Olivia Miller, Contributor, ContentWriters
Lead conversion is the lifeblood of a thriving business. When the sales and marketing teams effectively track lead generation, they can accurately invest their time on prime leads to convert to customers. Many companies develop innovative ideas that would be ideal to drive revenue. However, administrative work like inventory management and bookkeeping can bog them down. There’s no time to experiment with the more enjoyable things like emerging marketing technologies such as using Virtual Reality (VR) for storytelling.
When you use the right multichannel ecommerce software to automate your business operations, you can free up time to start experimenting with these ground-breaking technologies. You can automate, optimize, or eliminate operational work and start to focus on lead engagement through unique new technologies.
Consider the following top five things you could be doing if you weren’t overwhelmed by administrative work.
1. Predict Customer Lifetime Value
A machine learning algorithm that recommended personalized movies and TV shows to Netflix subscribers saves the company $1 billion every year. You can predict customer lifetime value by using predictive analytics, which is a branch of machine learning. This technology can analyze current customer activity and predict future purchasing behaviors.
This can enhance the decision-making process for your company regarding multichannel campaign management and lead engagement. Don’t let administrative work overwhelm you so you can then experiment with this predictive analytics technology.
2. Utilize Chatbot Technology
Many companies have utilized the chat feature on their websites so that customer service agents can chat with leads and customers. A chatbot is an emerging marketing technology where a computer program simulates human conversation. According to a Gartner report, an estimated 85 percent of companies will be using chatbots by 2020.
When you automate your retail management tasks like order and inventory management and shipping, you’ll have more time to focus on integrating chatbot technology on your website. This technology can improve lead and customer engagement and improve your company’s bottom line. Chatbots can be used to respond to a user’s requests in real-time, identify preferences and interests of customers, and recommend items for a satisfactory user experience (UX).
3. Innovative Facial Recognition Software
Today’s savvy prospect and customer demand a personalized user experience. Research completed by Infosys showed that 31 percent of consumers wanted a more personalized shopping experience than they currently receive from most companies. Start experimenting with emerging marketing technologies that generate personalized user content.
Noldus created facial recognition software called FaceReader. Approximately 700 companies, universities, and research markets are currently using this software for usability studies, market research, psychology, and consumer behavior research. The software recognizes facial expressions. This can be helpful if you wanted to analyze how well a commercial performed with a consumer test group.
4. Enhance User Experience with Augmented Reality
When digital elements are added to a live view with the camera on a smartphone or tablet, that’s called augmented reality (AR). One example of AR is when people use Snapchat lenses to enhance photos and videos. Augmented reality is greatly changing the marketing world.
IKEA is one of the many companies that are starting to use augmented reality to improve the user experience with their products. They have an AR app that allows ecommerce customers the opportunity to shop online and see how that sofa they want would look in their family room. This app is a brilliant part of IKEA’s marketing strategy since it simplifies the online buying experience.
The New York Times developed their own AR app that enhances the way people view sports information on tablets or smartphones. For example, they fitted American soccer player Crystal Dunn with motion-capture sensors so viewers can get close up views of how she plays in games. When users are viewing content about the latest hockey game, a hockey player in the game can appear on the screen to explain his latest maneuver.
5. Provide an Immersive Experience with Virtual Reality
Virtual reality (VR) is different than AR since the user is completely immersed in a computer-generated experience. The physical world is entirely shut out. Companies are definitely getting creative when using VR to enhance the user experience.
Lowes uses VR in a Holoroom where customers can see a virtual mock-up of any renovations they want to do in their home. They simply provide room dimensions and can then see the VR mock-up. Their virtual design can be ported to Google Cardboard so they can take the VR mock-up home and see the designs where the renovation will take place.
Customers on eBay can check out products in the first global VR department store when they use Samsung’s Gear VR. This emerging technology can enhance the way eBay users shop online.
Take back your freedom in your business by using multichannel ecommerce software that will automate your business operations. You’ll have the freedom to experiment with interesting emerging marketing technologies like augmented reality, chatbots, virtual reality, predictive analytics, and facial recognition software. Automate those administrative tasks and start having more fun with lead engagement—and implementing all those innovative ideas you have to drive revenue.