ECommerce is any commercial outfit that is selling their products or services online using a web portal and app. Some of these ECommerce companies could be product companies, while others are simply an aggregator platform. Irrespective of the business model, what is common among all ECommerce companies is that they all are generating a lot of data and serving millions of customers. Highly successful and heavily funded ECommerce companies are continuously investing in innovating their business models using artificial intelligence and machine learning. In the realm of the knowledge economy, no one can be left behind for the lack of their understanding of the subject such as AI or machine learning. So this article cuts the crap out of AI buzz and gets down to a few points that will help ECommerce companies to build their case around artificial intelligence solutions.
ECommerce is about connecting with customers over electronic channels and conducting business online on the web portal. ECommerce inherently puts layers of the electronic channel between the customer and seller. These layers of technology often deprive the ECommerce business of the insights around why customers choose to buy and want to buy from them continuously. The ECommerce industry is suffering from the inability to identify, control, and manage the nuances of predictable business online. With the increased budgets on customer acquisition, the rate of subscriber churn is drastically rising day by day. The churn rate analysis in ECommerce is getting hampered due to unawareness about simple leading indicators of customer behavior.
Skincare has always been a huge industry and will increase USD 45 billion between 2018-2023. It has increasingly become segregated, with as many as eight different categories of products. The popularity of trends like the 10-step Korean beauty regime costing around $200 has also led to a massive increase in sales. Besides mass-produced skin products, personalized skincare products are also popular.
An inevitable part of any business is identifying customers who are likely to continue and those who won’t. Retaining customers who have a plethora of options can be a challenge. However, keeping existing customers happy is a better strategy than endlessly focusing on growing your base by acquiring new customers. Acquiring a new customer is anywhere from five to 25 times more expensive than retaining an existing one.
For every business development having a strong customer base is essential, and this means one needs to have a prolific customer engagement. Since traditional marketing methods are now becoming less relevant, and the effectiveness of any business is dependent on customer engagement, using new techniques and technologies is vital. Laundry and Dry Cleaning Business owners like any other business, need to retain their customers and increase their loyalty because customer engagement is the new currency. The online service charges the customers as per a package subscription that suits their needs. These packages may be varied depending on the type of services needed by the clients. Generally, the online accounting services companies target SMBs, and they target specifically for one function such as Online CA, Online CS, or Online Company Registration. For a new firm that registers using an online accounting services company is likely to see up-sell and cross-sell promotions of other services.
Accounting is extremely critical to any business. It is a comprehensive and systematic recording of all financial data provided by the company. This data can also be used to provide summary reports to oversight agencies, tax collection agencies, and government authorities.
People have always thought the library to be their one-stop shop for all kinds of books that they really didn’t want to buy but still read. A library is a curated collection of books that are made available to a population for borrowing or reference. Most of these libraries charge a membership fee per month. People of all ages, especially students, come and borrow the books they require for a period after which they have to return it to the library so that others can use the same. The library is helpful as people do not have to end up buying all the books they might have to refer to for the research they are doing.
Everyone has been coached multiple times during their life, be it professionals, practitioners, managers, or leaders. Coaching is nothing but a form of directed development wherein a person (preferably called coach) helps train and guide the learner to achieve a specific goal, be it personal or professional. The coach would have more experience and expertise as compared to the learner and offers guidance and advice as the learner learns.
Just about everything can be done online these days. With the internet phenomenon reaching the farthest places on the planet, no service is now beyond the reach of any potential customers. All types of businesses have now made their presence known online using the internet as a platform to provide the services. E-Commerce is contributing to a paradigm shift in the way business is conducted.