By: Abhishek Agarwal, Co- Founder, Globepanda
Ways in Which AI can be leveraged to boost the business of sellers
1) Warehouse Robotics
AI-powered robotics are taught to recognize, pick, and stack objects which otherwise would be done by workers and take more time. All the items that the online store offers to the customer are organized by the robots in a timely fashion thus helping in speeding up the delivery of the product.
2) AI for Positive Review
A lot of companies pay people to post positive reviews about their products. This can now be taken care by advanced AI which uses an algorithm to write reviews for products and the user just has to give their acceptance so that the feedback remains authentic. The instant a customer purchases a product AI can post a positive review of the product which the user will have the option to remove. Customers are always quick to purchase a product but slow to rate and review them but with the help of AI the seller’s website will have positive reviews which can bring in more business and stop the sellers from chasing customers for reviews
3) Product Recommendation
Sharp Software’s that use predictive data models using real-time online data on content consumption and buying behavior are widely used by companies to further their revenue. AI helps sellers recommend products which have a higher chance of selling as it keeps a record of buyer’s purchase history, background, and location.
Customer service is key for the progress of any online business as the customer must get in touch with someone to establish trust that what they have been promised will be delivered. A chatbot functions at a higher level than customer service representatives as it can analyze multiple inquiries at once and help resolve them faster. Be it order status, missing cashback, coupon redemption or product return chatbots can text with multiple people at once thus leading to higher retention rate as more customers are satisfied with the response to their queries.
5) Delivery Drones
How does the drone know where to transport the product and has all other order details which range from payment status to the time order was placed? The answer is Artificial Intelligence as it has programmed drones with all the data that is required for the product delivery. Unmanned deliver system of drones is profitable for businesses as it cuts both time and cost of delivery as it delivers much faster than delivery guys.
6) Target new sellers
Online businesses must keep looking for new vendors to provide more options to their customers. Software and algorithms equipped with artificial business intelligence can detect what is base price of a product and what is the margin of the e-commerce store. It is also able to obtain any supplier detail that is available on the website or on the internet. Algorithms and software are just a combination of math and code so it is easy to enter the base price of the product which the supplier is supplying and once that input is done the algorithm can crawl through similar websites to check for the margin and help the e-commerce store owner know exactly what to offer to the supplier to get on board.
7) Smart Advertising
Every business spends on advertising to conquer the market and that usually comes at a huge cost. Generally, advertisements are for the public but AI has systematically changed that. All incoming data that was earlier collected in excel sheets is now sifted through by the AI programmed tool which tells who is likely to buy from you and the product they are looking for. Once that is established it is an easy conversing game from there as you are showing specific ads to the targeted audience thus earning more on the sale and spending less on the advertisement.
8) Image Finder
Smart AI is at work when you search something by analyzing the picture and then presenting you with options that are closely associated with the image. For Example, if you are searching for bathroom tiles the AI quickly comprehends that you are looking to install in your bathroom and shows you images of all bathroom toiletries and other products which you may be interested in. Moreover, there are apps in which you just must enter the image of the product you want and you will have the price instantly with just pointing at a product and getting the same result also an option. This makes the customer flock to sellers who give this option as they not only get the product they want but also the things they would need along with the main purchase. It increases the level of customer awareness and effectively creates chances for higher sale.