Artificial intelligence (AI) and its capabilities have sparked much enthusiasm in the business arena — especially online.
However, despite how viral the subject has become, some business owners have misconceptions about AI, so much so that it’s hurting their business — without them even knowing it.
If you haven’t started leveraging AI marketing or the technology’s many applications into your business because of your preconceived ideas of how costly it is, or how it can destroy humanity (this is not an exaggeration, others really think this), then you run the risk of getting dominated by your competitors.
To make sure that your ideas formed about AI are correct, let’s look into several misconceptions that business owners have about the technology.
Misconception #1: My business doesn’t need AI.
AI offers businesses several benefits, like performing repetitive tasks efficiently and error-free, behavioral analysis, and more.
When that happens, you can focus on other matters, make better-informed decisions, and likely accomplish more work in a day.
Sure, you may think your online retail store can run well without the help of AI.
In today’s tight eCommerce competition, though, you may be disadvantaged if you disregard this technology.
You must understand, instead, the possible impact of AI on your operations and strategies.
For example, did you know that by studying your customers’ preferences, AI can recommend similar products and significantly boost your sales?
AI did that for Amazon and increased its sales by 35 percent.
It’s understandable if you are hesitant, but at least take the idea with an open mind and study how AI can help you solve your business problems.
You may not see the need for AI now. But as your online business grows, you will have to review your strategies regularly and see if you should be using AI by then.
Misconception #2: AI is just for eCommerce giants.
When you say “artificial intelligence,” what comes to your mind first are probably drones and cars on auto-pilot or futuristic and independent machines.
Yes, the technology that runs AI is sophisticated and systematic. But it doesn’t mean it’s accessible only to the established ecommerce and tech companies like Google and Amazon.
Employing AI doesn’t always involve extensive scientific research and million-dollar investments.
AI exists in many facets of our lives, but you probably didn’t know it was already AI.
For instance, if you’ve used Google maps and Siri or seen product recommendations on Netflix and eBay, you’ve already encountered AI.
Chatbots, sales analysis and forecasts, pricing dynamics, autopilots, and search engines are some of the most popular implementations of AI.
If your business gathers and uses data from your prospects and customers, you are likely to benefit from AI (machine learning at the least).
With AI, you can analyze your customer data more deeply, determine new market segments, and enhance buyer engagement.
Misconception #3: AI is too complex to understand.
What non-tech-savvy people may wrongly think about AI is the science fiction portrayal or overly complicated and scientific constructs in their heads.
AI, though, is pretty straightforward. From a 30,000 ft perspective, AI is any technology that imitates our human cognitive processes and abilities.
If you can comprehend the mind as a logical processor, then you can grasp AI.
Your brain is powerful. It learns, creates and enhances rules gradually according to your experiences.
Let’s say you filled your pan with oil and added water while cooking. The oil sputtered, hit your skin, and hurt you.
From that experience, you will now do things in another way and expect more desirable results.
AI imitates this natural process of thinking.
That doesn’t sound so complicated, doesn’t it? The best part is, you can even learn to master AI by enrolling in established (let alone, comprehensive) artificial intelligence courses.
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You will learn about AI-related fields (like machine learning), skills and practical applications for your online retail store.
For instance, you can learn to develop machine learning algorithms that study your customers’ interests and help you launch targeted, personalized, and profitable email campaigns.
What you will learn from such a course can go a long way in enhancing your marketing strategies and even performance.
Misconception #4: AI costs a lot.
Executing a wholly automated facility for a business is expensive. So is establishing your analytics team to interpret boatloads of data.
However, depending on your online retail store’s goals and needs, you can adopt AI and benefit from its features at an affordable cost.
The important thing is that you determine what you want and employ AI accordingly, in line with your online store’s targets and scale.
Misconception #5: AI is just a nine days wonder.
AI may be one of the hot topics in this technological era, but AI is more than just a short-lived sensation.
PWC reports that 72 percent of business leaders see AI as a “business advantage.” They hold a positive outlook toward its benefits that today’s marketer and online store owner needs.
As businesses and consumers continue being optimistic about the wonders of AI, you can expect the technology’s place being solidified in this era and the foreseeable future.
Break those misconceptions.
AI has plenty of value and benefits to offer you in revolutionizing your enterprise.
If you’re guilty of any of those misconceptions, it’s high time you break them and consider applying AI in your strategies.
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