How small and mid-size ecommerce retailers can take advantage of AI — without tech giant-level data

  • “Stuck indoors, shoppers across the world went online in 2020 — and stayed, with sales growing by 28% worldwide.
  • ‘While 9 out of 10 consumers say they expect online shopping to be equal to or better than in-store, half are experiencing crushing disappointment, and almost three quarters of customers say they will abandon a brand after three negative experiences.’
  • consumers are frustrated by confusing website navigation and by inadequate search functions, sabotaging their efforts to find the information or the products
  • Hearts on Fire, a leading global diamond jewelry brand…saw its B2C ecommerce purchase conversion rate increase by 587%, average order value increase by 49%, and bounce rate decrease by 31%
  • Caleres owns and operates such popular shoe brands as Famous Footwear, Dr. Scholl’s Shoes, and Naturalize…saw a 20 – 25% lift in conversion rates for customers using search
  • ‘Personalization is no longer a nice-to-have, but a must-have for ecommerce brands and retailers,’ Greco says. ‘Bottom line: all serious players spare no expenses for AI research. It’s important, it makes the difference, it is worth investing in it.’”

https://www.google.com/amp/s/venturebeat.com/2021/08/24/how-small-and-mid-size-ecommerce-retailers-can-take-advantage-of-ai-without-tech-giant-level-data/amp/

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