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How to Use AI to Boost Your Sales in E-commerce?

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How to Use AI to Boost Your Sales in E-commerce?

The onrush of artificial intelligence and its impact on all spheres of our lives is immense. E-commerce and online retail are among those realms that use the evolution of this technology to their advantage.

The truth is that year by year AI and machine learning are expanding their range of influence, becoming smarter and getting better in cultivating their skills of understanding consumers and their needs. This means that with the help of innovative technology, store owners can boost user experience, forecast trends, increase brand awareness, and consequently sell more.

When AI and e-commerce are team players, the opportunities for business growth are colossal. In this post, we’d like to tell you about the ways you can use innovative technologies to accelerate your online store success. As well, we will introduce you to the brands that implemented AI in their websites and how that works out. So, let’s go ahead.

1. Using AI-powered Chatbots For Improving Communication With Customers

Customer service is definitely among the areas where artificial intelligence can shine. Since most consumers are not fussed about whether a human being or a computer helps them, the number of companies using chatbots in customer service is growing exponentially.

People love chatbots. They are fast, responsive, polite no matter what, and always there when you need them. AI-based virtual assistants are able to perceive human intention without keyword matching and save an agent’s time by resolving common issues.

The whole concept of artificial intelligence is based on mimicking human cognitive abilities. AI-based chatbots can learn from previous experience and adjust to new inputs providing relevant and accurate answers to users’ queries.

For instance, Uber makes use of AI-powered bots to provide people with the ability to request a ride. JustEat, online food and delivery service, leverages artificial intelligence to create bots that are able to take orders and forward this information to the duty holders. 

How to Use AI to Boost Your Sales in E-commerce?

Image Credit: ZX.YCN

2. Get Your Hands On User Data And Analytics

How well do you know your clients? Their tastes, habits, preferences, interests, what products they buy, and what they are dreaming about…

Of course, you can make general assumptions based on your target audience research. But instead of guessing, you can truly know the details. Artificial Intelligence aimed at analyzing people from cover to cover providing store owners with accurate and detailed information about their buying audience. Let’s delve into some of the things AI can do to grow turnovers. 

Personalized Product Selection

By collecting data and analyzing patterns, AI can shed light on customers’ interests, tastes, and preferences and, at the same time, get rid of batch and blast communications.

New Epsilon research shows 80% of the people surveyed are more likely to make a purchase if a brand serves a personalized experience. The “show everyone the same thing” approach receded into the historical distance – people feel frustrated when their shopping experience is impersonal. Artificial intelligence can change the situation for the better.

For example, in the category page grids, AI can rearrange items in such a way as to show a user those products that they may set sights on. It bases assumptions on the previously bought items and the things that the individual has browsed. 

You have probably seen a “You May Also Like” or “You Might Be Interested In” section when browsing certain online stores. These blocks are used by retailers to provide their customers with the personalized shopping experience, increase the average check size, and sell more products. Take a look at Alibaba, one of the world’s largest companies, which use AI-powered algorithms to advise goods to the customers.

How to Use AI to Boost Your Sales in E-commerce?

Screenshot taken on the official Alibaba website

However, in order to implement and customize this section and benefit from artificial intelligence, you may need professional help from dedicated eCommerce developers specializing in e-commerce solutions.

3. Using AI to Show the Products That Compliment Each Other

As your inventory expands, it becomes challenging to pay careful attention to the products that sell well together. A piece of good news is that artificial intelligence can lend you a helping hand by keeping a close watch on the product assortment and automating these processes. As such, by having ultimate knowledge of customers’ interests and tastes, stores can offer the visitors not a single product but the best-selling combos to sell more. 

To make things clear, let’s have a look at the official Agent Provocateur website. The company selling premium lingerie and swimwear came out with the smart move: the items that complement each other are displayed in the “Wear With” section. This move affects impulsive buying, urging visitors to spend more money than they planned at the beginning. 

How to Use AI to Boost Your Sales in E-commerce?

Screenshot taken on the official Agent Provocateur website

4. Virtual Try-Ons

When e-commerce and augmented reality play in the same team, this duo opens colossal opportunities for online sales. The technology makes it possible for shoppers to virtually check out a product before buying even if they can’t touch it in reality. All they have to do is to launch the camera of a mobile device or PC. Needless to say that implementing such a fitting room can skyrocket the user experience, making the store smart, interactive, and user-friendly. Besides, AR brings the following benefits for users:

  • The ability to feel in-store experience regardless of the location
  • Feel of something magical going on
  • Almost live interaction.

