If there is one thing that is important in any business, it is sales. No matter what business you run, the sales of your products and services are your bread and butter. It is no wonder that companies look for new ways to increase sales and reach more customers. Involving artificial intelligence in generating sales is a step in the right direction when it comes to increasing profit.
Most businesses are inundated with large amounts of raw data. Data that, when categorized and put to good use, can help ramp up sales and increase your company’s customer base.
AI has found itself enmeshed in various silos in businesses that use it. From automating accounting tasks to using chatbots to address customer queries, AI has been a key player in making businesses easier to run and more available for customers.
AI in E-commerce
“A lot of businesses now have an online presence. More transactions are now done in the World Wide Web than ever, and AI is especially helpful in generating and increasing sales for e-commerce websites. ”
When a customer clicks on an online shop, the AI programs within the page start working. Certain AI programs track the progress and activities of your customers as they navigate through your web page. Every click is recorded, the data stored for further analysis.
A considerable percentage of increasing your sales hinge on how well you know your customers. The more you understand your customers wants and needs, the better selection you can give them. And the better you cater to them, the more they return and bring other customers with them.
AI programs can predict what your customers may want or need based on what is in their carts. Your page will automatically recommend products to your customers that run in a similar vein to what they were looking at and what they clicked on and added to their carts. This helps both you and the customer: it saves the customer from having to scroll through things they don’t need or are not interested in; and it helps your business draw more attention to products that you know your customers will buy. It’s a win-win.
When it’s time for the customers to check out, AI can run your online shipping. This makes shipping easier and more autonomous. It makes comparing rates less tedious, and it takes a lot of the hassle off the customers’ shoulders. Less hassle means customers will be coming back to shop because who needs headaches when online shopping? And what returning customers can do for your sales margin does not need to be said.
AI in Sales
Automation plays an important role in your sales team. First off, it takes all those repetitive, time-consuming administrative tasks that take up a large chunk of your sales agents’ time and streamlines those processes. This frees up more of your agents’ production time, giving them more time and energy to focus on meeting their quotas and maybe even surpassing them.
What AI does, as mentioned above, is gather all customer data and present them in such a way that it is easier for your sales team to understand your customers better.
Getting to know your customers better will help them pitch your products to your customers and actually generate a sale. Plus, the predictive abilities of AI will make it so that you are one step ahead of the process every time.
AI and Lead Generation
The larger your customer base, the more chances you have of making a sale. Provided, of course, that you know your customers and your target audience. With the involvement of AI, it is easier to cast a wider net to reach more customers.
Marketing strategies like paid search is easier now within the online world. This drives traffic into your web page, bringing more potential customers to you. The good thing about this is that your ads appear to those that are actually looking for the services that you offer. It’s inexpensive and scalable. And if you go pay-per-click, you only pay for having your ads posted whenever a customer clicks on them. This saves you some cash in marketing while also increasing your sales through your ads.
AI in the Supply Chain
The supply chain includes your vendors and their vendors that service your company indirectly. What does this have to do with your sales? Plenty.
According to a study, 53% of executives reported an increase in revenue as a direct result of adopting AI into their supply chains. They also reported lower costs in transportation and labor and inventory.
Retail chargebacks due to delayed deliveries, violations or product shortage can be avoided or at least decreased with the involvement of AI. This reduces costs due to error all around and increases your reliability. This means customers won’t always have to wait weeks for you to replenish your inventory. The more customers can rely on your ability to deliver, the stronger their loyalty to your brand will be. This, of course, translates to more sales.
AI and sales go hand in hand. AI makes sales and lead generation easier. Introducing AI into your sales process will result in higher revenue from sales and more customers than you started with before AI.