Benefits of Using Artificial Intelligence in Magento eCommerce StoresMay 20, 2021 | Author: Ashley Brown
In today’s digital age, most eCommerce businesses use artificial intelligence applications to streamline and perform critical business operations such as customer intelligence, supply chain management, etc. The rapid development of AI-based tools and techniques has taken the retail industry to a whole new level. In this blog post, we’ll see how integrating Artificial Intelligence in Magento eCommerce stores can help retailers stand out from the crowd.
Artificial Intelligence in Magento E-commerce Development
Magento is undoubtedly the most popular eCommerce platform amongst online retailers. The platform serves a wide variety of industries with the help of its high-end features and technology used. Moreover, Magento is a highly scalable platform which is why it is often preferred to launch an eCommerce business online.
Using artificial intelligence in Magento 2 development brings huge scope. From customer service to payments to marketing to determining the future business strategies, AI applications for Magento stores can be deployed in any segment.
Generally, an eCommerce setup can be categorized into two phases – operations and consumption, which play a critical role in achieving business success. Here, we will discuss both these phases along with feasible AI applications in detail.
AI Applications for Magento Retailers for Operations
Seamless business operations are important for a successful Magento eCommerce. These operations include marketing, inventory management, order logistics and fulfillment, shipping, etc. After creating a Magento store, you need to promote it and monitor orders.
Here are some of the use cases where using artificial intelligence in Magento can help you do the job easily.
Automated Inventory Management
For large-scale Magento stores, managing warehousing, monitoring inventory, and creating a smooth flow of products can be very challenging. If the Magento retailers start using traditional methods and keeping the tracks manually, the operational cost will be more and the size of the books will grow increasingly.
Inventory management not only deals with storing and delivering the products but also with planning, prediction of demands, and product modelling. Here, AI-powered tools can provide great support to Magento stores in various ways. AI is adequate for the best use cases regardless of the size of the inventory.
Artificial Intelligence in Magento can store, analyze, and provide valuable insights on customer behaviour patterns that can be considered for various aspects influencing demand. AI solutions can analyze more than 50 elements related to products and user preferences which help in successful planning, stocking, and scheduling product deliveries. Moreover, you can automate the product restocking, which will help you in increasing the efficiency in delivering.
Marketing or advertisement is imperative for every business. With AI and automation, you can leverage personalized marketing and chatbots.
By minimizing tedious work patterns such as collecting customer feedback, reading and analyzing, and more, AI brings automated and personalized marketing standards. Moreover, it also empowers you to make predictive analysis related to customer behavior and implement the best-suited marketing model for desired outcomes.
When you hire Magento 2 developers, you can achieve more accuracy in marketing by optimizing your marketing efforts in Magento eCommerce. Using AI solutions for marketing optimization can help you simplify the overall marketing process significantly.
AI Applications for Consumption
Every interaction with your eCommerce store is linked to consumption. For example, when a visitor lands on your Magento store, the user interface and content that you offer are a consumption element. Likewise, the consumers performing several actions on your website come under consumption.
Here are some of those consumption areas where AI applications are very beneficial for Magento enterprises.
The Magento stores integrated with AI are nothing less than physical stores when it comes to product try-on. Customers can choose a product and try it virtually to see how it would look in real time.
For example, a famous retail brand, Lenskart, has increased its sales and revenue by integrating a 3D try-on feature backed up by AI. Therefore, if you’re dealing with products that need to be tried out and tested before purchase, you can use artificial intelligence in Magento eCommerce development to allow your customers to try on products.
Delivering an excellent customer experience has always been the topmost priority of online retailers. AI chatbots help in delivering active customer service by communicating with customers. With technologies like NLP and ML, these tools can find out accurate answers to customer queries.
When you hire Magento 2 developers, you can integrate AI applications into your Magento enterprise store and create a hybrid customer service environment that can handle customer support tasks easily and efficiently.
Chatbots can not only chat with the customer but also offer product recommendations based on the customer’s previous purchases and a lot more.
You can hire a Magento 2 development team that can help you integrate AI chatbots in your Magento store.
Many times customers lose interest in your website after spending some time as they may not find relevant or desired products or services. Some other merchants prefer to bombard all customers with product recommendations specific to their interests.
