The demand for the eCommerce sector is quite dominating in the present era, but still, there is a lot of scope for improvement. Even though people are already happy with respect to their current experiences associated with eCommerce, imagine how they would react when they find an AI negotiator over their favorite store to negotiate the product pricing.
The only thing that is lacking in online shopping over traditional shopping is the presence of a negotiator to bargain and negotiate the pricing. The pre-set discounts or offers have now taken over the need for a salesperson during online shopping. Once you have your eCommerce store ready, you delegate your management tasks to the team and drive your focus mostly on strengthening network services and management, followed by business expansion.
You must also emphasize improving the overall user experience of the customers and bring in something unique for your brand to be the best in the crowd. Therefore, introducing the use of AI, big data, and analytics can now help you create a negotiator for the eCommerce business to add fun for the consumers and enhance the shopping experience.
Why is this Concept of Virtual/ AI Negotiator Interesting for E-commerce Businesses?
Even eCommerce business owners have now realized the fact that the store experience is now being standardized for online shoppers. There is nothing new for them over any online store, which is why it is becoming difficult for e-commerce business owners to stand out in the crowd of competitors. There is no fun in completing the shopping purchases over the stores, as buying goods has now become a one-sided affair.
It is upon the customer to see the price of a product and decide whether they have to buy it or not. In traditional stores, the negotiator pitches in different pricing to entice the customer to buy the product by reducing the overall profit margin. If brands can add this feature to their online store, then the count of sales will increase for the specific products. Using the latest technologies to bring in a virtual negotiator to your online store for guarding the gate and entice customers to make the purchase will develop an interactive affair.
The use of AI is very important in making this concept a reality! The purpose of AI is to eliminate promotion events or pre-determined sales and help customers negotiate on a product they are interested in by intelligently maneuvering the price without affecting the profit margin. It will be upon the business owners to set their limit of negotiation to enable the AI negotiator to be within it.
Following that, the use of big data and analytics services, alongside the AI negotiator, enables you to make some data-driven decisions for implementing this new concept. For instance, if your customers are looking for a product within a specific price window, you must open up your negotiation game to make it fall somewhere around it to bag the sales.
Your AI negotiator should be able to bring down the pricing to keep you within the profit margin and also respect the expected price window of the customers. Using big data and analytics solutions, you can store the price negotiation records of the customers and see the expected pricing that they have requested from the virtual negotiator. Keeping that in mind, you can decide on updating the negotiation limits and keep the bot ready to bag sales from the customers the next time they come to negotiate.
Having detailed data in hand will ensure you can make optimal decisions that won’t hurt your eCommerce business and will give you a strategic push to get more sales. Hence, the use of AI, in accordance with the big data and analytics services, is a winning move for you to count on.
Benefits of AI Negotiator for the eCommerce Business
To help you better understand the perks of introducing a virtual negotiator for your eCommerce business, here are some of the ways they can help scale the profitability:
Elevate the Customer Experiences
The use of AI negotiators for the eCommerce website will help in boosting the customer experience over the platform. A negotiator will help your customers get their favorite products at reduced prices after the select offers or discounts are applied. In this way, the effective pricing for the customers will be low enough on your store to ensure they buy it from you over your competitors. Thus, your scope of profitability will increase.
Close A Deal by Bundling Products
With a negotiator live over the eCommerce store, you can expect to sell more products to a single customer in just one deal. You can put up negotiation offers by bundling two products as one and reducing the combo prices, giving consumers a deal they can’t refuse.
For instance, if someone is buying a smartphone from your store, the AI negotiator can suggest they buy a tempered glass and back cover as accessories to negotiate the price by a considerable amount. In this way, you will not just be selling more products but will increase the average order value of the customers.
Implement Personalisation for Targeting the Customers
With the AI negotiation concept introduced to the eCommerce store, you will be able to target your customers with personalization efforts. The AI logic will help recommend curated pricing for segmented audiences, enabling you to benefit your business with extreme personalization. The chances of securing the sales are very high when the customers feel like the AI negotiator is putting up offers, especially for them.
Supports Business Sustenance
With the enhanced D2C or B2C customer experience, negotiation is quite essential for the survival of the business and to get more sales or revenue in the long run. Some new businesses might feel like negotiation is a profit killer, but that’s not the case. In the long run, virtual negotiation will help your business get more repeat purchases from a strong customer base. Thus. Your overall success metrics will be high.
Megamax Services Can Help You Integrate AI Negotiator to Your eCommerce Store!
MegamaxServices is your one-stop hub for offering you technological solutions to scale your business proficiency. May it be AI, big data, or analytics, we have the best team to integrate these technologies and dedicated solutions to your business platforms and create a winning strategy for your business.
All you have to do is hand out your project and let us know your expectations with the utilization of AI and other advanced technologies. In this case, if you are in need of an AI negotiator for your eCommerce store, we shall program and train the ML models to act exactly the way you want them to. The ML models can be trained to take your negotiation instructions and implement the same upon customer queries or inquiries.
Eventually, you will have a big number of sales to attend to when there will be a virtual agent looking after converting your prospects into customers. Connect with Megamax Services today, and let’s get started on developing your AI negotiator for the eCommerce store.