As a small and medium-sized enterprise tries to expand and diversify, it encounters a series of challenges.
These challenges do not affect large companies but have a major impact on the growth of SMEs.In this blog, we will look at such challenges and the ways to overcome them.LeadershipMost often when a business starts to grow, up to a certain extent having family-like bonding with the employees works for the business as employees are then willing to help the business sustain and grow.However, when the business starts to expand and diversify, there is a need for strong leadership, the right skill sets, and talented coworkers.
This is when finding high performers becomes a challenge.In order to overcome the challenge, business leaders must be strong-willed and should encourage their employees to perform better from time to time.
Strategy PlanningSME owners may find strategy planning challenging at times.
Since strategy is the base for any business to function smoothly, it is essential to have the plan in place and seek help whenever required.Now, thanks to technology, there are tools that can document single page business plans for the company.
Executing the strategy becomes difficult since there are some situation-based or sudden issues that the business must overcome.Hence, the ideal solution is to break the yearly plan in quarterly plans and ensure that the goals are met accordingly.Systems and ProcessesHaving defined systems and processes is as important for small and medium-sized businesses, as it is for established large organizations.This is what makes the business more productive.
In the first part of this blog, we looked at how Artificial Intelligence (AI) has shifted to the supplier side of the retail eco-system, particularly in two areas — price and product offering.
Above all, history shows that people who have previously purchased from your company will be repeat customers if they are happy with the entire journey.AI E-commerce has retained the power to analyze vast ways of data and human behavior.
Experts believe that the day that AI affects every step of the customer journey — from marketing messages, advertising, product design, and shipping — is far from over.Virtual shopping assistants or recommendation engines can help customers find a product from catalogs, which is another area where AI can help.
In the offline world, thanks to the assembly line method of producing goods for the public, there is not much personalization.
The data around individual customers was used to create an attractive experience to drawback to the e-store.To Know More: How Artificial Intelligence (AI) Will Shape your E-Commerce Business in 2020?Now, with AI in the picture, and its ability to analyze data at a much higher speed, personalization of objects has taken on a whole new meaning.
AI techniques can help identify patterns, learn from them, and create hyper-personalization recommendations for customers.What’s more, AI can analyze customer sentiments across various social media channels and compare customer profiles with their social experiences regarding a particular product.
AI essentially enables machines to perform tedious tasks so that humans can channel their energy toward smarter and smarter work.
Businesses require a hyper-personalized marketing strategy to stay ahead of their competitors.
GreyFOX AI creates hyper-personalized offers for Shopify Customers on the basis of their purchase patterns.
AI is one way to provide the industry with innovative and smart business solutions.
AI applications have the ability to analyze data sets, identify patterns, and create a personalized experience.
It creates a unique system that is more efficient than any human.Advance Visual Search EngineRecently Artificial Intelligence has introduced a Visual Search Engine in the eCommerce field.
This is one of the most exciting trends that helps users find what they want with a single click.Therefore, we can say that AI is a technology that enables visual search.
With a simple click, the user can get the right results.
Based on the image users can get the desired results.Personalized RecommendationsAI can help by suggesting a free recommendation via text or popup.
In this post we'll take a look at why accurately estimating delivery dates is so hard, and what you actually need to do to estimate an accurate delivery date.Why So Hard?Explaining why it's so hard is actually easy.
But it'll suffice to help us walk through all the data feeds that are critical to an accurate delivery date.
If you want to get really fancy, you can look at customer on-site behavior, purchase history, and/or loyalty status, and factor that into the shipping options displayed, e.g.
giving loyal customers free expedited shipping.Product: You can't calculate a shipping cost without package weights and dimensions, and that information is generally stored with product data.
If you're really clever, you can set up rules and a machine learning algorithm to optimize the box size used to pack a given group of items (and continuously get better at doing this).
And if you are really, really clever, you can factor product profitability into the equation, e.g.
