Four ways AI is helping businesses stay alive this holiday season
The year is only a few weeks away, and festive season Now online sellers and retailers are becoming more attractive with artificial tools as a way to help them take advantage of digital as consumer demand soars.
Amid ongoing economic uncertainty, including higher-than-anticipated inflation, supply chain constraints and changing consumer sentiment – online retailers have sought out new technologies. innovation to help them cope with macroeconomic challenges.
And this works in their favor, too, as retail sales have been growing for more than two decades, growing 7% in 2020 and 14% in 2021, according to the company’s report. National Retail Federation (NRF). At the same time, it is estimated that sales will grow between 6% and 8% this year, accounting for more than $4.9 trillion.
Although consumer shopping behavior is gradually returning to normal after the recent pandemic, the majority of consumers are gradually turning to online shopping because it is more convenient and in some cases affordable. than.
Recent figures provided by Statistical staff shows that about 57% of US consumers plan to shop online during the holiday season between 2021 and 2022. This is still slightly higher than the 43% who plan to go to stores or malls. spot for holiday shopping.
After volatile economic activity and changing consumer markets, businesses are now increasing their interest in artificial intelligence (AI) hopes it will help them cope with the pressure of soaring shopping demand during the festive period.
Improve delivery and delivery
During the holiday season, online orders for goods and other services tend to increase significantly, making it difficult for online retailers to maintain increased logistics management.
Although a relatively new innovation in logistics, artificial intelligence is now allowing companies to have an open line of communication with both shippers and customers at the same time during transit. . In addition, it becomes more possible for them to directly interact with supply chain participants to monitor inventory tracking and manage estimated delivery times for specific goods.
Finally, with AI, online retailers can become more transparent through interactive maps and on-demand updates on customer orders and shipments.
Enhance customer experience
Customer experience and interactions are very important to online retailers, as they have limited interaction with customers, as they used to do with brick-and-mortar or brick-and-mortar stores.
With AI, online retailers can continuously track and track customer movements across websites, and analyze which products or services are more profitable than others.
At this point, AI has also become a way to help see if certain elements or actions on a website are working at full capacity most of the time. When a system doesn’t work properly or a customer encounters an error with a certain action, the AI will be able to flag that system immediately and notify the website owner or domain operator.
Build more personalized content
Digital content has become one of the best ways for online businesses and retailers to effectively communicate with their marketplace. Through targeted advertising through social media and promotional emailCompanies can directly target the customers they want to attract to their online store.
At the same time, with personalized content, businesses are sure they are targeting the right customer groups and use these metrics to further develop a deeper digital marketing strategy.
Personalized content has become a more measurable way for businesses to track their retention rates and how well their content is performing in the consumer market they want to attract.
Create more promotional initiatives
Consumers are constantly on the lookout for the best prices and promotions, and during the festive season, it’s even more important for online retailers to offer their customers a promotional offer that enhances their receipts. brand awareness, while increasing profits for the company.
Using AI, businesses can set up initiatives that directly target the right group of consumers in the market, and present them with promotional initiatives such as special offers. , preview or discount for early shoppers.
Whatever it may be, or the length of time it may last, through AI, it is possible to measure the success and return rate of advertising initiatives. Through email marketing, businesses can create a virtual wheel whereby customers are Online ShoppingGet a discount after your first purchase but will then be permanently included in email lists and promotional content.
Artificial intelligence has changed the way we consume and spend our money, and during the festive period, when more consumers shop online than ever before, small businesses should consider some unique ways and insight that AI has helped other organizations deal with the growing online consumption of road traffic.
Published first on ValueWalk. read here.
Featured image credit: Monstera’s photo; Pexels; Thank you!