The next decade promises to bring with it a myriad of advances, especially in technology and business. All thanks to automation.
It is predicted that automation (RPA) will transform how we will work in the future – it is already doing so, but now on a larger scale – it will take over the most tedious jobs and create new ones with different actions that until now, were thought to be non-existent.
This will also help e-commerce, a branch of business that right now is on the rise, but with RPA's increased influence, it will become a significant source of revenue for businesses that decide to go into e-commerce or make it the focal point of their business.
How can Robotic Process Automation benefit e-commerce?
The heart of e-commerce is its service. Automation can take care of the most tedious and repetitive tasks to save time and let the human factor take care of direct communication with the customer and more important circumstances.
A recent research project by Forbes, Huffington Post, and Marketing Signals revealed that 90% of all e-commerce businesses fail within the first three months. This shows how critical it is to retain a broad and loyal customer base through excellent service.
But, in a more technical language and leaving aside the automation of the most repetitive and simple tasks, how can RPA help you in your e-commerce?
Amazon has long recognized the benefits of RPA and related technologies (AI). The behemoth e-commerce company uses machine learning to improve product selection and user experience and to optimize logistics.
Personalization is a top priority, according to surveyed retailers, but only 15% say they’ve fully implemented personalization across channels. Stand out from the crowd with a more personalized message and have direct conversations with your customers.
Advances in RAP and machine learning have enabled deep personalization techniques to customize content by the user. By analyzing big data from purchase histories and other customer interactions, you can zero in on what your customers want and deliver the message that will most resonate.
Increase customer retention
Delivering targeted marketing and advertising messages personalized for their customers can increase retention. McKinsey omnichannel personalization research indicated there’s a 10-15% uplift potential in revenue and retention from omnichannel personalization strategies.
Using RPA and AI can help you create a more efficient sales process by gathering data about your customers, automating follow-up abandoned cart inquiries, and more. You can help move customers through the funnel by having them engage with chatbots for simple questions.
Personalized product recommendations
It’s easier than ever to collect and process customer data about their online shopping experience. RPA and AI are being used to offer personalized product recommendations based on past customer behavior and lookalike customers.
Websites that recommend items you might like based on previous purchases use machine learning to analyze your purchase history. Retailers rely on machine learning to capture data, analyze it, and use it to deliver a personalized experience, implement a marketing campaign, optimize pricing, and generate customer insights.
Access to more business and customer data and processing power enables e-commerce operators to understand their customers and identify new trends better than ever based on their location, age, and other prominent data.
Particularly in a world during and after COVID-19, you’ll want to plan your inventory on real-time and historical data. RPA and AI can help you do just that. A recent McKinsey report suggests that investment in real-time customer analytics will continue to be essential to monitor and react to shifts in consumer demand that can be harnessed for price optimization or targeted marketing.
One of, if not the most vital processes an e-commerce business deals with is payment processing. Ensuring transactions happen smoothly and that consumers’ information is kept secure is essential in retaining them as loyal customers.
Payment processing involves many sub-processes that must be executed perfectly: recording financial information, account keeping, communicating financial transactions, and much more. RPA helps e-commerce companies to streamline this side of their business by uniting all of the payment processes into a seamless, cross-channel operation.
Data analytics is the present and future of business. RPA allows companies to gather powerful data about task completion that can be utilized for goal-setting and scaling-up purposes. Work volumes executed, cycle times, errors, and exceptions are just some data points that can be collected and compared. Analyzing such data helps drive improvement and innovation, as having the correct data at your fingertips is a prerequisite for better decision-making. Furthermore, it empowers you to quickly identify areas where business processes could be improved to enhance efficiency.
Customer relationship management
By automating all of those tedious and routine tasks like manual data entry, you’ll improve not only your relationship with customers but also your workforce. A recent survey by Nice.com revealed that 50% of the workers surveyed spend over half their working day performing repetitive tasks. The survey also showed that most employees were welcoming of automation.
You can program your RPA system to generate reports that will provide valuable insights into your customer base. And these handy reports can be delivered to your inbox regularly, so you never miss a thing. Automating your CRM with RPA can also take the form of auto-replies to expedite your call center processing and customer recognition and autofill to update customer files.
At BFGO we are always looking forward to helping you grow your business. We have the tools, you have the master idea.
Don't hesitate to contact us to learn more about our e-commerce and automation processes to make your business more agile and solvent.hg