10 Ways Smart Businesses Are Leveraging IoT And AI To Bolster Business Conversion In 2019

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 , that would give them an edge in this increasingly competitive terrain. Bearing this in mind, it comes as no surprise that a revealed that the availability of AI encourages 50% of consumers to spend more.

1. Customer Data Analytics

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

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.

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

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

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

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.

Originally published at https://readwrite.com, by Joseph Chukwube, on April 17, 2019.