How to use AI in Magento to increase your sales

Are you not getting the desired sales from your Magento eCommerce store, despite making your best efforts?

Well, eCommerce stores are no more just about creating an interactive and appealing website and stocking it up with a large volume of inventory. Today, it’s all about integrating modern-day technology – Artificial Intelligence that can make the magic happen for your sales graph’s upward trajectory.

Now while Artificial Intelligence has become a crucial part of our daily lives, we still take the technology straight from sci-fi movies – where intelligent robots are able to overdo humans in all aspects. Well, while there may still be time for the rise of sentinel machines, however, AI certainly got the powers to transform the way we interact with the world.

if you have previous shopping experience with Amazon, you must have been amazed by how the platform is able to give you highly relatable recommendations for products based on your preference. Or if you have used personal assistants like Siri or Alexa, you must have wondered how these are able to accurately understand and respond to your queries. Well, artificial technology runs the show behind all these technological marvels.

According to the statistics, the global AI market is expected to hit USD 23 billion in the next five years. It has already penetrated deep into various legacy fields and eCommerce is no exception. Artificial Intelligence with its capabilities is altering the way eCommerce stores work. It offers eCommerce stores with unique capabilities to expand their footprint in the target market and squeeze more profits by making customers buy from them.

When it comes to eCommerce stores, Magento is definitely one of the most powerful and highly popular web development platforms used by millions of websites. The platform brings in various features and functionalities including some powerful AI extensions for an eCommerce store to improve their ROIs. Irrespective of the size of your Magento store, AI extensions can help you implement winning strategies to boost your sales graph upward.

What is AI?

To put it simply, Artificial Intelligence along with its subfield machine learning is a powerful disruptive technology that helps users to efficiently collect, process, and analyze large data sets. By analyzing the data and performing various tests, AI tools offer insightful and interactive reports for humans to better understand the behavior of customers and make necessary changes to optimize performance. For instance, AI tools in eCommerce stores can help perform behavior analysis of users, thereby, enabling store owners to create more personalized marketing campaigns to drive up sales. Similarly, an advance AI tools used in the eCommerce industry are able to analyze the entire historical data of customers to make intelligent and highly relevant product recommendations; driving up the average transaction price for online stores.

What are the features of Artificial Intelligence in Magento?

Magento as a leading eCommerce development platform has various AI extensions that can be integrated with the store to optimize its performance. You can easily boost your eCommerce stores by hiring Magento optimization services that can help you integrate AI extensions with the store. Below are some of the features of AI for Magento stores.

1. Targeted Consumer Experience

Purchase assistants are considered as the fundamental AI implementation in Magento stores. These purchase assistants are meant to boost sales by targeting the right users with the right message at the right time. Powered by robust AI algorithms, the purchase assistants are able to analyze the details of customers in real-time and give personalized recommendations based on their behavioral and historical data.

Also Read How to use AI in Magento

With Magento integration services, it’s easy to integrate these purchase assistants into eCommerce stores. The cognitive computing and machine learning powered AI algorithms are able to deconstruct the Big Data of hundreds of thousands of customers simultaneously and help improve the ROIs for Magento stores.

2. Context-based search

Product search functionality is one of the most crucial and fundamental parts of all online stores. The search bar is the first website component that most customers look for to find the desired products or services. Of the various search extensions available for Magento stores, AI-powered extensions are certainly the most powerful ones.

While the traditional search extensions would rely on the “exact match” of the keywords entered by the users, AI-powered search extensions are able to analyze the context of the search. This allows them to offer a wide variety of suggestions of the desired keywords. Leveraging the power of Natural Language Processing to compute words, the AI-powered search extensions generate wider, more relevant, and precise results based on the users’ intent and not just the keywords in it.

3. Fraud detection and prevention

One of the most pressing challenges to the growth of the eCommerce industry is cybersecurity and online fraud. While the security protocols have been reinforced considerably in the past many years, still anxieties related to online fraud and cybersecurity remain an impedance for the industry.

The rise of mobile commerce has made cybersecurity concerns even riskier for users, as they become even more vulnerable to being a victim of online fraud, data breach, or other cybersecurity concerns. According to statistics, the use of different channels including desktop, mobile, and social media platforms to access stores has increased the risk of online fraud by as much as 7 times.

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Magento as a leading platform does offer significant security standards to ensure the protection of critical business and users’ information. These protocols are able to minimize the chances of online fraud and offer a safe online transaction model for users; thus greatly improve customers’ trust in the platform.

4. Customer Support

The rise of chatbots has redefined customer support for all businesses and eCommerce stores are no exception. With the right Magento 2 development company, it’s easy for online stores to integrate AI bots with the stores to offer customers robust 24/7 customer support. Not only AI bots are more effective and efficient than human representatives, but also cost-effective.