As a business owner, you must understand that creating awareness for your brand, product or services online and converting this awareness into actual product sales or service registrations are two different things.
The latter entails that you have a compelling business structure that would convince potential customers into giving your product a trial and ensure that they become loyal customers.
It is increasingly challenging to transform potential customers to loyal ones since the rate at which businesses are subscribing to digitization is explosive.
There is just too many offers and contents online that could rob you of your clients in the blink of an eye.
As such, business owners are beginning to turn to innovative technologies, particularly AI and IoT, that would give them an edge in this increasingly competitive terrain. Bearing this in mind, it comes as no surprise that a survey revealed that the availability of AI encourages 50% of consumers to spend more.
In this article, we will take a look at 10 ways businesses are already maximizing the innovative power of AI and IoT for business conversions in 2019.
1. Customer Data Analytics
Before the introduction of AI and IoT, businesses often find it difficult to utilize the data they collect from consumers. More baffling is the fact that companies had this ever-growing pool of data that could give them insight on innovative ways to increase their profits and it was wasting away.
In the aftermath of the commercialization of these technologies, we have seen how valuable data has become to businesses because they now have the tools to analyze it and therefore help them develop strategic models that would impact their conversion rate.
2. Personalized Marketing
With the help of intuitive analytics that AI and IoT bring to the table, businesses can now create advertising contents for individual customers.
You can use different data like the customer’s location, search history, and lifestyle to identify the best range of products or service plans to market to them. As such, this sort of personalized approach exponentially increases potential customers’ chances of visiting your website and actively engaging with your services or making purchases.
3. Customized Emails
Gone are the days when business owners dispatch the same email content to their clients. Today, establishing customer loyalty entails an advanced level of commitment that highlights how much you value your customer base.
Apparently, business owners are aware that gestures as simple as personalizing emails will go a long way to establish their customers’ trust in their commitment to serve them. In light of this, it is now common for businesses to employ AI and IoT to both analyze and identify factors like the best email frequency, the most appropriate time of the day to send emails to each client and the right title to use.
4. Chatbots
Relying on human labor to offer 24/7 customer service to potential clients and the established ones is often inefficient and costly. As a result, businesses have opted for AI-powered chatbots that give swift and relevant responses to queries on their websites and other social media networks.
These chatbots come with machine learning and IoT-enabled data pooling systems that give them the ability to tackle open questions. This new trend has led expert to forecast that the Chatbot market would worth a whopping $1.25 billion by 2025.
5. Account Security
In light of the various data breaches that have disabled consumers’ trust over the years, businesses, especially the ones offering service accounts, are using AI and IoT to protect accounts from hackers. As such, we have seen more businesses adopt 2FA for a more formidable identity verification system.
6. Predictive Analysis
Predictive analysis is the use of data and AI applications in forecasting the probability of a prospective client is becoming an active customer as well as to identify individuals that could spend more if effectively motivated.
This information helps businesses identify marketing targets and also quote prices that would improve their conversion rate.
7. PSD2 Compliant Payment Systems
New regulations in Europe, The Second Payment Directives (PSD2), demands that retailers must have payment systems that enable Strong Customer Authentication (SCA).
As a result, payment security experts have introduced new AI/IoT systems that autonomously assess the risk level of transactions and instantaneously proffer a suitable mode of authentication. For retailers, this will make their payment system less susceptible to hacks while reducing unprocessed checkouts.
8. User Experience
User experience is one of the significant factors to consider as a business owner before you create a website as it determines users’ ability or inability to seamlessly navigate your site. And with the advent of AI and IoT, user experience has suddenly become more sophisticated.
Presently, businesses are using these technologies to automatically curate the services, prices, and contents that tends to attract each user based on the data collected about them.
9. Content Creation
For businesses that offer users subscription plans to access the latest news content and other forms of contents, AI, as well as IoT, has become an essential tool in this highly competitive industry. Already, news websites have started using IoT to access real-time information while employing AI to utilize existing templates for writing new contents.
10. Voice Search Compatibility
Search Engine Optimization (SEO) and voice search, which is becoming important, are factors that determine the number of organic traffic websites generates.
While both factors are strongly tied to AI, content optimization is also increasingly leaning towards AI-enabled solutions in order to construct marketing contents that conform with the latest search trends that tend to rely on conversational keywords rather than long-tail keywords.
Conclusion
The above are some of the ways highly informed businesses have been taking advantage of the wave of AI and IoT. Review the above AI-enable solutions, find where your business is lacking and strive to equip your business with the right tools. Make sure you have data recovery and study all AI and IoT solution as soon as possible. The wave of AI and IoT only gets better from here.
