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 Prices
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 business.
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 Cross-Selling
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 Touch
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 Optimization
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.