In the age of automation, and in an era where we are joining forces with technology and artificial intelligence more and more, the kind of impact they have on our workflow might not always be evident. Of course, such technologies lend a helpful hand, but do we realize the real benefits of it?
Usage of AI has proven to increase operational efficiency of companies significantly. A recent study revealed that judicious use of AI results in a 15-20% increase in sales velocity, with 70% faster product lookup and quoting. In fact, one of the biggest advantages of AI is its ability to conduct real-time margin analysis and pricing optimization. This helps the company gauge its profits, losses, compare its products with its competitors, etc., much easier.
A great use case for AI is in reliable procurement – it forecasts demands, and warns against products that might not be doing too well, all based on statistics, and customer reviews.
Customer reviews are also one of the main, most direct, and fundamental aspects of ecommerce today, which are also handled and analyzed by AI. The study reveals that AI chatbots handle 80% of basic product inquiries, which not only saves companies a lot of time, but also adds up to accurate and reliable product data storage and management.
Implementation of a semantic search, as opposed to traditional keyword search, is rapidly changing the game in ecommerce, not to mention, has been shown to yield a 20-30% increase in customer satisfaction.
With these benefits in mind, transform your data today!