Many people fear that AI will make their jobs obsolete, but what if it actually helps you grow your business exponentially?
Gary Huang, founder of the 7-digit seller top 8—a free three-day online conference starting today — believes AI and ChatGPT can help ecommerce merchants accelerate growth, transform workflow in time-saving ways, and increase profitability, making them the ideal tools for owners of sole proprietorships that need to stretch their available resources.
With the goal of giving very small businesses a competitive edge, Huang recruited 20 experienced salespeople to share what they are doing to use AI, focusing on day 1 growth, day 2 productivity, and day 3 profitability.
“AI is a game changer. It’s almost as if an asteroid just hit planet Earth,” says Huang. “Millions of years ago, many animals, such as the dinosaur, became extinct because they failed to adapt, while some small mammals were able to adapt, survive and even thrive.”
As Huang points out, AI is influencing everything from education to political campaigns to art, such as Drake’s AI-generated number, the AI reproduction of Harry Potter, and user-generated deep fake Balenciaga videos going viral on YouTube. “It’s almost like a jetpack for entrepreneurs,” says Huang.
Many merchants have not yet started deploying AI and ChatGPT for them. When Huang recently surveyed more than 220 e-commerce sellers, 58% said they were not familiar with AI technology or only somewhat familiar. Huang saw the need to bring them together to give them a place to start.
After spending two months learning how to use AI, he estimates that a retailer can save about $1,000 a year with these technologies, once they’re familiar. He followed the guidelines of conference speaker Andrew Erickson, CEO of Andrew Knows Amazon, who recommends spending 10% of the time on an AI project guiding the technology, letting AI do 80% of the project, and spending 10% on polishing work. “It still requires a human approach,” says Huang.
Here are three ways Huang shared that non-techies can use AI and ChatGPT in an ecommerce business.
Game changer #1: Bring your invention to life. In the past, product development required you to hire a product designer with the right background, skills and design sensibility – a complicated process. “There would be some back and forth iterations and drawings, and that would take a lot of time and money, with no guarantee that the final design is exactly what you had in mind,” says Huang.
With AI you can use tools such as ChatGPT and the generative AI tool Half way through the journey to create product designs, says Huang. The first step is to create a product overview. “You can use AI to look at competitor reviews, find out their strengths or weaknesses, and look at your product to find ways to make your product better compared to their weaknesses,” says Huang.
Midjourney can significantly speed up product design, says Huang. “The old way might have taken thousands of dollars and weeks to get that product design, but with Mid-Journey and chat GPT to create Midjourney prompts, you can do this in a few hours,” says Huang. “So it’s a significant time saver and growth opportunity because you shorten the product development cycle from weeks to hours or even days.”
Game-changer #2: Writing product listings. Entrepreneurial visionaries aren’t necessarily natural copywriters, says Huang. As a result, “many listings, especially on Amazon, seem like they’re only about 30% of what they could be,” he says. “Now, with tools like chat GPT, you can optimize your listings with keywords to optimize Amazon SEO, and you can do it in minutes. That saves you a lot of time and increases your conversion rate and revenue.”
Game-changer #3: Improving profitability. Achieving $1 million in sales is an inspiring goal, but it’s ultimately about what you’re left with after covering expenses and taxes. “In terms of profitability, ChatGPT can be a good partner to look at ways you can improve your profit margins and manage your pay-per-click, ad campaigns and supply chain,” says Huang. chat GPT to write a negotiation letter to your supplier to try and get a better price. That would lower your landed cost and has an immediate positive effect on your profit.”
Ultimately, says Huang, “the small business, the million-dollar sole proprietorship, can now do so much more. You can do 30% or even 50% more with chat GPT as a co-pilot. You will go much further, much faster in the same amount of time can go.”