Buyers eagerly anticipating the Black Friday and Cyber Monday (BFCM) deals for big purchases is now an annual ritual. Not so long ago, most holiday shopping was done at physical storefronts, shopping malls, and supermarkets. But things have changed drastically with the rapid boom of eCommerce.
BFCM has already set a new milestone for online shopping in 2020 with a surge of 22% (YoY), accounting for $9billion. And, despite the re-opening of physical storefronts, 2021 does not seem to be any different in terms of online shopping. Seventy-four percent of shoppers expect to purchase online this year, according to a Publicis Sapient poll.
A poll by the Black Friday website suggests that 52% of customers germany cell phone number list are willing to take advantage of promotional offers and discounts on this day. Additionally, internet buying on Cyber Monday is predicted to grow by 61% this year.
AI can be the game-changer during BFCM
Retail businesses are experiencing a robust digital transformation, especially after the pandemic-induced lockdowns. Machine Learning (ML) powered by big data can help businesses forecast demand and personalize services by leveraging Artificial Intelligence (AI).
As an eCommerce business, you can benefit from propensity models that help predict consumer behavior based on the data you have about past purchases. Since ML engines are built on top of artificial neural networks that can mimic the learning process in human brains, they achieve an increasingly higher level of accuracy with more usage.
AI can also help estimate the number of products and inventory holding you need “on-hand” to account for upselling and cross-selling. Furthermore, it enables you to efficiently plan for and manage pricing, logistics, and distribution during BCFM sales.
With the why behind the use of AI clear, it’s time to know how you can leverage AI this BFCM for eCommerce success. Check out these smart ways to leverage AI and outgrow competition.
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