In India, during the festive season, online retail witnesses a great jump in the number of consumers each year around August to January, with an expected 40 percent rise in consumer traffic. This also implies serious competition between e-commerce players. Their marketing and sales team do everything to ensure that their deals and campaigns are better than the others. Due to aggressive marketing campaigns, offers and discounts by brands, 2018’s festive season saw a 71 percent rise in the number of online customers. Amid this, the question arises, what method is applied by these companies to stay ahead in the competition?
Well undoubtedly, artificial intelligence is the key to their power. AI and advanced analytics tools are empowering marketing and sales teams with every equipment. Such tools do a deep analysis of customer data, identify new opportunities, and provide insights with precision to effectively target consumers with personalized experiences generating more sales and higher retention rates.
Have a glance at how AI-fuelled tools boost marketing and sales strategies.
Insights with Precision
With humongous and complex data companies are dealing with today, makes it impossible for the human workforce to explore the possible insights on every piece of information in the limited time and bandwidth. This is where AI enters the picture. AI can examine vast datasets to deliver instant insights and make accurate recommendations for current and future practices.
The technology can eliminate redundancies while keeping relevant information only. It subsequently helps teams know when and how to use each bit of data. Using machine learning and predictive analysis marketers can evaluate consumer preferences and behavior against set targets, from the first inquiry/click to the completion of a purchase.
Learning from Past Data
The festive season witness great volatility due to sudden surges and changes in the buying behavior of customers. At this time, marketing strategies based on past data can give a cue for present and upcoming sales. Through the analysis and comparison of past data, AI can guide marketers to a strong strategy for their upcoming campaigns.
Additionally, the insights gathered by the AI tools allow brands to achieve an all-round understanding of their products and services. The technology also simplifies the information and helps teams with crucial decisions by giving them a preview of the potential results.
ML and natural language processing (NLP) are self-learning as they get ‘smarter’ with each new piece of information that they process. For these tools to function well, brands must make sure they feed in relevant data to deliver the desired results.
Notably conversational AI, in particular, chatbots, is one of the most popular versions of these tools that companies across industries are depending on today. ML and NLP algorithms, chatbots can converse like a human with consumers while collecting and analyzing the data from the interaction. According to Acquire.io’s research, 40 percent of millennials have confirmed that they chat with chatbots every day.
Hence to make the most out of festive season, businesses must plan the ‘what for’ and ‘why’ factors before they decide to leverage AI-backed tools or systems. Through the carefully-built foundation, companies will be able to tap into the benefits and large-scale impact that intelligent technology can introduce while delivering key insights and customized offerings for every customer. Brands can avail real-time, actionable insights to create a superior buying experience for customers, therefore leading to enhanced satisfaction and retention for the long run.