The e-commerce industry has become the most important sector in Global Business as online sales are expected to reach more than four trillion dollars worldwide in 2021. E-commerce is also the fastest growing marketplace in Bangladesh.
" The E-commerce business market crossed the Tk 17.0 billion-stamp in 2017 from Tk 4.0 billion in 2016. "
Popularity of e-commerce business is pushing retailers and new entrepreneurs into the online marketplace creating competition, making it more challenging to build a successful online business. In order to drive business growth, e-commerce owners must adopt new technologies. If you want your ecommerce business to be more efficient, more productive and different than others, AI powered conversational chatbots are your answer.
" Among all the industries, the E-commerce sector will benefit the most from chatbots."
Chatbots can provide assistance to the customers 24*7 with scalability, they can respond to customer queries posed by voice, text, or images, and can manage:
- Group conversations
- Generate leads
- Increase sales
- Analyze customer needs and serve accordingly
- Decrease customer service costs drastically
The power of NLP allows chatbots to engage customers on different levels. Today’s tech-savvy new generation of customers prefer personalized greetings, discounts, experiences and chatbots can easily achieve that. Chatbots engage customers with specific buttons, carousels or messages according to their preferences and help them buy the product they need. By following up with the purchase history and recent browsing behavior, chatbots can suggest new items. They also recommend based on specific conversations they had with the customers. All these help in driving your ecommerce sales.
" Businesses currently spend $1.3 trillion on customer service each year and Chatbots could save businesses up to 30% in customer service spending. The use of virtual assistants can lead to a 99% improvement in response times. "
Chatbots can help customers through the whole process of purchase by providing an interactive experience. Chatbots will help customers find the products they are thinking about buying without the effort of searching or browsing too much. All the customers need to do is answer some questions and the chatbot will find their desired product. It can guide customers through different products and services. Also making recommendations based on customer activity. It can manage the payment process, also capturing shipping information and customer preferences all within the chat window.
" According to Chatbot developer Helpshift, 70% of users resolved their issues over instant chat without requiring calls or emails to manual customer support. "
Chatbots can not only interact with customers but also provide them with better service, live chatbots can also be trained to keep track of your business inventory. They can provide insight about specific items such as: best selling items, items low on stock, items out of stock and more. Additionally, inform customers that their desired products are back in stock, on sale etc. Chatbots can play a big role in maintaining regular business operations that would otherwise consume a lot of time and effort through manual processing thus helping you to have your focus on business improvement.
Chatbots are masters of remarketing. One-to-one conversation or group conversation, chatbots can remind users of past purchases and then suggest new items or services that they might like based on their purchase behaviour..
- It can notify customers with new products
- Offer customers with discounts and coupons
- Offer customers hot deals
" 97% of consumers look for deals when they shop, 32% of shoppers prefer to get coupons on their smartphone More than 30% of shoppers redeem coupons within 24 hours. "
Abandoned carts are a missed opportunity to make a sale and using chatbots you can still generate revenue from them. Chatbots can remind users of the items that are still in their shopping cart and ask them if they are willing to proceed with the purchase, suggest similar products or clean the cart. Studies have shown that reminding customers this way usually converts into a successful purchase.
" 75.4% of shoppers abandon their carts globally and reminding them aging 15-20% can be recovered. "