Artificial Intelligence and Machine Learning are helping B2C enterprises find the best strategy for their business growth. Even before the COVID era businesses were widely adopting disruptive technologies such as AI and ML.
With the outbreak of COVID-19 then followed by stringent lockdowns, big fluctuation in customer demand, and the supply chain started obstructing the business. Because B2C enterprises are solely driven by the variations in customer demands, integration of AL and ML helped them perform far better than the companies who did not opt for such adoption. Some of the most highlighted use cases of AL and ML in maintaining the mutability across B2C enterprises are:
Customized Conversation with the Customer
The customer always wishes to have readymade solutions to their problems. They wish to have their queries answered in the spur of the moment, which is not possible for human customer assistance, as time zone varies. Henceforth, addressing this challenge we have AI-Chabot and conversational AI which provides 24*7 assistance to their customers.
Improved Products and Services
By incorporating AI and ML into the business, it is easy to meet the customers’ customized and personalized demands in very less time, thereby increasing the sale and revenue.
Understanding the context behind customer behavior
Understanding customers and standing up to their expectations is the key to any business to thrive. Surveys, feedback, and reviews are the only ways to understand customer behavior. Incorporating text analytics help find relevant information about the customer’s preferences to serve them better. Also, it helps understand what factors must be implemented for the growth of a product.
Managing Supply and Demand chain
Supply chain and demand chain are the two intrinsic parts of any business growth and development. A simple miscalculation may lead us to a huge loss. Incorporating predictive analytics help overcome this challenge. This helps the business to grow without compromising the continuity of growth.
Predicting the Revenue
Using the ML-algorithms and AI-based solution the data are analyzed in the form of a database by categorizing them according to the number of sales and amount of revenue. This helps a company understand the current trend in the market, compare the sales and revenue, and analyze the reason behind variations in the sales.
Inculcating the best strategy
The strategy is the key to decision making in any business. AI and ML help companies adopt the best strategy by analyzing the factors that might work or not for the growth of the product.
