The best AI tools for your eCom business

AI is the main topic of conversation for any online business in 2024. With all the new AI tools being developed it's hard to keep track of the ones most relevant and useful to your business. If used strategically, these revolutionary tools can streamline operations, enhance customer experience, and boost sales. These tools also help free up time so you can concentrate on big-picture stuff, all while keeping your business operating on all cylinders. So, we’ve scoured the web to help find the ones most relevant to eCommerce business. 

1. Shopify’s Kit

Shopify’s Kit is an AI-powered virtual assistant developed to help eCommerce businesses manage their marketing. Think of it as having your one marketing PA on call 24/7. From creating Facebook ads to sending personalized emails, Kit handles it all.

Key features

• Automated marketing campaigns: with Kit, you can create and manage Facebook and Instagram ads that target the right audience based on your sales data.
• Personalized email campaigns: send dynamic emails to your customers to create better engagement and boost sales.
• Product recommendations: the AI tech also suggests products to your customers based on their shopping behavior, targeting them at the right time and increasing the likelihood of a sale.

Benefits

• Ease of use: its user-friendly interface makes it easy for anyone to use, even without prior marketing experience.
• Time-saving: automating marketing tasks frees up your time, allowing you to focus on other parts of your business.
• Increased sales: targeted ads and personalized emails that can significantly boost your conversion rates.

2. ChatGPT by OpenAI

ChatGPT - the AI that is constantly in the news and for good reason. It’s regularly updated and is now in a 4.0 version (at 5.0 it might take over the world). But what makes it truly special in our view, is it can be seamlessly integrated into your eCommerce operations. This AI technology has real-world applications and can provide real-time customer support, answer queries, and improve brand loyalty among your customers.

Key features

• 24/7 customer support: ChatGPT can handle customer inquiries at any time, providing instant responses and reducing wait times.
• Personalized recommendations: suggesting products based on customer preferences and browsing history.
• Order tracking: Customers can get real-time updates on their orders through their innovative chatbot.

Benefits

• Improved customer response: instant, accurate replies that address your customer's demands and queries.
• Cost-effective: automated customer support reduces the need for a large support team.
• Increased engagement: personalized interactions keep your brand connected with your customers. Prompts such as “Create a cold outbound email to a potential customer for our product [X] that targets (target demographic) in (Location)” can help keep you connected without the hassle of starting from scratch.

3. Fraud detection by Riskified

Every business should have protection against fraud. AI tools like Riskified can fortify your cybersecurity. These advanced AI algorithms can detect and prevent fraudulent transactions and give your business protection against chargebacks and fraudulent activities.

Key Features

• Real-time fraud detection: see all your transactions and block fraud before it causes serious harm.
• Machine adaption: continuously learns from new data to improve and stop unforeseen dangers to your business.
• Easy integration: works with most major eCommerce platforms and payment gateways.

Benefits

• Enhanced security: protect your business from financial losses due to fraud.
• Reduced chargebacks: minimizes the risk of chargebacks, saving you money and hassle.
• Increased trust: your customers can feel safer shopping with a business that actively protects their data and transactions.
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4. Dynamic pricing by Prisync

This AI-driven dynamic pricing tool helps eCommerce businesses optimize their pricing strategy to stay competitive. Their machine-learning capabilities give your business agility and flexibility, which means you can then adjust price shifts automatically in the marketplace. 

Key features

• Competitor price monitoring: Prisync tracks your competitors’ prices in real-time, so you can remain competitive and adjust your prices accordingly.
• Automated price adjustments: set rules for automatic price changes based on market conditions and competitor pricing.
• Detailed analytics: get insights into pricing trends and how your pricing strategy affects sales and profits.

Benefits

• Competitive edge: stay ahead of competitors by offering the best prices in the market.
• Increase profits: maximize revenue by taking advantage of price sifts without sacrificing profits.
• Data-driven decisiveness: use relevant insights to make informed pricing decisions and remain competitive.

5. Inventory management by Brightpearl

Wouldn’t it be nice to take away the stresses associated with inventory management? Well, let us introduce you to Brightpearl, an AI-powered inventory management system that helps eCommerce businesses manage their stock levels, streamline order fulfilment, and prevent overstocking or stockouts.

Key features

• Real-time inventory tracking: keep track of your inventory across multiple sales channels in real-time.
• Automated reordering: set reorder points that automatically replenish stock when it reaches a certain level.
• Comprehensive reports: generate detailed reports on inventory levels, sales performance, and order fulfilment.

Benefits

• Efficient Inventory management: make sure you always have the right amount of stock and avoid overstocking and stockouts, 
• Improved cash flow: free up cash by adjusting your product inventory and find new opportunities for growth.
• Enhanced customer satisfaction: fulfil orders on time and keep your customers happy.

Final thoughts

Integrating these AI tools into your eCommerce business can revolutionize your operations and significantly boost your bottom line. Let's recap:

• Shopify’s Kit: simplifies and automates your marketing efforts.
• ChatGPT by OpenAI: provides real-time customer support and personalized shopping experiences.
• Riskified: protects against fraud and chargebacks.
• Prisync: optimizes pricing strategies with dynamic pricing.
• Brightpearl: streamlines inventory management and order fulfillment.

Whether you need funding to integrate these AI tools or to expand your business, Stenn is here to support you. Explore the possibilities with us and take your eCommerce business to the next level. Find out how our revenue-based financing solution can free up cashflow and put your business into overdrive HERE.

Stenn is a global trade finance company dedicated to empowering businesses of all sizes with flexible, tailored alternative financing solutions. Since 2016, Stenn has powered over $19 billion in financed assets, supported by trusted partners including Citi Bank, Goldman Sachs, HSBC, and Natixis.