How AI can unlock customer loyalty – RetailSector

“Despite overall consumer interest being higher than 2017 (with average page views soaring by more than a quarter year over year), shoppers are clearly holding out for a better bargain. Getting consumers to commit to a purchase, and securing their loyalty, is clearly harder than ever.

That is, unless brands and retailers are able to learn from this information, and use it to fuel future personalisation strategies.

Everything you need is right here

A lot of the tools brands need to better understand the habits of their customers, is  right under their noses. Attracting thousands, if not millions of visitors to their sites every month, they sit on a bank of data, beaming with insights.

If they know that a customer is viewing a product multiple times a day, and on their mobile, it opens an opportunity to make recommendations that could translate into new activity, and to ensure they’re providing the best experience for their chosen platform. ”

https://www.google.com/amp/s/www.retailsector.co.uk/41927-how-ai-can-unlock-customer-loyalty/amp/

Mobile Phones ‘driving 56% of holiday online fashion sales’

  • “Consumers are growing more comfortable buying fashion items on their phones reveals new Black Friday and Cyber Monday data from AI-powered retail personalisation platform, Nosto. And for fashion retailers, Black Friday and Cyber Monday 2018 was 36% bigger than last year.
  • Nosto’s analysis of millions of visits to fashion sites globally suggests mobile accounted for 71% of traffic and 56% of sales revenue (up from 64% of traffic and 50% of sales revenue in 2017) on the two holiday shopping days. Conversion rates are also up on mobile phones from 1.98% last year to 2.28% in 2018″

https://www.google.com/amp/www.netimperative.com/2018/11/mobile-phones-driving-56-of-festive-online-fashion-sales/amp/

Black Friday: Traffic +7.7% / AOV +3.5% / Conversion -11.3%

Wow…this press release is a treasure trove of data on Black Friday, Cyber Monday and the entire shopping weekend for US, UK and Canada. Here’s just a snippet…

“In the U.S., 2018 Thanksgiving holiday shopping bounce rates increased by 12 percent from 2017. Additionally, cart abandonment rates increased by 2.6 percent and conversion rates decreased by 9.7 percent. Black Friday shopping in the U.S. revealed mixed results compared to 2017; while traffic was up 7.7 percent and Average Order Value (AOV) increased 2.5 percent, conversation rates were down 11.3 percent. On Cyber Monday, AOV was up 3.4 percent, but conversion rates were down 16.2 percent—a continuation of the YOY trend of U.S. shoppers consolidating purchases on the biggest online shopping day of the year.

“The holiday shopping period presents tremendous opportunity for retailers to win new shoppers and convert them into returning customers. Our data, however, reveals that brands are struggling to take advantage of this opportunity,” said Stephen Collins, CEO of Monetate. “Retailers must reconsider their engagement strategies to ensure they are capitalizing on increased website visits. It’s imperative that retailers leverage every data point at their disposal to create the best and most relevant experiences for shoppers.”

https://www.businesswire.com/news/home/20181127005850/en/Monetate’s-Day-Global-Holiday-Ecommerce-Analysis-Reveals

AI may help deliver the UX we’ve been waiting for- ZDNET.com

Photo: Joe McKendrick

  • “A recent survey of design professionals by Adobe finds more than half, 62%, expressed interest in AI and machine learning and what they add to the creative process. AI and machine learning will have a “democratizing effect on creativity” in applications and products.
  • Eliminates one-sided testing approaches. “AI deals with the A/B testing, which considers a majority of votes rather than individual opinion,” says Morgan.
  • AI applies user behaviors. “AI algorithms simplify and ease out the process of improvised user experience by utilizing the information derived to revise user behaviors,” says Morgan. ‘This settles down in more personalized designs that are able to provide, the better individual user experience.'”

https://www.google.com/amp/s/www.zdnet.com/google-amp/article/ai-helps-user-experience-ux-helps-ai/

Albert Names Mark Kirschner, Former CMO of eBay Enterprise, The Trade Desk and Rakuten, Its New Chief Marketing Officer

Ecommerce, MarTech and AdTech Veteran Joins the Artificial Intelligence Company to Scale Growth; Drive Enterprise and Agency Adoption Albert Technologies (LSE: ALB.L), the world’s first and only fully autonomous AI-as-a-service platform for marketers, today announced Mark Kirschner its new Chief Marketing Officer (CMO). Kirschner joins Albert after serving as CMO of eBay Enterprise and The Trade Desk, and Vice CMO of Global Marketing at Rakuten, an $18 Billion global ecommerce marketplace based in Tokyo. As CMO, Kirschner will focus on building and refining Albert’s global marketing infrastructure, driving adoption across global consumer brands and expanding the company’s growing partnership program.

