Customer retention is one of the significant causes of concern for ECommerce companies. Most ECommerce companies would invest a considerable amount of money in acquiring new customers only to see them never purchase again. The customer churn is like a hole in the bucket of business. The ECommerce business owners are trying their best to fill the bucket with more and more new customers each day. But the hole at the bottom of the bucket keeps leaking out the customers. Learning customer behavior is vital to understand how to reduce churn. Artificial intelligence technologies can help ECommerce companies learn customer behavior and thereby, ways to reduce customer churn.
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To understand the concepts of ECommerce, it is always good to know how a particular situation applies in the physical world. So let's begin with an example. You are visiting a community store to buy, say shirts and trousers. You make your choices and start bargaining a deal. The store owner knows you from the past since you are quite a frequent visitor. Generally, the store owner would give away a discount of 10% on your total bill. However, today, you've come along with a friend who is visiting this store for the first time. The store owner gives an additional 5% off on seeing a new prospect with you. On further insisting to do the best price, the store owner gives you an offer, 20% flat discount, only if your total bill crosses $200. That makes the deal irresistible for you, and suddenly the friend also jumps in to buy with you.
Benefit of ECommerce business is the convenience of online buying and selling. However with this convenience comes the unpredictability of business in ECommerce. To stay relevant in this ever evolving ECommerce business space, the business owners have to employ advanced artificial intelligence solutions in ECommerce to stay in control of customer behavior and use that to generate incremental business. Future of AI in retail is bright considering the ROI driven use cases it serves.
Tags: Datoin Platform, AI, Machine Learning, Customer Churn, ecommerce, onlineshopping, subscription churn, subscriber churn rate, subscriber churn definition, subscription churn rate, product recommendation engine
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.
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