Among the many industries that have changed dramatically due to the rapid technological development over the last few decades, the most benefited was the retail industry. The growing interest in online shopping has provided both sellers and buyers with previously unseen conveniences.
Further developments are primarily aimed at making the purchasing process more intuitive and simpler. Retailers have realized that simplifying the user and customer experience leads to higher sales.
However, making the selling process simple and intuitive is important as making the customers’ lives easier. Essentially, these are two sides of the same coin, and both can be significantly improved with the right technology. We’ve recently discovered, that there is no better technology for this purpose than artificial intelligence (AI).
How does AI help sales professionals?
AI is not a new concept, and its definition has evolved significantly over time. Today, we routinely use it in a variety of everyday devices and appliances, often without even realizing it, even though the general public may still imagine evil robots taking over the world whenever AI is mentioned.
Naturally, this does not mean that there are no risks involved with the misuse of AI, especially given how difficult it is to predict how this technology will evolve in the future. However, the benefits of AI are so widespread and valuable in so many industries that we can confidently state that it is here to stay. And, obviously, its effectiveness extends beyond the scope of business to assist us with issues that we all find critical, such as healthcare and education, weather forecasting, disaster response, and many others.
We frequently hear that data is the “most valuable asset” in today’s world. This is also true for retailers and salespeople – obtaining reliable customer data is critical to their success. However, given the amount of data uploaded every day (2.5 quintillion bytes per day in 2018 and expected to grow to 463 exabytes in 2025), simply having billions of divergent data points is of little use to any business.
This is where artificial intelligence’s processing power comes into play. AI can sort through this data, organize it, and put it to use. By analysing the data generated, vendors can learn more about their customers, prospects, and the market in general. This can help with lead generation, pipeline monitoring, sales forecasting, real-time marketing, and customer communication, to name a few advantages.
AI’s ability to act on interpreted data also helps in the automation of tasks and workflows, increasing productivity. Furthermore, it speeds up and smooths communication within the organization. Finally, it can perform numerous repetitive and tiresome tasks that were previously performed by human representatives in a reliable and error-free manner.
How is AI taking over sales?
When we say that AI is “taking over” sales, we don’t mean that it’s coming to take our jobs or that sales reps will soon become obsolete. Because it is taking over, it will become an absolute necessity for retailers if they want to stay afloat.
Simply put, salespeople who use AI will gain an advantage over their competitors that will be difficult to compensate for. Using AI methods to collect and analyze data is the best way to get to know your customers.
Furthermore, it is becoming increasingly important for businesses to be available to their customers at all times and through multiple channels. Immediacy is critical here; if you are not present when a customer is considering purchasing something, you may lose money. As many as 64% of customers expect brands to respond and interact with them in real-time. This is why chatbots are so useful: they can intervene at any time and provide assistance.
Overall, AI will not “take over” in the sense that the sales process will be completely automated, with no human involvement. Not anytime soon, at any rate. However, it will undoubtedly become a necessary tool for sales departments and human sales representatives.
All-inclusive
AI is a highly effective and promising technology that has yet to reach its full potential. It’s widely used in sales for the benefit of both buyers and sellers, and its greatest advantage is that it provides businesses with incredibly valuable insights about their customers.
As a result, the current generation of retailers may know more about their customers than any previous generation. Now that they know what their customers are all about, they can put the “customer first” philosophy into action. And by doing so, they will benefit themselves as well as their business.
Of course, such powerful technology can be misused and exploited, but we have the opportunity to put it to good use and benefit all of us. Now it’s up to companies to decide.
Global Artificial Intelligence Summit & Awards
If you or your organization is building cutting-edge AI solutions to adapt to a world driven by technology, Please nominate yourself/or your company for GAISA AWARDS 2022.
Please follow the below-given link to nominate:https://gaisa.in/award
All further details regarding the event will be updated on the official website of Gaisa 2022. Please Visit: https://gaisa.in/