Such virtual try-ons have already been implemented by many brands, including such famous ones as GUCCI, Lancome, Adidas, Ralph Lauren, Uniqlo. 

Let’s see how this works. Ikea was one of the early adopters. This Swedish company selling furniture, kitchen appliances, and other stuff, leverages ARKit to allow shoppers to see how, say, an armchair will look within their room.

How to Use AI to Boost Your Sales in E-commerce?

Image credit: Ikea official

It is obvious that many companies see beauty as a lucrative field for tech development. As such, Sephora, a famous makeup retailer, introduced a “Sephora Virtual Artist”. This feature scans a face, determines where lips, nose, or eyes are, and lets the customer try on various looks. Thus, the shopper can play with lip colors, try different false lash styles, and buy the products they like. Convenient!

How to Use AI to Boost Your Sales in E-commerce?

Image credit: Sephora

5. Using AI for Image Recognition

Using AI for fast and efficient product searching is not something beyond the pale. Devices and software like Google Assistant, Siri, Alexa, Bixby, and Cortana are just a few examples of some awesome platforms that enable users to hail a cab, make orders, search products with just their voice.

Along with voice search, artificial intelligence provides users with the ability to find the product they are looking for by employing image recognition. As such, instead of typing text queries in a search bar, people may identify and find items through photos made with their cameras.

For instance, Amazon, a multinational company, has implemented StyleSnap, an image recognition system, on its mobile website. By using this feature, users can upload photos of different fashion looks and the AI-powered system will display the detected items along with their prices.

How to Use AI to Boost Your Sales in E-commerce?

Screenshot taken on the official Amazon website

Summarizing

Artificial intelligence is contributing to the e-commerce industry in many ways. In order to stay afloat, business owners have to employ this technology and use it to its fullest. In the highly-competitive world, establishing strong relationships with customers, as well as understanding their necessities are essential for online retailers. AI along with machine learning help businesses make communication more personal and effective, increase brand awareness, and multiply sales.

About the Author

Alex Husar

How to Use AI to Boost Your Sales in E-commerce?

Alex Husar, CTO at Onilab with 8+ years of experience in Magento and Salesforce development services. He graduated from the Czech Technical University and obtained a bachelor’s degree in Computer Software Engineering. Alex’s expertise includes both full-stack dev skills and a strong ability to provide project-critical guidance to the whole team.
Social media:
https://www.linkedin.com/in/alex-husar
https://twitter.com/AlexHusar1

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Investing in bitcoin: Must know about the Digital Wallets

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Healthcare systems and the Blockchain

Bitcoin is one of the most used and famous cryptocurrencies in today’s time. This was announced in the year 2008 and was launched in the year 2009 by the anonymous person who is an anonymous person who is named Satoshi Nakamoto. This was the whole new concept given by him.

Initially, the value of bitcoin was nothing, but later with time, it has earned its existence, and the value of a single bitcoin is around $40000. This is a considerable amount. The persons who had invested in bitcoins in the early stage had become billionaires today. Even this is still the future. And one should start investing in bitcoin.

Initially, when there was no digitalization, it was very difficult for people to know the concept of cryptocurrency. Still, now, with time, modernization is there, and most people today are using smartphones and digital devices. So, it is now straightforward to do transactions with the cryptocurrencies as now there are a large number of digital wallets present that can be used to earn, sell or can be used to know the statistics of the particular cryptocurrency. This is a great thing.

Basically, what are digital wallets?

Digital wallets are the ones that have been used to do transactions with bitcoins or any other cryptocurrencies. In early times, everyone had to go to the bank to do their transactions of deposit withdrawals, but now this is not the case. Digital wallets have made the life of people very easy.

There are so many benefits of using digital wallets:

  • Digital wallets have made the life of people very easy as everything can be managed very easily with just a single click. The whole thing is in their hands which can be managed very easily.
  • These can be used to check the prices and the price difference in the cryptocurrencies between specific periods.
  • Digital wallets can be used to transfer money from one person to another in a significantly less time period.
  • The transaction charges which are charged from the user are significantly less.

