Tips for Actionable AI: Harnessing the Power of AI for Enterprise ECommerce Growth

Strategy & Trends
  • Pacvue
  • June 8, 2023

The world of eCommerce is evolving rapidly, too rapidly for us to be able to keep up. But with the introduction of artificial intelligence and machine learning, brands and consumers are embracing the new world of deep AI and automation across all industries.

Enterprise practitioners are eager to drive innovation but are struggling to keep up with the competition — often not even knowing where their opportunity lies.  

That’s why Pacvue is foucsed on serving the fundamental needs of this changing world with a Commerce Acceleration Platform that helps manage the complexicommerce and empower professionals to focus on strategies that maximize performance, whether scaling revenue, driving incrementality, or growing marker share.

In this blog, we’ll discuss the impact of AI in eCommerce efforts to propel valuable strategies, practitioner-level tools, and optimizations. With Pacvue, you’ll also get an overview of actionable AI in 6 domains:

  1. eCommerce bidding
  1. Catalog lifecycle management
  1. Intelligent dayparting
  1. Employee training and upskilling
  1. Product creation
  1. Team performance

Let’s get started.

AI in Bidding

Every eCommerce platform today offers bidding opportunities for digital advertising real estate. But with such a dynamic market and thousands of competitors, you need to spend hours every week calculating the exact bid amounts you need to invest on different platforms to maximize your ROI.

Or, you can choose to employ AI and do all of this within seconds instead. It is capable of handling huge volumes of data and keeping tons of variables in check to help you maintain an efficient and effective ad spend without any active effort.

For example, an electronics company can use AI to automatically bid on ad placements based on their historical data, competitor analysis, and customer segmentation on the platform. This way, they can create targeted campaigns for customers to improve their market share while saving a lot of money over time.

AI in Catalog Lifecycle Management

Your eCommerce business catalog is one of the most essential assets to manage and upkeep. Every product in it has a lifecycle that’s impacted by the market conditions every day, so time-consuming tasks like data entry, classification, and content enrichment are unavoidable to keep the catalog relevant.

AI is a fantastic solution that streamlines and automates all these tasks for you. While an employee would take days to learn customer behaviors, purchasing history, and market trends to optimize a catalog, an AI tool can do it in minutes. You can adapt the AI to fit your business objectives for all tasks, from new product launches to liquidating slow-moving items.

AI-powered image recognition and natural language processing (NLP) technologies can also help create coherent, user-friendly catalogs that help customers navigate your product selections easily. This way, you ensure better product discovery throughout its lifecycle and a boost in overall business revenue. For example, a global beauty brand can use AI to know which products are underperforming and phase them out to reduce inventory costs and optimize their product offerings.

AI-Powered Dayparting

Dayparting is one of the most efficient ways for advertisers to optimize ad spend and maximize profits on eCommerce platforms. You can analyze consumer shopping data to understand which parts of the day they are most active and engaged. By identifying and targeting these patterns and trends, you can create campaigns during high-conversion dayparts.

AI can take you one step forward, understanding real-time shifts in opportunities and adjusting your bids accordingly so you are visible during the sale seasons and periods that are the best for your brand. Based on your desired level of control and complexity, AI systems can benefit from direct human intervention.

AI systems can combine your ad budgets, boundaries, and targets as inputs with external factors like website traffic and holiday seasonality automatically. These algorithms continually learn to adapt and help you increase engagement levels so you can spend more time building customer relationships.

AI for Employee Training & Upskilling

While employee training and upskilling are considered group tasks that boost camaraderie and skillsets, AI can help accelerate progress in combination with human instruction. For example, if a major grocery chain uses AI with co-workers’ guidance to train its employees, the combination can result in fantastic results for the company.

They can use the AI system to personalize training materials for each employee based on their skills and learning pace, while the experienced instructors can provide the nuanced, context-specific guidance that the AI can’t. This blended approach accelerates onboarding and upskills existing employees more effectively.

Similarly, for the eCommerce industry, we see skyrocketing revenues as a result of integrating AI with human counsel. If you’re thinking of introducing new tools and technologies, it helps to provide your team with the practice they need to utilize it to the best of their abilities and execute strategies that help the brand achieve the set targets.

AI for Product Creation

Creating a new and successful product involves a series of steps, from ideation to creation. One of the biggest challenges companies today face is reducing their time to market, and introducing AI to the process of product creation can improve that significantly. AI is advantageous in every stage of product creation, including design, development, testing, and launch.

AI makes it easier to analyze customer needs and market gaps to give you product idea recommendations. It even helps visualize digital prototypes of your idea before you invest in physical test concepts to save time and money. With it, you can outperform competitors by enhancing your quality control measures and optimizing for sales too.

For example, if an eCommerce company leverages AI for product creation, it can use AI to analyze trends and data to suggest new product ideas. By offering premium features like AI-enabled customization and personalization to their customers, they create a USP that leads to multiple successful launches in different product categories.

AI for Team Performance

Your team is your best bet for business success, and you can employ AI to help you improve team performance in more ways than one. Whether it’s improving team dynamics or tracking goals, you can use AI to analyze and chart out data-driven solutions.

So, to improve work quality, you can improve your team’s productivity by outsourcing repetitive tasks to the AI and empowering the team to make faster and better decisions based on AI’s predictive analytics. Along with that, you can enhance your customer support services by using AI tools like chatbots and optimizing strategies based on AI-powered recommendation engines.

For example, if an electronics manufacturer uses AI to analyze team performance, they can input the team’s goals and workflows into the system. Now the AI will help the team track their progress, identify and solve any bottlenecks and suggest improvements to improve their overall performance. This way, they create an efficient team with a higher-quality product output.  

It’s clear to see that the role of AI in eCommerce is only going to increase from now. By outsourcing data-driven decisions to AI, you free up your team for strategic tasks like customer engagement.

At Pacvue, we leverage AI to help you manage campaigns on 90+ retailers and unify retail media so you can run a coherent advertising strategy that fits your goals. With meaningful insights and tailored recommendations, you regain control of your sales growth organically.

Book your demo today to see Pacvue in action!


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Pacvue

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