Shifting Retail Goalposts
Shifting Retail Goalposts
Over the past few years, the retail sector has undergone some rather significant changes. Because of the unpredictability of these changes, contradicting trends, and consumer demands, retailers have been forced to constantly reevaluate their entire business paradigm to meet their ROI goals.
The customer-obsession part of it, however, has remained constant. Retailers have been trying to experiment and focus on delivering exceptional customer experience. And we see them turning to AI for retail.
The retail industry is accelerating the rate of technology adoption to a point where 80% of employees expect their businesses to adopt AI by 2027. Early adopters of artificial intelligence in retail will now enjoy a lot more ROI from their AI investments by improving customer experiences, creating efficient processes, saving costs, and boosting revenue.
For retail today, there seem to be five primary areas of focus.
Meeting Conversion Goals with AI
To improve conversion, the task is simple – give shoppers what they are looking for. Personalized experiences go a long way online.
Personalizing eCommerce Experiences – The Right Way
Personalization is another AI retail solution that helps eCommerce retailers reach a little closer to achieving their experience objectives and also improve returns exponentially by organically combining consumer and product data.
However, a large number of personalization platform available today focus on perseverance rather than persuading the shopper to travel further along their journey by showing the products that best match their intent at that time.
With Vue.ai’s personalization platform each buyer’s path is unique and to achieve that Vue.ai leverages both product intelligence and customer information in real-time for Dynamic 1:1 personalization
With Vue.ai’s personalization suite, retailers have seen:
- 5x Higher revenue per visitor
- 80% Uplift in conversion rate
- 40% Increase in Average Order Value
Vue.ai’s personalization platform uses AI to build shopper profiles for each shopper which are then mapped to detailed catalog data to surface the most relevant products throughout the shopper journey.
Vue.ai allows every retailer to customize AI personalization platform to work best for their business. The AI builds personalized experiences for every shopper across their journey on an eCommerce site. It helps shoppers view contextually relevant products based on their preferences and current session intent, improving shopper engagement and conversions. Retailers can build their own personalization strategy or pick from Vue.ai’s library of presets optimized for different business goals.
