enabling more effective marketing campaigns.Demand Forecasting
With AI-based advanced analytics modules, you'll always be aware of the seasonal products your customers need.
Predictive analytics: demand forecasting and inventory management
What if AI could tell you which products to stock up on or which products you shouldn't invest in yet? Thanks to AI, it's possible. Algorithms take into account past seasonal sales, current trends and market fluctuations.
AI does so much more
Smart AI assistants
24/7 customer support, automating routine queries such as order tracking and returns processing, thanks to NLP (Natural Language Processing).
Image recognition and virtual fitting
AI allows shoppers to upload photos to find similar products and use virtual fitting to make more informed purchases.
Fraud Detection and Prevention
AI analyses transactions in real time, identifying suspicious activity and preventing fraud.
AI is not science fiction but a reality that can revolutionize your store right now. Use the power of AI to increase revenue and improve customer relationships.