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Data Science and artificial intelligence – the low-cost and effective way to boost sales in the e-Commerce store

Big data and AI are altering the way that an e-Commerce store would normally function. Do you want a low-cost and effective way to boost sales? For that, data is the key to everything. The development of AI and Big Data allows eCommerce platforms to create a seamless way to promote business with user-friendly and real-time features.

 

How data influences the low cost and effective way to boost sales?

What is Big Data? In layman’s term, it is a massive amount of historical and real-time data. This includes data related to the e-Commerce site and the macro and micro market factors. Big data analyses this huge volume of data and provide genre-specific information. For instance, consider a website that is handling used car deals. Big Data can collect information about the similar deals in the market (internet), compare the metrics to provide information about how better the deal is than the rest of the platforms. 40% of consumers prefer using chatbots to compare deals. It can also generate statistics about car performance, availability of spare parts, mileage, etc.

This apart, Big Data can derive information about customer preference, buying behavior, and more. When you are using AI negotiation tools, the need for Big Data becomes paramount. It helps the bot to understand the type of customer, the right method to negotiate, and the right information to share.

Beyond these, the other advantages of using Big Data on an e-Commerce platform are:

  • A meaningful and optimal experience for the customer – For instance, based on the customer demographics, the bot can generate the right used car deals that will suit him.
  • It is a low cost and effective way to boost sales by generating better customer relationship.
  • Thanks to Big Data, the cost, time, and intensity of handling copious amounts of data reduces. Thus, the efficiency improves without increasing the error rate. This efficiency increases turn-around time and decreases the overall cost of conducting business.
  • Big data offers real-time information-rich analytics, which helps generate reliable statistics.

In the future, Big data can work hand-in-hand with the AI negotiation tools to alter the algorithm for negotiation based on real-time data. This is the first step to multi-strategy negotiation with human-like emotions.

Role of AI in creating the low cost and effective way to boost sales

AI forms the second part of Big Data. The Big Data output can either be sent to a group of humans, who can spend hours analyzing it and implying it at the right places. For instance, Big Data from the best online car buying sites could provide numerous statistics about a particular car model. A human must first understand the statistics and use them towards the right customer during the right time of negotiation. On the other hand, AI can receive information and alter the course of negotiation without human interference. This improves business efficiency throughout the value chain and reduces the manual-centricity and the time taken for operations. The low cost and effective way to boost sales to your e-Commerce platform is by adapting an AI bot that could use Big Data to create strategies.

According to International Data Corporation, by the end of 2020, machine-generated information would add up to become 40% of the information on the internet. Thus, it needs a complex analytics system to derive useful information from such a vast source.

Beyond these, the other advantages of using AI are

  • Better navigation through the portal through suggestions, uploading pictures that can influence the particular individual, creating AI chatbot interaction for help and suggestions, etc. One out of five customersis ready to communicate with a chatbot for purchase decisions.
  • Every movement of a customer on the platform gets recorded. Thus, AI can understand why a customer leaves a page, what the customer looks for in a platform, etc. This information can help to create a customer-centric platform.
  • Better inventory and operation management is possible by incorporating AI. Since AI can understand analytics and implement it in real-time, it can generate forecast reports. This helps optimize the inventory better. If a business could satisfy its customers without hoarding too much inventory, it is easier to reduce business costs. Thus, it becomes possible to offer better deals during negotiation to attract customers.
  • Since AI is up and running always without tiring, stereotypical pre-judgment, and confusion, it becomes possible to offer seamless services. This includes customer support, suggestion, pre-sale and post-sale services, and, most importantly, AI-empowered negotiation.

Real-time examples

If you adopt AI and Big Data services today, you would not be the pioneer in incorporating the advantages of AI and Big Data. Alibaba, eBay, and others are using chatbots for product recommendations. JD.com uses AI automation for delivery purposes and warehouse optimization. Amazon is currently using Big Data and AI to understand customer behavior. Rakuten uses AI to predict customer buying patterns.

The e-Commerce businesses should create a customer-friendly website and use AI tools to automate customer-interactive points, creating a dynamic experience for the customers. 79% of the experts in a survey believe that a business will not survive without embracing Big Data. Does your long term mission aim to have a sustainable profit? If so, you should pursue to have a low-cost and effective way to boost sales susing an AI & Big Data based negotiation bot like RoboNegotiator.

For more information regarding demo and our services, please go to: http://www.RoboNegotiator.com

Contact:

Dhaval Shah
Email:
info@robonegotiator.com