When you have a brand and you wish people want to buy your product more than it is most important that you should have a digital presence. As the technology evolves and in all the places there is an intervention of Artificial intelligence, which go one step ahead and analyze how the people search pattern will be and gives you guidance on how you can promote your digital product and improve your ROX. When a product is launched you might have some uniqueness on it, but you can highlight that as you can’t create the one which is very unique and it can be used by the people efficiently. Whatever product you may have sold to the end customer might be difficult; with the help of AI with POS software you can achieve them very significantly.
Good website design and product prices
When you have a good brand digital presence then it is obvious you should have a good website online. But making a website is not only a good deal, but you have to check the competitors that are available in the market. You have to make analyze how they are having their e-commerce portal and the kind of pricing they have displayed on the website.
Dynamic pricing is one of the core futures of ecommerce and that can be implemented using POS software with AI. Which many players in the market have been already implemented with robotic AI-based systems to offer dynamic pricing to the customers. Point of sale software should be integrated with your website in order to make everything perfectly ready on your website.
It is a strategy that makes use of big data and AI technology to automate everything and add new pricing to the products after carefully analyzing the current pricing trends and competitor prices. This helps you to give your customer more competitive pricing in the market. It is really good right; AI will help you to predict the data that is available on the market from the product you have and get it displayed on the website so that you can stay inside the competitions. You even analyze that you don’t keep a very less margin or made your product value so high in the market compared to your competitors.
This actually leverages you the way on how to better predict the chances of customers buying the product from your store. If more people are likely buying your products for more rates, the AI integrated will significantly increase your pricing amount in a dynamic manner and this will help you to have higher profits. Businesses like Amazon are making use of these AI’s to significantly deal with their products and increase their profit ratios.
Demand Prediction with Inventory
Without having an inventory system, it is tough for a business to keep track of all the stocks that are available in their warehouse or in-store. Updating stocks often will help to know about the kind of products that is available and who much we manufacture or purchase to maintain the stocks in particular numbers. The flow should be appropriate you shouldn’t overstock anything this will lead to low demand and spend a huge amount only to manage the stock. You should also not under stock anything; this will lead you to face a heavy loss in your business.
Artificial intelligence comes into the picture and it helps many ecommerce companies to minimize their losses while managing inventory. With the help of AI, you can get insights about the demand that is going to happen in the market; either it can be a positive one or a negative one. This will minimize the losses from under stocking or overstocking.
Much software is available on the market which helps you with the system that makes use of robots to check and refill the inventory after predicting the demand. Most of the intelligent e-commerce players in the market will make use of these AIs on their inventories and predict the demand in the market and make their stocks accordingly to avoid the negative impact that is yet to be taken place in their business. When you have POS software integrated with AI there is nowhere you can miss your stocks.
Improve the product offerings
Predictive analytics can be done using the data mining process by the Point-of-sale software, which actually helps the storekeeper to deal with their customer decisions and behaviors. It gives you the insights about the target costumes behaviors, which will help to make an analysis of how their customer’s purchasing pattern is and what can be implemented there to further increase their business sales option. It is an efficient way to one how your customers interact with an online store in a unique way. It automatically understands the customer’s behavior and adapts to the product offerings accordingly. If any of the products are bought less and that will be shown with good offer prices, and if any product is selling more, you can have the product available all the time in your online store. This way you can improvise the sales of both of your selling and non-selling products with the help of AI. When you instruct a POS software AI to further detail the offers for the non-selling products, it will automatically do it without you notifying it all the time.
Make a keyword analysis using the AI integrated with the point of sale software, this is the first thing you need to do for your customers to get notified of your product. Also with customized and AI-based ratings the pricing of the products is also optimized according to the competitors.
Intelligent fraud management
Ecommerce sales have been significantly grown now and the sales revenue growth for those manufacturers also increased. It has an exceptional performance rate of above 200% in terms of growth and this gives a leverage path for much fraudulence occurring in the industry. Apart from the profit, the company is holding it has the potential to lose about $6.4 billion due to fraud. All these kinds of fraudulence can be done by the online mode, either it can be of any format by credit cards or product misuse. When you have an appropriate point of sale software you are much more away from all this fraudulence.
- Credit card fraud is where the hackers would steal all the secret financial information of the ecommerce companies and carry out the transaction even, they are not aware of. Think what will happen if an ecommerce store is having clients of about 1lakh and stealing 10 rupees from an account will make him a crore Pati.
- Using a proxy, some deals might be on some locations many of them use proxy to grab the deal, this might not exactly fall under fraudulence, but this will cause huge damage to the e-commerce companies as it deals with the different currency values.
- Affiliate partner fraud – Some affiliates are very genuine in the payment of a commission, so may do fraudulence and they will always have a credit to be paid back with the customers, they will also deal with delayed payments. Apart from that, they will also have some hidden charges that are not even mentioned on the terms of the agreement they have when they close the deal.
- Promo code abuse – Usually promo codes were given for a few offers some people will make use of one promo code and simultaneously purchase the product on many portals. Some of the ecommerce companies may entertain this, but with the help of hackers, they will be stealing this and gaining a big offer.
When you have an integrated payment system then all these hacking will be a more common one. You have to use the appropriate POS software to take care of these things. Is one of the top reasons for shopping cart abandonment? Smart data analytics and AI-based systems can be better used to analyze the legitimacy of the details used to make a purchase. A supervised decision tree is on the AI in order to monitor the multiple transactions that are available. Accurate fraud detection can be identified for every single transaction that is happening on a business can be identified using AI, which helps ecommerce merchants to reduce chargeback’s and improve profits.
When you have an e-commerce website or your products got displayed on any other eCommerce portal, the first thing that you need to optimize them. If you are new to the market, many of them won’t be recognizing your brand, so you should be making an analysis on your competitors brand eCommerce company. Point of sale software with AI is helping to reduce payment fraud, improve customer interactions across channels, offer personalized recommendations to the customers, and automate the existing customer acquisition processes. AI is the best weapon to combat competitors and outperform them. Make a market analysis and purchase the best AI integrated POS software in your eCommerce website and start getting good ROI for your business.
Akshay Bhimani is a Software Analyst at Techimply, India. With experience in the technology-driven field, he has mastered his knowledge on How(s) and What(s) to be done for a business. Also, he’s keen to share his knowledge on a few technology-related topics such as cloud technologies, POS, school management software, ERP, CRM, and data security with readers that can assist any kind of business.