Businesses will spend an estimated $80 billion on AI by 2022, up from $35 billion in 2019. Why? Because AI makes things better – it has already proven itself as an invaluable tool for getting more sales, targeting ads more effectively, understanding complex data, and just about everything else in between.
But this isn’t AI like the AI in James Cameron’s Terminator films; rather, it is a business tool. It has myriad applications for all sectors of the economy, and it is already generating HUGE wins for brands. And it’s happening right now, under your nose. Case in point: H&M uses an AI bot to build user profiles of its customers which, in turn, helps it to better understand what they’re shopping for now and in the future.
Without AI, this process would require multiple people doing multiple things all at once. With AI, it’s a lot simpler. The AI does all the heavy lifting, analysis, and follow-ups with potential leads. And it works all the time, constantly expanding and learning more about the customers that flow through the site, as it builds detailed and highly lucrative profiles for anyone that interacts with it.
AI-Powered Chatbots Deliver Higher Close Rates For Sales
Demandbase, an AI marketing platform, has done extensive research on the role and benefits of companies using AI to bolster their sales processes. And the results are pretty startling: 59% higher close rates for sales, 58% more revenue, 54% more engagement, and 52% higher conversions. Whatever your KPIs are, those figures are damn impressive.
For this reason, it’s easy to see why more and more online e-commerce companies are leveraging the power of AI, as a CRO tool. Artificial Intelligence makes the entire buying process more personal, allowing for offers and limited-time deals to be tailored to a specific user’s exact needs and wants. And this, in turn, leads to higher conversion rates across the board. And in the world of conversion rate optimization, higher conversion rates are what it’s all about.
This is why brands like H&M, eBay, and pretty much any other major retail player is now using AI-powered chatbots to engage with their customers online. The possibilities for growth with actual, round-the-clock engagement with site visitors and potential customers is staggering. And even if they don’t buy anything, you can still get vital information that will help you improve your sales process – things like email addresses, feedback on your products, and pretty much everything else in between.
AI Automation Isn’t Just For Big Brands Either…
Even small, independent retailers can benefit from the power of AI. Take chatbots, for instance, which are free, easy to set-up, and can make huge differences to a site’s conversion rate. One example of a great free chatbot for Shopify is GoBot. With GoBot, you can tailor offers and manage your customers with simple dialogues that you create and are carried out by the bot. Open with something like, “Is this your first-time shopping with us?” and then start a dialogue, add in some discount codes, or a link to a landing page, and watch your conversions skyrocket.
GoBot is a simple, basic example of how ANYONE can leverage the power of AI inside their online store. It’s simple to set-up, it works round the clock, talking to your customers, generating leads, and promoting offers. You don’t pay for it and it never gets tired. It’s just there, working on your behalf 24/7, 365 days a year. And if you’re unsure about just how much of an effect using something like GoBot can have on your store’s CRO, check out this little factoid:
“An overwhelming 83% of online shoppers need assistance to complete an order. 75% of customers expect help within 5 minutes,” notes Shopify, one of the biggest online storefronts on the planet. How can you tackle this issue? Simple: use a chatbot like GoBot or one of the many other options. By assisting your customers, they’re more likely to convert. Why? Because you’re there, giving them options and things to click on, and the more clicks and engagement you get, the more chance there is of a sale or conversion.
“By 2020,” notes CBL, “it is expected that 85% of customers will use Fintech Chatbots to manage their bank transactions. Currently, some big banks are already using bots. These include Visa, MasterCard, Chase, American Express, Capital One, PayPal, Barclays, Ally Bank, and Bank of America.”
And with chatbots like GoBot, for instance, while free, you can have the company behind it tool-up your AI for you, adding in all the scripts and features you need. This is a more advanced way of doing things, but if you have an already established retail channel and you want a bespoke chatbot experience, getting one custom designed for your sales funnel is a great way to hit the ground running with AI-powered marketing in 2019 and beyond.
Richard Goodwin has been working as a tech journalist for over 10 years. He is the editor and owner of KnowYourMobile.