However, offering personalized recommendations tend to increase customer retention and engagement rate. Artificial intelligence plays a significant role in providing personalized shopping recommendations to customers.
Product search is an important sales tool for your Magento store. By improving this area of consumption, you can bring business benefits to your online store.
Artificial intelligence empowers you to build your personal visual recognition model that can meet the needs of your potential customers in your Magento store while searching for any product or service.
This methodology is not only ideal for large-scale Magento enterprises but also for startups and SMEs. By adding visual product search on your Magento 2 store, you organize, tag, and search content automatically by just using the image or video’s labelling features.
So, the aforementioned AI advancements in the eCommerce business can work wonders for Magento retailers. There are still a lot more to come up in the future from AI that will take the retail business to the next level. As a leading Magento 2 development company, we keep an eye on the latest trending AI solutions along with the future hold.
Whatever your product range, from 10 to 100, it would be very difficult for you to track prices because of time constraints. However, with the help of Artificial intelligence, multiple data points can be used to adjust product prices. You can leverage your inventory, market circumstances, capacity, consumer demand and behaviour, as well as all of these factors to automatically establish the prices in real-time.
You may use artificial intelligence to assist you forecast the future and modify your offers as necessary. Most firms will want to plan their inventory after the epidemic while taking historical and current data into consideration. You can achieve that with the aid of AI, and profitably. It can be used to predict future demand and sales patterns based on consumer behaviour, allowing you to manage your inventory and get the delivery team ready accordingly.
Retarget Market Leads
Simply because you didn’t follow up on the leads, most eCommerce shops miss out on a sizable portion of potential clients. These leads that “could be sales” slip between the cracks. By gathering important data about customers and providing relevant adverts, coupons, and promotions based on their actions in the store, AI can make your Magento business smarter.
Online shops can examine customer dwell times to better understand their needs. For instance, you can utilize the fact that a consumer is spending a lot of time looking at car accessories to encourage a transaction. You can provide the consumer with a special discount on their most frequently viewed products the following time they log in.
Magento stores with AI extensions can gather data on customer activity, monitor their purchasing patterns, and derive useful insights. AI’s self-learning algorithms can be used to deconstruct a tonne of user data using big data and machine learning to give users a targeted and personalized purchasing experience that is free of prejudice and inaccuracy.
AI has truly revolutionized the online retailing industry. As compared to traditional analytics for data-driven retail industries, AI-powered tools and applications with advanced levels of data processing generate valuable and reliable business insights.
In recent years, the real-time implementation of AI-based solutions in eCommerce has increased immensely. Many eCommerce giants like Amazon and others are leveraging artificial intelligence to enhance the customer experience and service.
If you’re looking to expand with AI for Magento eCommerce development, then you can contact our Magento experts for best-fit and fully customized solutions for your eCommerce business.
Frequently Asked Questions
Q.1. Is Magento a good platform for building an eCommerce store?
Magento is one of the best multi-channel eCommerce development platforms because it is fast, optimized, and user-friendly. As the competition and online sales are increasing exponentially, Magento serves as an effective CRM for eCommerce. You can streamline all your business operations and make the most of your Magento store.
Q.2. Why is it necessary to integrate artificial intelligence in Magento eCommerce development?
Integrating artificial intelligence in the Magento store can help you make it a customer-centric platform and personalize multiple channels. Moreover, it also provides enhanced search functionality on your Magento store. If you’re looking to power up your online store with AI, then you may hire Magento 2 developers from us to get the job done correctly.
Q.3. Can you help me promote my Magento store?
Yes, of course. As a professional Magento eCommerce development company, we can help you market and promote your Magento store using proven and ethical digital marketing techniques. Contact us for the required service today!
Q.4. What is artificial intelligence in e-commerce?
Through the use of conversational language or visual cues, customers can search for products on e-commerce websites using AI, much as they would if they were interacting with a real person.
Q.5. What programming language does Magento use?
What kind of programming language is Magento? PHP is the coding language used by Magento. Relational databases are used by the site administration system. PHP is a popular server-side language and one of the most popular programming languages used by e-commerce web developers worldwide.
Have More Questions? Our Team of Magento 2 Developers Are Just a Click Away!