Machine learning and artificial intelligence have an immense potential for eCommerce or online stores. Businesses use it for various purposes such as market research, brand protection, price monitoring, SEO monitoring, and review monitoring. Let us look at it in more detail to learn how you can boost your eCommerce store.
Machine learning is used popularly for market research. Companies and organizations need to know their market and analyze competitors’ data to stay competitive. Always have a bigger picture of your competitors and how they perform their business protocols.
Here machine learning will assist you in scrutinizing the crucial traits of your competitors in your business and how you should focus on the gray areas of your business.
By scraping competitor and customer review sites, you will gain intelligence on what customers are saying, pricing strategies, and target audiences. Machine learning can help you compile this data and make appropriate recommendations to help you take business action on finding new audiences, adjusting your pricing, creating new product offerings, and launching promotions that will help you capture market share.
Machine learning can also be helpful when it comes to price monitoring. Since businesses need to keep up with the ever-changing prices in the market, machine learning is vital to making accurate pricing strategies.
The cost of the products determines the purchase decision of the consumer. Therefore, you should always know the median prices in the market and the prices of other companies in your niche.
Machine learning gathers data from your competitors in real-time, calculates median prices for your products, and recommends pricing and opportunities.
Machine learning can generate supplemental leads for your business. For example, data can be collected by scraping multiple eCommerce websites and social media accounts to locate the issues they face in selling their products to consumers.
In addition, you can categorically set your target market while searching, such as postal codes, addresses of social media handles, etc.
Using the recommended leads provided by machine learning, you can create specific segments you want to target with personalized promotions that will help you drive more sales.
Machine learning allows companies to conduct SEO monitoring to track their results and progress in the rankings. Also, machine learning will enable you to dynamically set promotions and pricing to specific audiences on your site, allowing you to sell more products at better margins.
You can use machine learning to monitor customer reviews and achieve marketing goals. Always remember customer service is necessary as it helps with the consumer’s high interest in your products and paying a more increased value too.
Review feedback also lets you get feedback on your pricing strategy and gives you insights to help create new promotions and target audiences for personalized pricing programs.
Ecommerce is a vast and diverse service. By using machine learning, you can improve the growth and sales of your eCommerce store.
We have worked with hundreds of businesses to collect competitor pricing data online. We understand how challenging it is to keep getting the price data results consistently and reliably.