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Benefits of Artificial Intelligence in International Businesses
In a world of Globalization, trading across borders is the best way to expand businesses. The major driving factors behind cross border International Businesses are high-profit margins, broader consumer base, valuable foreign currencies which gives better tax benefits in the home country and diversification. In a nutshell, you will get a power-packed business.
However, as the saying goes, with great power comes great responsibilities. Numerous strategic aspects must be considered before committing to international expansion and afterwards. Businesses should be flexible to adapt all kinds of changing patterns at local, regional and international level. Furthermore, focusing on your core business, understanding different trade patterns which vary from country to country, adapting regulatory measures, understanding consumer behaviours for a specific geographical market, cross-border logistics, trading in multiple currencies and providing a seamless experience to the worldwide customer over multiple channels can be a real challenge.
While we start the journey to grow our businesses internationally, we need to do all this humongous task with extreme speed and efficiency which is very much possible with the help of Artificial Intelligence – the computer software which engages in human-like activities. Artificial Intelligence is no more a fictional dystopia. Artificial Intelligence can solve the challenges by understanding the changes in consumer demand, predict future trends, better manage risks in Supply chain, strategies to plan better with better logistics channel and manage finances in the best possible way.
Eunimart is one such name which can solve most of the challenges faced while going International. They are the world’s leading Artificial Intelligence-powered E-commerce enabler helping SMEs to expand their operations over 18 marketplaces across 84 countries in one single platform.
Managing Inventory across borders can be a major issue while upgrading your businesses to International level because the number of marketplaces will increase and managing inventory at every point of sale or POS can be a real challenge. Eunimart’s integrated management system is an advanced single-window multichannel management tool providing end to end solutions to every possible business use case and process.
Eunimart’s enterprise solution has helped thousands of SMEs to achieve success. Any domestic business with ambitions to expand their businesses in International markets were facing challenges to manage inventories for the International Market. They were equipped to handle the offline and online transaction of the domestic market but were unaware of the International scale. Eunimart’s Artificial Intelligence-based Multichannel Inventory Management Tool gave them the platform where they started managing warehouses and stores no matter which location they are, recorded returns and track cancellations across all their channels of sales. This platform helped them to get an intelligent sales prediction for different marketplaces based on products and location with much lesser effort but with more efficiency. Even with local market scale fulfilment capabilities, because the businesses got equipped with advanced sales prediction, they can now plan much better for their international expansion.
Adapting to and understanding the regulations and taxations for a specific country is important while establishing a business with another country. It becomes more complex when Businesses need to trade across multiple countries. It becomes an essential factor in the pricing of the products. Eunimart’s Artificial Intelligence provides Business Intelligence Insights to help customize prices for the same products in different countries depending on the external factors like tax and currency used. This AI lead platform rescued the Businesses from incurring regular costs like hiring more trained manpower. Furthermore, they help in cataloguing based on which country the product is getting ordered, adds up the tax parts, compare prices with the local market or global competitors and helps to zero in on the best price to get the desired profit margin with just a single click. No need for hiring more trained manpower, no more deploying multiple software for each task and that reduces the overall cost. International Business became more of a reality than a dream, with Artificial Intelligence in image optimisation, Artificial Intelligence in content management and Artificial Intelligence in competition analysis. Hence, reducing the risk factors from competitions and creating a room to be a more proactive player before becoming a global player.
Another major area where your business can face a greater challenge while expanding them abroad are Logistics. One of the Eunimart’s clients is into Health and Beauty products and wanted to launch their products internationally. The major challenge they faced was during choosing the perfect logistics partner. Since they had cosmetic products which consist of liquids, creams, gels and few of the products contain organic ingredients, they could leak or could have had delicate packaging and get scuffed. Not all Shipping carriers were suitable to carry such products internationally. Moreover, rules and regulations vary from country to country regarding certain products, especially those which contain alcohol and solvents as ingredients. Flight carriers are stricter and even though a few agreed to transport, quoted huge cost and reduced their profit margins considerably. This became a huge barrier for them to expand in the international markets. But Eunimart’s Artificial Intelligence-based enterprise solution platform helped them to choose an appropriate, more efficient, reputed delivery channel. It pulled out relevant data of whether the Logistics provider has any specific requirement to carry a particular product to any specific country while abiding by that country’s rules and regulations too. It became a complete map, providing the best carrier option based on the location as per the product they are carrying at the best rates. Artificial intelligence made the difficult task of choosing the best possible logistics-provider much more efficient and cost-effective.
Artificial Intelligence has thus made business operations much more organized and efficient. Moreover, when you get to monitor your complete business operations in a single platform with live business data along with the predictive reports of future sales, probable revenues and data of potential customers, the business grows beyond the borderlines. With the rapid advancement of technology and growth of consumers, it will never be a headache again if your business needs to add a new channel into your business model. Eunimart made expanding your business simple and kept the effort and complexity to a single platform level. With Artificial Intelligence managing your warehouses, you can plan better with storage which can reduce the cost of your logistics. With up to 10 different logistics partners on the Eunimart platform, you get to choose the best for your business. With the best delivery partner, you get to reach out to your customer faster and reconcile payments from all your channels of sales. Sellers get to do fulfil orders easily over multi-channel stores and process returns and cancellations seamlessly. With Artificial Intelligence at your service, your global business can manage everything from commissions, shipping charges, customs duties and taxes reconciled in a single platform. With predictive sales reports and performance reports, you will be prepared for the Global market like never before.