Artificial Intelligence (AI), neural networks in machine learning are now being widely utilized to enhance the business transaction and customer experiences. When this technology has nearly revolutionized everything, why would the sales department be left behind?
AI has impacted all sorts of business from apparel, food production, furniture to education, AI is helping out the students immensely. Due to advanced AI processing, they can see where they are lagging behind, get access to study materials and even pay online tuition fees in the blink of an eye.
AI in sales has led to:
1. Rise in Leads
As per the Harvard Business review, sales team resorting to AI has increased leads and connections by 50%. AI has cut down the time taken to generate leads, and the ensuing process of qualifying, follow-ups and sustaining the relationship with the customers. AI swiftly sift through results from social media platforms, search engines, etc. to provide you with the profiles on leads.
2. Stronger Connectivity
AI technology (with
advanced Machine Learning) has automated many sales activities. It can detect
customer requirements, process sales, take further orders, and even finalize
contracts. Thus, it helps in saving valuable time and also ensures stronger
bonds with the clients. Moreover, sales executives can spend more time
addressing customer grievances.
3. Increase in Sell Time
With AI bots at disposal,
salespeople spend more time selling products. The bots make accurate decisions
based on complex AI algorithm, and it does not weigh down sales executives with
tedious tasks like updating CRM, maintaining records etc. In fact, the salespeople
spend 40% less time on these aspects.
4. A decrease in the
Due to the increase in
automation, and AI taking care of major activities, costs are significantly
dropping. As per the researchers, some organizations have even been able to
reduce product prices by half. Moreover, the sales executives can now focus on
enhancing the profits by looking into the other aspects associated with the
5. Modification in Management System
With Machine Learning and
AI taking over the sales domain, sales managers’ roles are likely to get
modified. As per MBA Centra, AI can now make data-based decisions, recommend
solutions etc. Thus, the managers will only have to take care of human
resources, talent acquisition and retention process etc.
6. Boost in Forecasting
When the accuracy of the
task is concerned, AI is second to none. Sales managers have to set goals for
the teams and perform the task of predicting targets. But, with AI in hand,
they can conduct the task easily. Furthermore, the managers can focus properly
on the production, inventory and resources.
7. Stable Upselling and
With the infusion of
advanced Machine Learning programming, AI can actually help in identifying who
is most likely to purchase when. This helps the sales executives in keeping
track of the up- and cross-selling endeavours on all the customers. Moreover,
the former can nurture the first-time visitors, enhance on-site product discovery,
reduce cart abandonment etc.
8. A decrease in Call Time
According to the John, sales team relying on AI have managed to drop the call time by 60%-70%. Thus, the AI program helps the executives identify the needs and suggest solutions before the sales team make the calls. This helps in reducing the exploring that they need to conduct while they are on the calls.
9. A decline in Personal
We are looking at a
future; where the customers won’t have to deal with the company executives when
they purchase items, avail their services, and even if they need an exchange.
As per the experts, 85% of the relationships will be taken care of by the
online transaction options and automated AI bots. Based on the search
preferences, the bots will be able to predict options.
10. Easier Pricing
Based on iterative
feeding of data, AI algorithm can be optimized to provide sales executives with
valuable information on the ideal price discount rate for each proposal. Thus,
the executives will be able to win the deal without having to go through too
much trouble. AI analyses past deals and provide information on the size of the
deal, number of competitors, influencers etc.
As you can see, AI has
already made a huge difference in the world of sales, even though it is in its
primitive stage. By 2030, we can expect that e-commerce will be fully automated
by AI. And both the sales executives and the customers are going to benefit
from the technological advancements.