Gone will be the days when understanding what drives consumer behavior means scouring through countless data and investing hours of research.
Artificial intelligence is gradually proving itself to be an effective tool for more accurate consumer findings. It has given marketers and business owners a better grasp of how consumers think and act—information that proves to be crucial in improving conversions and a business’ bottom-line.
AI And Its Trillion-Dollar Potential
Although still in its infancy and more commonly linked to giant businesses, Artificial Intelligence has permeated several applications in your daily life – more than you think you know.
According to a HubSpot study, 63 percent of their respondents were not aware that the technologies they use are engineered by artificial intelligence. This ranges from applications like Facebook, Tesla, Amazon, and Gmail, among many others.
Even though its full potential has yet to be tapped, artificial intelligence has already disrupted a number of industries, from autonomous-driving vehicles to personalized learning in the education sector to creating virtual buying assistants in the e-commerce world.
In fact, a recent report by the McKinsey&Company estimates artificial intelligence techniques “to create between $3.5 trillion and $5.8 trillion in value annually”; this accounts for 40 percent of the $9.5 trillion to $15.4 trillion yearly impacts that could be derived from all analytical techniques.
Among the many aspects that artificial intelligence is enhancing in businesses today is their CRO.
Moz Pro describes CRO as a “systematic process” of boosting the percentage of website visitors who take the desired action, whether this be filling out of a form, making a sale, or getting their e-mail addresses, etc.
Achieving a higher conversion rate demands a comprehensive and in-depth understanding of your online visitors. This, in turn, calls for you to delve into a mass of information in order to execute a well-informed move that will lead to a conversion.
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Because artificial intelligence is machine learning—meaning, it relies significantly on data processes to carry out certain tasks (e.g. detecting speech, computer vision)—the technology plays an essential role in facilitating CRO-related tasks by automating these for better conversion rates.
Benefits Of AI in CRO
Goodbye to A/B testing?
Motherboardnet.com sees AI putting an end to the rigorous A/B testing.
This testing is the traditional complex CRO method, requiring careful comparisons of two or more versions of a marketing campaign, in order to determine which is more effective in carrying out an actual conversion.
More often than not, this method fails to yield revenue-generating results. In fact, only one in five succeeds through A/B testing, according to Sentient.
With AI, the process can be done swiftly without having to sacrifice data accuracy. AI will not only test each of your marketing campaigns but will also conduct experiments by combining test variables that will perform well alone or together.
Making things more personal with clients
According to FABRIC8, a website that fails to respond to a customer’s primary interests frustrates about 74 percent of online consumers. AI can convert that angry customer to be part of your expanding consumer base.
Artificial intelligence tracks a visitor’s search history. The data it records enables a website to adopt changes that will cater to customer needs. For instance, this technology can place products on top of a homepage that is related to a user’s search history preferences.
For Example: In its bid to add a personal touch to its healthcare services, pharmaceuticals company Cerner has tapped artificial intelligence through Amazon Web Services.
This allowed the firm to launch the HealtheIntent Intelligence platform, which consolidates data from a broad set of sources for each user. Based on these data, the cloud-based platform then identifies gaps in care, then assembles a personalized healthcare plan for its targeted audience.
Monitoring data movement in real time
Before artificial intelligence, marketers struggle in digging through troves of consumer data from months past.
This leaves marketers no choice but to make do with outdated information in drawing up a strategy in the future. Because buying behaviors alter almost always rapidly, the method obviously makes no sense as it presents a disconnect with consumers.
AI in CRO brings ease in consumer data-gathering, as it monitors changes automatically.
For e-commerce players, Shopify suggests using the Ecommerce Tracking feature in Google Analytics.
This can provide you with real-time data on your products and visitor behavior, allowing you to monitor and cope with your customer’s fluctuating pattern.
Quicker decision-making in a fast moving world
This feature is what Gmail is most known for. The platform uses tools that allow it to learn to block unwanted email or spam messages from getting into your inbox. In fact, Google is looking at upgrading that feature by stopping spam calls as well.
However, Amazon intends to decide quicker than its customers, as it plans to. Although the problem lies in shipping unwanted orders, the firm is dedicated to slashing delivery time ambitiously.
Although both Google’s and Amazon’s plans remain a work in progress, these technologies show how giant tech firms envision the potential of artificial intelligence in improving people’s lives.
Human Efforts Combined With AI
It is worth reminding that artificial intelligence heavily relies on the data you provide it with. This means that the result of the technology complements the extent of a handler’s understanding of the system.
As such, testing and double-checking the data you provide remains a crucial part in ensuring that your AI-powered tool will work towards effective outcomes.