A letter to Global brands: Wake Up! Amazon will soon know more about your products than you do
Wake up! Amazon will soon know more about your products than you do. You like it or not, they already know more about your customers, and now they are going after your products knowledge.. want to know How? Read on….
I will build my case in 3 levels. First, what is the consumer need that is driving Amazon to do this. Second, how Amazon is going about it and Third, what can you do about it now?
The retail need: Your customer wants to buy your product but before she does, she has questions about the product for which she must get an answer. I refer to ‘about the product’ questions. Does not matter what product you make and sell, (shoes, fashion, paints, furniture does not matter) this is universal – She needs to know more about the product and without answers she will not buy. Forrester report states that whopping 53% of retail customers will abandon the sale if she does not get quick answers to her question. The need is this acute – you lose 1 in 2 customers if you don’t address this. The challenge however is how do you know what questions she has especially if she is shopping online at your webshop. All you know is what she clicked, how much dwell time in specific product pages but no way you can engage her in a conversation to know what questions she had.. right? Only if you knew her questions, you could have given her the answers instantly – after all it is your product and you know everything about it. Isn’t it?
Enter Amazon! They too sell your products and your customers flock there too. Amazon has recognized this consumer need but they have limited knowledge about your products. So what do they do? Amazon launches a Q&A feature on its product pages where your customer posts a question and then amazon is allowing crowd sourcing of answers from other customers and sellers. This is Gold mine of information and product data in the making – One, they know more about questions your customers ask on your products while you are still with your FAQ list. You might think that you have ‘Contact Us’ form on your Webshop and that is enough. But no, ‘Contact Us’ webform do not work anymore. (refer my colleague Prajwal Simha’s article on why your customers are rejecting ‘Contact Us’). Two, with answers coming from the crowd they are compiling a compelling product knowledgebase about your products that will become a competitive advantage over you very soon.. your customers will flock more to Amazon since Amazon knows more about your products than you do
What can you do? First, wake up! You are sitting on all the data about your products that your customer will ever need. Second, look at tech options that can help you deliver this product knowledge to your customers whenever and wherever they need and good news is that Conversational AI (or chatbots) can help you do this. Typically, i would assume, you associate chatbots to automate repetitive tasks and queries that can help you save costs, but good news is that if your chatbot is part of a full stack vertical AI solution for retail that understands your domain ontology and that can be trained easily on your enterprise product data, yes chatbots can be very effective in not just answering product questions of your customers but also discovering new questions and updating your product catalog. The best part is that your artificial intelligence (AI) bot will start self-learning with more usage and the underlying machine learning algorithms will keep getting better with time and minimal effort from your team.
AskSid.ai help global brands solve this precise problem and we have done this successfully for leading global brands in Europe, Asia and LATAM already. The outcomes have been staggering – 2X conversions, 10k unique new questions discovered and above all, for a specific brand, we delivered automation equivalent to adding 8 agents at 30% the cost. Interested to know more? Reach us at firstname.lastname@example.org and we will be happy to schedule a demo.
Thanks and best regards
The Sidlings @ AskSid.ai