Maximizing revenue in eCommerce: How AI powers your profitability

Brightflow AI - Maximizing revenue in eCommerce: How AI powers your profitability

ECommerce businesses face a number of challenges, including cybersecurity, price pressures from competitors, and order fulfillment bottlenecks. Your biggest eCommerce challenge, however, may be revenue tracking. Brightflow AI has a revenue tracker and customer lifetime value (LTV) analytics to boost online sales.

Read on to learn how AI can improve business sales forecasts, improve cash flow projections, and streamline your eCommerce business.

Understanding revenue tracking and LTV

Revenue tracking is the report that shows revenue, units sold, orders, and average order value (AOV) in the Brightflow AI dashboard. Monthly and daily views are available for the revenue tracking feature.

LTV is the total amount of money an average customer will spend with your store or business over time.

At Brightflow AI, we calculate LTV by grouping customers into “cohorts” based on when they placed their first order with your store or business. Then we track how those cohorts spend cumulatively over time compared to other cohorts. We also look at historical spend to project how customers may spend up to 12 months in the future.

How AI tools improve business outcomes

AI functionality eliminates manual work so that businesses operate far more efficiently. AI tools can also be integrated with Amazon and other eCommerce platforms to increase productivity. Here are some specific benefits for eCommerce businesses:

Data access and usage

Companies use AI tools to access data faster, and without the risk of manual processing errors. Firms can quickly generate sales forecasts and use the data to produce cash flow projections. Businesses can benchmark results to assess company performance.

Many eCommerce firms operate in a heavily competitive environment with price-conscious buyers. Successful companies use AI to analyze the market, competitors, and customer buying behavior. Businesses use AI data to balance sales volume with profit margins in order to determine a reasonable price. 

Customer experience

Online firms must also provide a fast and seamless customer experience to generate repeat business. With AI, your firm can create hyper-targeted promotions with customized messaging and provide a tailored shopping experience.

AI equips firms to provide more responsive customer support in real time. AI can quickly determine the customer’s issue, offer suggestions, and help to resolve the issue in less time.

Inventory management

The cost to purchase and carry inventory is a large expense for eCommerce businesses. Owners need to carry sufficient inventory to meet customer demand without tying up too much cash in inventory purchases.

Use AI to forecast product demand and make more precise decisions about inventory purchases. AI data can be updated in real time, so you always have accurate information to make decisions.

Gain an edge using technology

The eCommerce industry is crowded with competitors, and generating higher sales and profits can be difficult. Leverage AI tools such as Brightflow AI to make faster, more informed decisions, and gain an edge against your competitors.

Use AI to gather data quickly, and to assess your results against industry benchmarks. Leverage AI technology to maximize revenue in your eCommerce business. Provide a more tailored customer experience to generate more repeat business. Work with AI tools to enhance customer service, make informed pricing decisions, and improve inventory management.

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