5 Advantages Online Retailers Can Achieve with AI-Powered CRM
Customer Relationship Management (CRM) software has become an essential solution for companies that spans across every industry. Other than communication tools, a CRM is typically the first investment that a company makes, which makes it a universal, must-have system for companies both small and large.
Most every business is leveraging a CRM system in some way, from collecting and storing contact details and nurturing leads to improving the customer experience and improving workflows and productivity internally. As such, CRM system vendors are constantly innovating their systems to provide the most relevant and powerful tools companies need to best manage customer and client relationships effectively and productively.
One of the prominent trends taking shape across many types of cloud-based software is Artificial Intelligence (AI). AI-powered tools and elements becoming more mainstream in use and this functionality is certainly making an impact on CRM technology and how companies can leverage AI-driven data and tools for growth and efficiency.
It is estimated that by 2021, an additional $394 billion in revenue could be gained from Artificial Intelligence adoption in CRM activities in the United States.
Online retailers can experience some unique advantages using AI-powered CRM systems and improve processes internally as well as positively impact customer interactions and engagement. Here’s a closer look at the 5 strategic advantages that online retailers can achieve by using AI-infused CRM solutions.
1. Create past customer behavior and predicting future patterns.
CRM solutions are no longer just for storing and organizing customer data. With AI, CRMs can also be used to uncover important consumer patterns, predict trends, and give companies a deeper view into the customer data driving all their important business decisions. AI also support data automations based on real-time reporting that can provide your business the most relevant customer analytics, and how that information shapes your company on many levels, whether by department or as support for key business initiatives.
This level of insight into your business data and what that data means for your business in the moment of analysis is ushering in a new wave of decision-making. With AI-powered tools, your company can make business decisions quickly, but without haste or guess work about customer data.
2. Improve customer workflows with virtual assistants and bots.
Chatbots are another AI-powered technology that many companies are leveraging to improve lead conversions and bolster their customer experiences-all while streamlining internal operations as well. Chatbots use the Natural Language Processing capability of AI to interact with clients or customers in a natural way (so that people don’t feel like they’re chatting with a robot).
Chatbots recognize patterns and learn how to best interact with people, while answering common questions, directing people around your website to help them find exactly what they’re looking for, or transfer them to a live, human agent when needed for more complex questions or issues. Chatbots can also translate languages in real-time, which can be extremely useful in closing language barriers and serving international customers.
3. Enhance customer experience and engagement.
An AI-powered CRM will be able to pick up from past decisions as well as historical patterns to score the most effective leads for sales. Expert system will certainly likewise have the ability to anticipate future consumer habits. How? AI is extremely handy when it involves assessing consumer's emotions by a straightforward telephone call, in order to establish methods that will raise the interaction. You will be able to get in touch with the customers on a totally new degree, because you will provide specifically what they desire, when and just how they desire it.
4. Increase employee productivity and improve data management.
AI is undoubtedly developing lasting synergies with CRM systems due to the enhancements it can bring to data management and analytics. AI technology helps improve the quality of data coming into your CRM by mining various sources to give you a more complete profile of your customers and a more insightful view of your business and industry trends, as they’re developing through customer behaviors. Additionally, AI automations make data much more manageable and support workplace productivity.
5. Leverage smart pricing and discounts to stay competitive online.
An AI-based CRM can research various circumstances where sales are most successful, and where deals were rejected. This functionality can be especially helpful when it comes to determining how prices are perceived as a differentiator by customers. This insightful data can help you optimize your pricing and make sure that your prices are completive in the market.
You can also use AI to understand industry pricing and discount amounts and patterns as well. You can model what you think will work best in your business and then use automated AI analysis and reporting to further perfect and hone your pricing and online discount structures to best suit your business.
Knowing what your customers are buying and what price point or discount drives sales most will help inform your marketing strategies and help you focus intently on reaching customers.
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