Do you own a massive and bulky shopping site on the online platform? Are you finding it a hard row to hoe when it comes to attracting and engaging visitors? Then you must know that you are not alone who is facing this issue. If you see the readily available reports online, you will come to know that the average bounce rate for ecommerce websites is between 20% and 45%. And do you know what the most surprising thing about these statistics is? If the bounce rate of a site is below 20%, it is usually considered outstanding. So, the question is how to ensure that your shopping site has the lowest possible bounce rate? Well, that’s where top AI Data Labelling companies come for help.
Are you still wondering what does “Bounce Rate” mean? OK, let us explain! The bounce rate is the percentage of visitors that come to your shopping site to purchase some products or services, but they click the back button after viewing only one page. It results in lower engagement that translates into lower sales and thus minimal revenue generation. So, now the query is how to reduce your bounce rate and boost your sales? For that, you need to hire top AI Data Labelling companies. The reason? With their excellent text, image, audio, and video labeling solutions, you can increase your “Product Search Relevance” that will ensure your visitors find the item they are looking for in the first attempt. The impact?
You will soon notice that your visitors’ interaction with your offerings is increasing, and they are showing more interest in your products and services than before. If this continues for a few weeks or months, there is no second thought that your sales will start scaling up. But all this is feasible only when you team up with top AI Data Labelling companies.
Now let’s see what data labeling types the e-commerce companies can take advantage of:
1. Personalized Shopping and Discovery
2. Product Search Relevance
3. Classification and Localization
4. Object Detection
5. Object Tracking in Videos
6. Product Identification
7. Product Information Matching
8. Product Classification and Categorization
9. Product Information Content Moderation
10. Product Review Analysis and Recommendation
Since that’s over, let’s move to the next topic in this content piece:
Top 4 Applications of AI Data Labelling
1. For potential customers
One of the most significant issues in the ecommerce industry is that most sales executives don’t follow up with the generated leads. It’s because they think that it is a waste of their time, effort, and, more importantly, their marketing budget. Besides, if you look at the survey results, you will find that 33% of companies don’t even try to convince their potential customers to convert. But if you leverage AI-powered prediction tools, you can keep track of the product preferences of your customers and their brand loyalty. This way, you can avoid missing many conversion opportunities, identify the specific needs of your customers, and then meet their requirements.
2. For AI personalization
Although personalization is not a new concept in the e-commerce industry, you can make the most of artificial intelligence technologies to take it to a whole new level. Doing this will give you the edge over your competitors and help your organization identify customer’s behavior whenever they visit your website. Since myriads of potential customers heavily influence today’s online shopping market, you need to understand their needs and desires carefully and then offer them products based on that. It will help you make the best marketing decisions that will result in higher revenue generation.
3. For price optimization
Do you know that dynamic pricing of your products and services is crucial in acquiring considerable amounts of profits? However, it is not feasible to get this benefit unless and until you utilize artificial intelligence and machine learning technologies. This scientific evolution will help you monitor and adjust prices as and when required. Not just that, if you want to make more accurate pricing suggestions and sales forecasts, its algorithm has the potential to get you that by checking various historical and competitive data. In general, you can expect that implementing dynamic pricing methods would increase your profits by as much as 25%.
4. For instant support (Chatbots)
Labeling your textual data also helps when your chatbots interact with your potential customers. They can understand what customers want to find answers to and respond in real-time without any delay. It will increase your customer satisfaction and conversion rate sooner than later. What’s more? Chatbots are pretty easy to install, so being a customer-centric ecommerce company, you must deploy an AI-driven chat robot on your shopping site. Once you have done that, it will automate your customer service processes and emerge as the most cost-effective solution to date.
The endnote
We hope you now know the top ten types of AI Data Labelling and the areas where you can apply them. So, if you want to get result-oriented data labeling services for your ecommerce website, get into conversation with the leading AI data labeling companies right away.