Even today, the technology has moved so fast that the user can make transactions with the help of debit cards. Yes, that’s true today; the user can use debit cards full of cryptocurrencies to make the transactions. The person can load his debit card on btcrevolution.io with the help of digital wallets. Digital wallets are beneficial for these purposes.

If a person wants to start investing in bitcoins, he needs his PAN card for the proof, and then he can easily sign up in his account in the application. Then he can start investing in bitcoins very easily. 

Benefits of Investing in Bitcoins or any other Cryptocurrencies

  • These provide users with profits in a very less time period.
  • The transaction charges are very less.
  • There are no middlemen in between.
  • It takes very little time for the transaction to take place.
  • All the transactions are completely secure and can take place very easily.
  • All the transactions are made private; no one can take a view of your transactions.

Some drawbacks of using the Bitcoin Platform

There are some drawbacks to using this platform which can be easily prevented by just taking care of a few things. In this, as we know that all transactions made are private, so if the person sends the money to the wrong account, then the money cannot be retrieved at any cost. This is one of the biggest and major drawbacks. But this can be prevented if the user does the transactions carefully.

Conclusion

Cryptocurrencies are prevalent in today’s time. Even now, the crypto transactions can be made at ease as earlier we have discussed that there are various digital wallets that can be used to make the transactions. These are very helpful as all the features are so interesting and can be easily managed just by using your smartphone. 

There are various exciting features like sending the money from one user to the other, receiving the money, and even making international transactions. As these are the universal currencies all over the world, then they can be used at any place and can be sent to anyone at your ease.

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Is it Possible to Make Money On a Mining Farm in 2021?

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Crypto as Leading Industry in 2021

Mining cryptocurrencies used to be a viable choice for making profits in the past. But crypto entrepreneurs have swayed away from this method of acquiring crypto. They now buy bitcoins (BTC) or other cryptocurrencies and sell them for a higher price instead. 

With large mining operations dominating the landscape, mining has become an increasingly difficult venture to partake in. Some may even think of it as a defunct way to acquire crypto. 

However, with the recent bull run, a lot of us are asking ourselves – is crypto mining still worth it in 2021?

In this article, we will try to answer that exact question. We will consider equipment and running costs, and how to determine the profitability of your mining farm.  

Before we begin, let’s go through some basics of cryptocurrency mining. 

What is Cryptocurrency mining?

Mining is the process of validating transactions on the blockchain by using computing power. To do this, high-powered computers (miners) solve increasingly difficult math problems and create new data blocks of transactions. 

In exchange for their efforts, miners are rewarded with new coins created through the process. This is known as a proof-of-work (PoW) consensus mechanism. 

Today, mining rigs have evolved into two main categories: 

  • ASICs – which are expensive, specialized computers that can be used only to mine cryptocurrencies. 
  • GPU Rigs – Computers that contain one or more graphic cards where GPU power is used to mine cryptocurrencies. The more cards, the higher the computational power will be. 

Keep in mind that certain cryptocurrencies like Bitcoin are mineable only with ASICs, while others like Ethereum can only be mined with GPUs (ASIC resistant). 

Crypto Mining Global Trend

What to consider when mining cryptocurrencies?

When trying to calculate mining profitability, there are three main aspects that you need to consider: 

  1. Revenue

There are several criteria to watch out for to increase your mining revenue: 

  • Mining Difficulty – as more miners join the network, the difficulty to mine new coins increases. If your hardware computing power (hashrate) can’t keep up, you will be mining at a loss. 
  • Coin switching – cryptocurrencies are a volatile asset and their price fluctuates by the minute. Miners often switch to a different coin to optimize their revenues. 
  1. Running Costs

Maybe the most important of all three pillars in cryptocurrency mining is the operational expenses you will be facing on a daily basis. This mainly includes the costs of electricity in your region, as mining rigs are power-hungry machines. 

There are also additional expenses to consider like mining pool fees, cooling fees, mining software fees, and maintenance costs. 

  1. Investment Costs

The required equipment is the initial paywall to start cryptocurrency mining. For example, a top-of-the-line ASIC miner can cost anywhere between $1,000 and $3,000. 

Older ASICs might be cost-friendly, but their inefficiency will diminish your profits considerably. 

