Today’s eCommerce digital leaders are responsible for all things digital and ensuring a smooth transition into digital for the business. With more people shopping online than ever before, digital leaders have more than enough data to deal with. With AI, these eCommerce executives can harness the power of their data to transform it into AI-driven insights that will help guide the way for success. In this article I will be explaining why now is the perfect time for eCommerce digital leaders to begin applying AI in their business strategies and how it applies to their everyday work.
Online Shopping in 2020
COVID has made massive changes in consumer behavior around the globe. More people are shopping online than ever before, yet the average spending per month has been decreasing significantly.
A huge potential gap has formed in the digital world. And the one thing standing between eCommerce stores and an increase in revenue is data.
Data! Data! Data!
Data is the fuel that feeds the fire. But if we don’t contain the data or know what to do with the data, we could be in a lot of trouble.
With the help of AI, eCommerce digital leaders can make accurate data-driven decisions that drive maximum revenue through digital channels. They let a machine take care of data containment and analysis to deliver insights more accurately than any human.
Let me give you some examples of different types of how AI-driven insights can help eCommerce digital leaders excel in their everyday responsibilities.
Responding to customer needs
The eCommerce digital leader knows how important the customer is. And with technology and shopper preferences changing so fast, maintaining a detailed view of the shopper across all channels is a challenge. With AI technology, the executive can not only stay up to date on customer behavior, but also understand their future intent and preferences. For example:
- Know which channel will be most likely to convert for each shopper
- Know which campaigns are most relevant for each shopper
- Know which recommendations and promotions to offer according to each shopper’s needs
- Know the best way to respond to customer interactions before they happen
AI can help eCommerce digital leaders do this and more by simply providing them with digestible insights that help them foresee the future.
Act quickly and get sh*t done
eCommerce digital leaders can leverage AI to help them get more stuff done and act quickly. By gaining insight into future shopper behavior and revenue KPIs, eCommerce digital leaders can be proactive and act quickly and smartly. They don’t need to spend their time on the tedious and laborious data tasks or have a data science team in their organization. What they need are AI-technologies that provide easily digestible insights that the executive can look at, understand, and make the appropriate decisions. For example, if they can predict what the AOV will be per segment in the next quarter, they can allocate their resources accordingly and ensure they are optimizing their campaigns in order to maximize or surpass their predicted AOV. And when the insights are clear, they can make sure they act fast.
Retail has gone digital and that’s the mindset that companies must get into NOW. Oftentimes eCommerce digital leaders face a lot of resistance when it comes to this digital transformation and they need to show a lot of proof and have a lot of support for their changes and goals. They are risk takers with bold objectives. With AI-technologies, eCommerce digital leaders can set realistic and achievable goals, supported by data, which can help them plan their budget accordingly and build trust amongst the other executives. Don’t forget that AI-technologies are constantly evolving and bettering themselves so that the insights they deliver will always continue to improve their results.
AI can make an eCommerce digital leaders life a whole lot easier. It makes their job more efficient, streamlined, and, most importantly, truly data-driven. It’s tough enough trying to transition a company to digital in the infrastructure, it’s another to transform the entire company culture. AI-technologies can provide the evidence and support the eCommerce digital leaders need to gain trust amongst their colleagues and make the move easier. Creating AI-driven goals and knowing what actions to take will always result in success.