Application of Artificial Intelligence in Enhancing Conversion Rate Optimization

Posted by jakeharris - October 8th, 2017

If you are an online retailer, then you understand the importance of generating traffic to your website. On the other hand, you should also be aware that high traffic does not mean high revenues unless the people visiting the site perform the actions required. The revenue your online business generates always comes down to the conversion rate optimization. Retailers know they have to spend significantly if they are to reach their target audience. Therefore, it is only wise they know how to make the most returns out of those investments.

 

Definition of Conversion Rate Optimization

Conversion rate is defined as the number of people who visit a website and perform the needed actions. For instance, if your website sells electronic goods, the conversion rate would be the number of individuals who visit the website and make a purchase. And even though it is a crucial metric for almost all websites, the main goal should be nothing less but improving the overall performance of the business. The conversion rate can be enhanced by lowering prices, but that will have a toll on the overall revenue generated by the business.

 

Artificial intelligence can categorize leads, and eventually even show potential converters. AI technology, together with predictive marketing strategies, can assist entrepreneurs to know which products are in demand and by which customers. This is done by the systems combining all their data feeds and product descriptions, which are then used to form an upsell strategy that will work to improve the number of sales a business does.

 

AI technology tools are known to significantly reduce the problem of administration by automating testing and optimization processes. Such an ability speeds up conversion rate optimization to only a matter of weeks, as compared to how long it would if traditional methods like A/B testing were used. This efficiency also makes it possible for online retailers to test and put into practice newer strategies faster.

 

Online marketing is already a competitive field, and there is a very thin line between success and failure. Online retailers need to have a strong approach towards conversion rate optimization, and in these digital times, an AI conversion rate optimization tool is undoubtedly the best approach to take.

 

Artificial intelligence has the ability to read and correctly understand data, which plays a significant role in helping entrepreneurs make the right decisions. Besides this function, it can also give the owners important insights on how to improve their businesses.

 

Read more about Sentient Technologies on Wikipedia.

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