Predictive AI helping your performance
In the complex world of online commerce, it's crucial to anticipate trends and make informed decisions. Predictive artificial intelligence offers companies powerful tools that facilitate decision-making. Optimize pricing, automate marketing campaigns, effectively manage inventory, and much more. Find out how predictive AI can transform your business strategy.
Read:
- Generative AI, an essential asset for ecommerce
- AI, an ally for your visual creativity
- Conversational AI to boost customer relations
- AI is revolutionizing acquisition
Finding the right pricing
Faced with ever more alert buyers, AI offers a multitude of pricing possibilities that allow you to be reactive in a fluctuating context and remain competitive. These new solutions help e-vendors automate the deployment of their pricing strategies and optimize their prices according to consumers' tendencies. This approach offers the advantage of adjusting prices more quickly, adapting to market changes and protecting profits by taking into account criteria such as margin and volume objectives, stock levels, product segmentation, etc.
- In the fashion industry, 49% of consumers consider price to be a determining factor.
- Promotions influence the act of purchasing in 39% of cases, 34% for cosmetics, and 35% for the sports and culture industry.
Using forecasting models, AI can also identify ideal times to launch promotions or discounts, increasing sales conversions while minimizing revenue losses.
By 2025, 30% of marketing messages from large companies will be generated by AI, compared to less than 2% in 2022.
Automate your custom messages
Understanding your customers, recommending their preferred products, customizing your exchanges, adapting your messages in real time, and reaching the right person in the right place at the right time is possible! 80% of companies that use automated marketing solutions see their number of leads increase, and 77% see an improvement in conversions.
Marketing automation helps you segment your audience and perform routine tasks throughout the customer experience, without having to intervene directly. Based on all the customer data collected, browsing and purchase histories, reviews, coupons, loyalty points, visits to physical stores, etc., AI makes it possible to design personalized communication scenarios to automatically send messages according to the path and on all channels (website, email, SMS, notifications, social networks), at the most conducive times for customer engagement:
- Welcome
- Order confirmation
- Confirmation of subscription to the newsletter
- Reminders following visits to a website page, downloading a document (manual, operating instructions, recipe card, etc.), using a module (calculator, help with choice, etc.)
- Cart abandonment
- Cross-selling
- Upselling (upgrade, new version, etc.)
- Lead-turning to maintain conversation with a prospect
- Customer satisfaction survey
- Events: birthdays, Mother's/Father's/ Grandmother's Day (if identified as such), year of registration (loyalty), etc.
Leveraging the power of AI for ecommerce
Optimizing stock
Predictive AI can analyze past sales data, seasonality and promotional periods to anticipate future demand and accurately manage stock levels to ensure product availability.
Self-learning artificial intelligence systems provide complete models of your business. Industrializable, scalable and interoperable, they make it possible to adapt information in real time to optimize purchases and storage costs, avoid surpluses and stockouts. The global cost of stock distortion (stockouts and overstocks) amounted to more than $1.9 billion in 2022, an increase of 12.7% from 2020.13
Marketing automation allows us to define and deploy an agile commercial strategy in perfect harmony with our brand's DNA: high-end pants, created to last, at the right price. Every piece of information we collect about our leads allows us to send them a perfectly customized message, which maximizes our conversion rate. Our marketing automation platform, Klaviyo, has generated 17% of our revenues since the beginning of the year, i.e. +15% vs. 2022 and 20% over the last month. We also tripled the open and click-through rates on our emails.”
Manon Hug, Head of Ecommerce and Marketing, Le Pantalon
Pricing second-hand products
AI is also interested in the second-hand market. Estimated at €86 billion in Europe, this sector is flourishing. Researchers and startups are launching new solutions that can analyze an object and associate a value to it based on the amount of wear or damage, to a car body, for example. Tools that simplify the sale and reassure potential buyers about the price of the product.
AI, your best ecommerce ally?
A year ago, a new generation of AI entered our lives. In this ebook, we look into how AI applications can help ecommerce companies grow and succeed.
