Increasing profits – there are only two ways to do it. Businesses can either reduce their costs or increase their revenue. There is a third way which is to increase the selling price but in an industry as price-sensitive as eCommerce, that’s not an option.
So what’s the ideal way an eCommerce store can increase profits by reducing costs and increasing revenue? One, often overlooked way is to enter the world of conversational commerce and leverage chatbots. Here’s how:
How Chatbots Can Increase Profits for Your eCommerce Store
Chatbots can automate a large part of the customer service and significantly reduce the amount of manual work required. This directly translates to reduced expenses as you can downscale your customer service teams. The freed up time for employees can also be spent on more important tasks.
Most eCommerce stores have a high cart abandonment rate and a high bounce rate, in general. One of the reasons behind that is lack of easily accessible information. We’re live in a time where everything needs to be fast and if an online shopper can’t find what they’re looking for quickly – they won’t think twice about clicking back and choosing a different store.
Chatbots help with this by providing instant customer support. No ticket system or a long waiting queues. And depending on the type of chatbot you choose, you can come up with revenue-generating solutions to problems other than a high bounce rate. Chatbots can also be used for branding/marketing and even client acquisition.
With the benefits of chatbots now out of the way, let’s move on to the actual process of creating the perfect chatbot for your eCommerce store.
Step 1: Analyze The Weakest Parts of Your Customer Experience
You’re not creating just any eCommerce chatbot, you’re creating one that is perfect for you. And that process begins with an internal review. eCommerce store owners will see the biggest improvements by identifying and solving their biggest problems.
Doesn’t matter if it’s customer acquisition or lack of market penetration, conversational tech is versatile and there is a solution for nearly problem eCommerce problem that involves the shopper.
Step 2: Choose What Kind of a Chatbot Your Brand Needs
- Do you get the most queries regarding store locations or stock availability?
- Is your target demographic used to getting product recommendations?
- Are you targeting a tech-savvy audience?
Answering questions like these will help you figure out exactly what features and functionality your eCommerce chatbot must-have?
eCommerce Chatbot Examples
To further help you with choosing the perfect chatbot, here are a few different types of chatbot commonly used by eCommerce stores:
- Store locator chatbot
- Scheduling chatbot
- Promotional/business messaging chatbot
- Client acquisition chatbot
Remember that you can have way more than just one feature in a chatbot. Many eCommerce stores have chatbots can help you book appointments, locate stores, check product availability, directions, and more. Here are some more examples of what an eCommerce chatbot can look like.
Step 3: Build Your Own eCommerce Chatbot without Coding
Building an eCommerce chatbot without coding isn’t just possible, it’s also easy. Business owners with no technical or programming knowledge can build AI chatbots that are surprisingly feature-rich and use a simple drag-and-drop layout. You can choose from a number of chatbot builders, depending on the platform you want to use and the number of features you need.
Most chatbot builders have a monthly recurring fee and are relatively inexpensive (some are even free). Here are some of the best chatbot builders for the perfect eCommerce bot:
- Power Virtual Agents
However, these chatbots obviously come with limitations. The biggest limitation being the lack of customizability and at the end of the day, if you can’t solve your business problems through templated solutions, you’ll need a chatbot expert.
Find a Chatbot Expert to Build One For Your eCommerce Store
eCommerce chatbots can be tricky but with years of experience in designing custom AI chatbots, Master of Code Global brings expert insights to the table and helps eCommerce stores directly increase profits. We create complex chatbots that tackle multiple business problems at once, saving you time and money. More importantly, our chatbots are low maintenance and extremely reliable.
To learn more about Master of Code capabilities, schedule a free consultation with one of our experts to discuss your problems and cutting-edge conversational solutions.
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