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How Artificial Intelligence Fuels Magento E-Commerce Stores Success?

By Guest Contributor on September 18, 2019

If you run an E-commerce store, you must be looking for possible methods to improve the store performance, conversions and sales with minimum efforts and investment. In this blog, it is covered how Artificial intelligence can meet all these objectives in the best possible manner. Artificial Intelligence has helped several brands to reach the desired results. It provides plenty of opportunities to the brands where retailers compete with each other to provide some unique stuff to gain maximum conversions, grow customer base and ultimate shopping experience. With regular advancement in voice search technology, AI-based devices such as Alexa, Cortana, and Watson, are gathering huge eye-balls almost daily, hinting a big role to play in the E-commerce industry.

Let’s find out how AI is helping Magento based E-commerce platforms.

1. Customer Oriented Search

With the implementation of Artificial intelligence in Magento E-commerce stores, the brand can target the right users with the right messages for right output. AI applications are based on the self-learning algorithms to drive information from a large set of data of thousands of customers and targeted them in the best possible manner. This is a great way to rule out any human-based error.

2. Purchase Assistants

Purchase Assistants are a big improvement in boosting sales and it is not fully implemented yet. Using the virtual purchase assistant a lot of time spent by the shoppers in making a buying decision is reduced automatically. It automatically analyses and monitors the E-commerce store upcoming deals, price drop, and the launch of a new product. A major change that is worth praising is, these assistants can by default add the products to the cart and carry out the checkout process on buyer behalf if interest is shown in the product and instructions are given to AI-based assistant.

3. Boost Security

E-commerce business is based on accepting payments and doing financial transactions online. However, a challenge for store owners and buyers is the online fraud, data breach and theft. These challenges can be fixed by combining the advance security standards of Magento with Artificial intelligence. The technology has multiple uses like implementing fast iterating models to lower manual review queues, lower false positives with behavior analysis, using experiential information to adapt to new business lines and boost human decision-making with higher accuracy.

4. Fast Customer Support

A chatbot is an AI-based computer application that is designed to help buyers with their queries over the Internet. Chatbot application converts visitors to potential customers. These applications have helped E-commerce brands to lower the cost by replacing customer support executive. They can support hundreds of users at the same time which is not possible with a human being. Also, chatbots need information like product details, quantities, and shipping information to provide accurate answers to customers. Chatbots offer a valuable and instant customer support service which was earlier provided through contact forms, phone calls, and email.

5. Personalized Shopping Experience

With the popularity of E-commerce platforms like Magento, most of the traditional businesses are moving to “click-and-mortar” model. But, there is still a lot of improvements need to be made for the E-commerce stores to offer personalized shopping experience the way it is available in the stores. To personalize the customer shopping experience, AI is the perfect way to achieve. AI-based campaigns can be run to target the potential audience at the right time. AI can help in the personalized shopping experience using push notifications to the smartphones of shoppers. Magento’s latest version offers amazing advanced features like Personalized recommendations, gift options, loyalty programs, customized tier pricing and cross-selling options to the store owners.

6. Post Sale Support

Most buyers complain about after-sale support but with AI online stores can take care of the customers even after the sale. This innovative technology engages customers through different means:

  • Sharing automated post-sale follow-up notifications as well as the e-mails.

  • Addressing customers’ complaints, product returns, refunds and queries.

  • By processing warranty claims.

  • Sending notifications regarding customized offers, new sale and upcoming discounts.

Although Artificial intelligence is not as appealing as human interaction. However, with technological changes, AI is helping shoppers at every pre and post buying stage.

7. Inventory Management

For the optimized performance of the E-commerce store, inventory management is essential. It includes the stock requirement and resource allocation for the inventory which is not needed.

  • AI intelligently manages the stock, make records of the products present in-stock.

  • It suggests how much stock is required for tomorrow and precisely when.

  • All the factors affecting the sales are evaluated.

8. Sales Forecasting

AI also helps store owners to project future sales. This help in increasing and decreasing the stock amount. Following resources are kept in mind to make predictive sales analysis:

  • Last year sales history

  • Market share of competitor’s

  • Real-time changes

  • Customer buying trends

  • Alterations in demographics, age, and gender

Wrapping Up:

It’s not difficult to implement AI in E-commerce store. AI technology is simple to use and implement with minimal investment. After going through all the benefits of AI, every store owner will implement it for best business results. Including AI as your business strategy will help to make your store a proactively selling store. Currently, when everything is accessible at a low price, personalization and uniqueness is the most important element to run a successful E-commerce store in a highly-competitive world. The way AI is growing its relevance in the business world its integration is a must.

Author Bio –  Elina Reddy, Sr Magento Developer in Magento StoreMagento development company.

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