Optimising the M-commerce Value Chain Through Artificial Intelligence
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The story of digitization in India paints a remarkable picture. Not only has it almost completely leapfrogged the 3G wave to transition directly from 2G to 4G, but is also among the world leaders when it comes to 5G readiness. Within the span of the past half-decade, the nation has also emerged as the second-largest mobile Internet user base in the world.
This development has run parallel with the boom in the number of smartphone users in India during the same period. As per recent market research, India was home to nearly 400 million smartphone users in June 2018—a figure that is expected to surpass the 500-million mark by 2022. Mobile is also rapidly becoming the device of choice to access and consume services, content, and information online; according to a recent eMarketer study, mobile devices will account for more than three-quarters (76.5%) of the time that an average Indian consumer spends online.
These figures indicate the massive opportunity for mCommerce in the Indian market. Brands have been capitalizing on this shift by investing in mobile marketing strategies to target their core consumer demographics. However, optimally realizing the limitless potential of mobile devices as a tool for hyper-engagement requires marketers to deliver the right message to the right customer, at the right time. This is exactly where artificial intelligence-led marketing tools step into the picture.
Measuring the impact: Artificial intelligence in mobile marketing
In light of the growing preferences of consumers towards mobile services, it is no wonder that merchants look to leverage this rich user base to drive the engagement of their advertisements. However, to ensure that a user’s interaction with an advertisement follows through into tangible action, marketers must be able to target their campaigns with a high degree of accuracy.
Brands can achieve this objective by partnering with affiliate platforms to manage their marketing campaigns. Through such associations, marketers gain access to advanced AI-driven capabilities that boost the reach and effectiveness of their brand campaigns. These platforms also enable marketers to track CPA statistics across devices and browsers, giving them invaluable real-time insights into the performance of their campaigns. This data can be used to inform and bolster marketing strategies and maximize gains.
For instance, AI-powered analytics about previous campaign performance can give intelligent recommendations and insights, helping brands drive more sales and unlocking opportunities for upselling and cross-selling. Marketers can also track efficient and non-efficient campaigns, creatives and traffic sources more accurately.
The processed data can additionally be used to power virtual assistants and AI engines that manage push notifications, enhancing the quality and efficiency of customer support and purchase experience. Brands are also increasingly seeking to improve customer engagement by making product browsing and price comparison facilities more accessible, easier, and quicker on the back of relevant AI-powered tools.
Brands are extending such AI-led customer support over social media sites as well, where the new-age consumer base spends most of its online time. A combination of AI with leading-edge technologies such as AR and VR is also being deployed by merchants to provide a uniquely interactive shopping experience to users.
We are no longer moving towards a digital-first future; we are already living in it. The digital revolution has made its entrance into the Indian business landscape with a veritable bang, and the rise of the m-commerce is another phase in the growth trajectory of the Indian marketplace. Domain leaders are recognizing the value which technological innovations such as AI can deliver in terms of driving productivity as well as profitability. Brands need to align themselves with this paradigm-changing shift and constantly innovate if they are to survive in a highly competitive market landscape.