The Webretailer News Digest for October 11, 2022
Explanation:
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If you’re an Amazon seller living under a 🪨, here’s your final notice. Today is the beginning of the pre-holiday Prime Shopping Event — or Prime Day #2. Here to big piles of 💰 for all Amazon retailers out there!
Today’s email is 422 words and takes 2 minutes to read.
Acquisition and AI eCommerce Tips
The top story from last week was the acquisition of Poshmark by South Korea’s largest internet company Naver.
In the press release, Naver CEO Choi Soo-Yeon mentioned a huge positive that’s coming to Poshmark as a result:
“Naver’s leading technology in search, AI recommendation, and e-commerce tools will help power the next phase of Poshmark’s global growth.”
AI and your business
As a smaller web retailer, you probably don’t have access to the same AI and tool capabilities as Naver. But there are AI eCommerce tools available to online SMBs!
Here are some tips on how you can use AI in your eCommerce business.
- Automation
Limiting yourself to in-house marketing tools from your preferred selling platform — Shopify, Amazon, Etsy, etc. — limits your reach. After all, the goal of automation is to do things with the least amount of human intervention.
AI and machine learning tools offered by CRM platforms like Zoho, Hubspot, and Zapier can give you a competitive advantage. They allow you to personalize and automate campaigns and tasks faster than you could alone, so your store functions at max.
- Pricing Optimization
Dynamic pricing strategies are revolutionizing the way web retailers do business. They can help you determine when and what you should discount and calculate the amount instantly as your supply becomes available.
To be effective, they require the right data, which means you’ll need an AI tool from a SaaS company like Sniffle, PriSync, or PROS.
- Forecasting
Pricing tools help, but the ultimate bonus of using AI is to help you forecast inventory. This element is key in helping shape your revenue streams and managing overhead using real-time data.
Hubspot, Salesforce, Zoho Sales, and other CRM platforms offer forecasting tools, but they’re often out of reach for businesses below the enterprise level. Check out the list of additional resources below for tools you can integrate at a lower price point — or even for free!
Additional Resources
- A list of artificial intelligence tools you can use today — for businesses (2/3) – Medium (old link, but still a viable list!).
- Artificial Intelligence in eCommerce: How This Rapidly Evolving Tech Will Change the Online Storefront. BigCommerce.
- Four Ways Artificial Intelligence Is Transforming E-Commerce. Forbes.
- How Artificial Intelligence is transforming the E-commerce Industry. Countants Medium.
- Artificial intelligence (AI) in eCommerce: Statistics & Facts, Use Cases, and Benefits. Master of Code.
Top Retailer News
- eBay to discontinue the app on Shopify. eBay Zendesk.
- Walmart acquires robotics automation company Alert Innovation. Walmart Corporate.
Etsy’s Early Holiday Sales Event is to begin on October 24th. Etsy.
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