Building a GPU rig can be a more democratic venture for beginners as they are cheaper and more versatile solutions. 

So is mining still profitable in 2021?

Is it profitable to mine crypto in 2021?

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The answer to this question cannot be answered by a simple yes or no. Making profits from mining depends on a combination of all the factors previously stated. 

Let’s illustrate this by a couple of examples using the calculator found on CryptoCompare:

Bitcoin Mining Cost

Bitcoin mining for individual investors is rarely worth it anymore because of the highly competitive mining sphere. 

Here’s an example of a $1500 initial investment: 

  • Coin Mined: Bitcoin
  • ASIC : $1500
  • Hashrate: 85TH/s 
  • Power draw: 3000 watts
  • Electricity Cost:  $0.12 per kWh
$6700 in march 2021

With these parameters, the calculator gives us a projected profit of around $5600/year. Even in this bull market, you would need a short of 3 months just to break even with your initial investment making this an extremely risky venture. 

Altcoin Mining (Ethereum)

The other option is to invest in a GPU rig. GPU mining can be quite profitable if done right. 

Let’s consider the same initial investment of $1500. 

  • Coin Mined: Ethereum Classic
  • GPU Rig : $1500
  • Hashrate: 170 MH/s 
  • Power draw: 1000 watts
  • Electricity Cost:  $0.12 per kWh
$755 in march 2021

The results are much more appealing, with over $755 per annum. Your investment should be returning profits in just over a year. 

Wrapping up

To summarize, if you avoid ASICs, you can still make profits with a mining farm. For the average consumer, it would be unrealistic to try and compete with Bitcoin mining giants.

However, mining alternative cryptocurrencies with a GPU can still be quite profitable. Make sure you do your due diligence and use tools like BetterHash to calculate your profitability and stay on top of the competition. 

Worth noting that there’s a new generation of GPUs just around the corner. Combined with the ongoing cryptocurrency bull market, it might be just the right time to start a mining farm.

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Digital Transformation as a Way to Increase a Company’s Revenue

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Digital Transformation as a Way to Increase a Company’s Revenue

Digital transformation of business is nothing new in the business world, but with the pandemic’s onset, we are seeing an incredible surge in this direction. The need to organize employees’ remote work has become a hassle, but a prerequisite for the survival of a business.

Digital Transformation as a Way to Increase a Company’s Revenue

Box yesterday released its Q4 2020 report, which said the company had revenues of $199 million. According to the company, this is 12% more than in the previous year. As a reminder, the company provides cloud content management and file sharing for businesses. The company uses a freemium business model to provide cloud storage and file hosting for personal accounts and businesses.

Such indicators of profit indicate that the business of the company is going up. Also, keep in mind that last year, Starboard Value bought a 7.5% stake in Box. Now we can say that the company lives up to the expectations of the investor.

I believe that digital transformation services and solutions are the main reason for this kind of development these days for a lot of different businesses.

Box CEO Aaron Levy said the pandemic was an excellent trigger for companies to move to the cloud much faster than anyone imagined. He said that being a digital company, he quickly moved his employees to work from home WFH. Maintain efficiency with tools such as Slack, Zoom, Okta, and of course, Box.

The digital tool has helped businesses

The digital tool has helped businesses operate and demonstrate performance in difficult times. “We are fortunate to have been able to work in this environment. It helps that we have 100% SaaS, and we have a great digital engine for doing business,” he said.

He added: “And at the same time, as we said, we have achieved greater profitability. Thus, the enterprises’ efficiency also improved significantly, and as a result, we had an outstanding quarter with higher growth rates than expected and higher profitability than expected. As a result, we were able to raise our targets for revenue growth and profitability for the rest of the year,” Levy told TechCrunch.

Box decided to build its suite of products on a service platform. This allowed customers to take advantage of these essential services like encryption, workflow, and metadata and create their customizations or even full-featured applications using the tools Box has already built.

Time to switch to Cloud Solutions

I agree with the vision of Aaron Levy and also recommend our clients to switch to cloud solutions. If they already have a desktop application for business – the cloud is a good solution. You can read how to make a smooth transition from a desktop app to a cloud-based application in our article. Written on my experience with such projects. If you are considering the option of developing a cloud solution, then our specialist is ready to help you with the implementation of your project.

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