The ramifications of the coronavirus pandemic have been felt across the globe, severely impacting economies, markets, and enterprises. Prolonged and unprecedented lockdowns across the country and global supply chain challenges put the retail and e-commerce industry on tenterhooks. The industry experienced worst-case scenarios that were often contained with business continuity plans.
With 2020 being a washout, 2021 is widely seen as the year of the rebound. While business lagged in the last 18 months, technology back-ends have been on overdrive, AI took center stage in finding solutions that were beyond human capabilities.
As India slowly enters the festive season, the e-commerce space is feeling nothing short of fleeting rejoice. The idea of festive gifting coupled with that of extended spending capacity is a golden egg for businesses that’ll help them revive and pave the way for strategies guaranteed to aid in effectively reaching their target audience.
But since every brand is aggressively working towards capitalizing on the season, what is the one solution that will help them get an edge over their competitors? The answer is simple - careful analysis of data layered with AI will be the key driver for success for any brand this season.
It is interesting to see that many brands still rely on the archaic hit and trial method of deploying strategies, waiting for results, and then choosing the most effective one, but thankfully some are gradually shifting to the integration of AI in enterprises to boost conversions.
Statistics present that AI in enterprises is a step towards revolution. It houses the potential to solve anything that is remotely related to the enterprise segment, be it issues related to staffing by understanding the time-slots that need an extra set of hands and legs, the need for proactive and timely alerts about efforts undertaken by competitors and solutions on how best we can combat it to positively impact sales as well as automated real-time insights to understand how well the brand is faring in the market and amongst customers.
AI’s increased relevance in inventory and supply chain dynamics is a post-pandemic compulsion that’s put the need for demand fulfillment on top of every business’s radar.
Faster insights from the advent of AI can also foster settling on quicker business choices dependent on yields from cognitive technologies. The workings of artificial intelligence that help businesses grow stem from the fact that it uses prior and acquired knowledge to foresee client inclinations and offers customized insights that increase engagement, interest, conversations, and conversions. For example, data suggest that people during the season will tend to stock up on chocolates and dry fruits as a part of their corporate gifting drive. Now, any smart manager who is getting real-time updates will quickly align on this data and ensure that their retail space, as well as e-commerce avenue, is prepared for this surge in demand and if not then what are the nearest franchise that could help them stock on the same.
It is important to understand the integration is helping in making the customer experience seamless thus also increasing brand recall. To break it down, AI is a key that is driving and unlocking multiple opportunities for the direct-to-customer (D2C) set-up. It is helping brands create a personalized shopping experience by tailoring content and recommendations for every customer based on their intent. The minute customers see relevant recommendations, they understand that the site knows their needs, and that will have them coming back for more.
In the space of D2C, it’s all about the individual, in simpler terms, every kind of customer has a different shopping pattern and it is not humanly possible for the business to mold their approach accordingly. This is where enterprise AI is playing a huge role, the technology is attempting to deliver experiences the way it is best suited for the customers by understanding the pattern of the demands and streamlining their plan of action for them.
For example, you tend to reorder 2 kgs of sugar every three weeks, the system detects this pattern and automatically after three weeks sends a message or a popup that redirects you to the brand you prefer. Let’s take this one more level higher - imagine the customer delight when your favorite restaurant or grocery chain automatically throws up deals every time you drive by, depending on the time of the day. Happy hours can be a pervasive promotion strategy. Similarly, ‘grow-with-the-customer’ strategies pop up next sizes for clothes and shoes for children every 6 months, considering the pace at which the young customers outgrow their favorites. Tag that to a social cause of donating to the needy with an exchange discount, and a million hearts are easily won.
AI-driven user experience is also setting the trend for total transformation. With voice becoming the new user interface, AI has found its inroads into spaces not just for customer delight but also for business-user delight. As an increasing number of transactions get voice purposed, there’s a new wave of AI-driven data reporting that is making voice-enabled analytics the coolest new enterprise thing - like, for instance, Hypersonix has ‘Jarvix’ a voice-enabled ‘Google-like’ data intelligence tool that makes audible decision insights just a question away.
Over the recent years, innovations in the field of AI have interestingly developed and turned into an integral asset to optimize sales, boost operations and upgrade activities. Numerous online business organizations are now warming up to the idea of the integration of AI in their enterprises that are responsible for driving profitable revenue growth by providing a system of actionable intelligence. The e-commerce industry with the assistance of AI is at a distinct advantage that will help launch a recovery-based trajectory while also serving the best interests of customers and itself!
In the world of AI, the best is always yet to come.