Amazon says it’s making freely available the same machine learning courses that it uses to teach its own engineers – TC

“It’s Cyber Monday and Amazon has one deal for its customers that’s a little unexpected. The company just announced that it has made available, for free, the same machine learning courses that it uses to train its own engineers.

It’s a lot of information to digest — from a programming standpoint. According to a newly released statement by Matt Wood, an eight-year veteran of Amazon and a general manager of deep learning and AI at the company, there are more than 45 hours across 30 different courses that developers, data scientists, data platform engineers and business professionals can take gratis.”

https://www.google.com/amp/s/techcrunch.com/2018/11/26/amazon-says-its-making-freely-available-the-same-machine-learning-courses-that-it-uses-to-teach-its-own-engineers/amp/

In The Age Of Algorithms, Will Banks Ever Graduate To True AI? – PYMNTS.com

  • “Data mining is not true AI (more about that in just a bit), but how it is used illustrates another important trend involving AI and ML: the correlation between a bank’s size and the sophistication of its learning systems, with larger banks typically using more sophisticated systems than smaller ones. When it comes to data mining, for instance, 95 percent of large banks and 79 percent of mid-sized banks use it, the report found. Meanwhile, just 61 percent of small banks reported using data mining technology — a majority, but not nearly as prevalent as it is among larger FIs.
  • True AI systems, by contrast, are used by only 5.5 percent of financial institutions, as their interviews were used to help construct the report’s findings. Far more popular — besides data mining — were less sophisticated technologies, including BRMS, which enables companies to easily define, deploy, monitor and maintain new regulations, procedures, policies, market opportunities and workflows.”

https://www.pymnts.com/news/artificial-intelligence/2018/bank-technology-true-ai-machine-learning/

7.6% – average yearly financial expense attributed to fraud

  • According to a 2016 report, the average yearly financial expense attributed to fraud for retailers was 7.6 percent of annual revenue across all channels, including online and offline sales. And that is on a business-as-usual day. On peak-retail days, clients operating on Amazon have reportedly seen an increase of 150 percent in fraud attempts.
  • But the online retail anti-fraud business is about to change, and that change is going to affect consumers and retailers as well. This is due to new EU regulation called PSD2. PSD2, which comes into effect in mid-2019, is mainly about opening bank APIs to 3rd parties. But it also includes provisions applying to online sales.
  • The intention of this directive is good at heart but unnecessarily provides friction to the more than 99 percent of users out there that are good, according to Lee: “We are essentially making buyers conform to a set of rules because the system is being exploited by a select few bad apples.
  • White said this is going to have a tremendous impact on the market, specifically in the e-commerce space: “Conversion rates are already low in this space, and any added obstacles or friction could correlate into an increase in cart abandonments.
    • This can be a difficult task because if it was simple we wouldn’t need the predictive power of machine learning in the first place.

    Amazon and aieCommerce to impact 7M jobs and 25% of malls (Dr. Tu-Lam Pham)

    Overview:

    • How to compete with Amazon
    • Win through direct to consumer model: Casper Mattress, Warby Parker glasses

    Keys:

    1) Good Value

    2) Easy Returns

    3) Utilize data – “Data is the new oil”

    4) Simple Marketing – Mobile First, Social, Content; “Don’t buy media, create media”

    5) Adopt New Tech Early

    – Messaging apps are the new internet

    – Augmented reality

    Fast-forward to interesting points:

    7 min – Friction and UX

    10 min – Retail jobs eliminated 7M

    30 min – Example – Friction in pizza business

    https://youtu.be/Kxr0nplICHE

    3%-18% conversion rate improvement in Reflektion case studies

    This afternoon I was checking out vendors leveraging AdWords to reach eCommerce professionals. I combed through the Reflektion site, and was impressed by their case studies with some well known brands.

    Conversion Rate Improvement:

    Toms – 3.3%

    Marmot – 13%

    Cafe Britt – 18%

    Check out the full details:

    http://reflektion.com/category/case-study/

    Also, an interesting visual to help explain the difference between AI, ML and Deep Learning.