AIE is reshaping commerce. Here's how to use it to free up your time and focus on growth.

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Becoming an e-commerce entrepreneur today is not easy. “This economy is getting tougher, especially for Amazon sales,” says Gary Huang, a veteran e-commerce entrepreneur and founder of the 7 Figure Seller Summit, a free online event scheduled for June 10-12, 2024. Is.” “These markets are maturing. It's not so much that the sales rate is flat this year.”

Enter AI. Many people who run e-commerce businesses, or want to start one, are adapting to AI to lower cost, cut back on repetitive tasks and improve profitability at a time when competition is intensifying. According to market research firm Statista, the global e-commerce market is expected to grow from $5.8 trillion to more than $8 trillion by 2027. As Shopify put it in a recent report on e-commerce trends, “being agile has never been more important.”

But using AI isn't as easy as it sounds, given the abundance of new tools to configure, the flood of information from all sides and the steep learning curve, Huang notes.

So how do you make AI work for you? Here are some ideas Huang shared on how you can use it.

Smart Pricing: Huang says many sellers are afraid to raise their prices because they think they will lose their status or be undercut by competitors. AI can help. For example, Prophecy, an AI-powered tool, can help you optimize your pricing on Amazon. “Think of it like Uber's incremental pricing, based on demand for the product,” explains Huang. “It will find the best value for you, whether your goal is improved profitability or higher rankings.”

More effective market research: An AI-powered tool, Helium 10, lets you study a competitor's list and use the “Review Insights” feature to get ideas on how to compete. “Let's say they have 1,000 reviews,” Huang says. “In the old way, you have to manually go through 20 pages of reviews looking for two-star, three-star and four-star reviews and see what customers are complaining about. So You can find opportunities to improve products. You can use these tools to download reviews and upload them to ChatGPT. “

Better split testing: It allows you to compare two options, such as two versions of an ad or web page, to see what users prefer. Intellivy, an AI-powered market research tool, lets you segment your product, images and copywriting against your competitors in front of a real buying audience. “Think of it as a focus group done online,” Huang says. “They can get real data about what some customers think about your product, what they like, and what's stopping them from buying.” You can also use it to review dozens of customer polls. “It can tell you immediately what the biggest trends and product weaknesses are,” he says.

DIY Product Design: It's a multi-step process, and Huang hasn't found a single product that tackles them all. However, after doing your market research, you can use GPT-4 in conjunction with midgerine, Huang says. Say you want to design a monster truck toy. “A quick hack for a layman to use it is to do what I call a reverse prompt with ChatGPT,” says Huang. “So with the monster truck analogy, you can take a list of your competitor's monster trucks, and then you can upload it to GPT-4 and say, “I want to create a prompt in Midgerni so that A better kids monster truck could be made. The water-sprinkling toy demonstrates its waterproof capability and makes it attractive to children and their parents.” Huang says you can take the results immediately and put it in mid-journey. are

Improved profitability: Storing goods in a warehouse for a long time costs you a lot. “Amazon doesn't like to use its fulfillment centers as storage warehouses,” says Huang. “So smart sellers use good inventory management systems, often linked to their e-commerce software, which “AI is a great way for salespeople to save time and be more productive,” says Huang. “I'm not saying that AI can replace humans. 100% but the trend is that AI has become a tool that you can use with your team. It can save time if you know how to use it properly.”

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