- “U.S. merchants lose out on $300 billion in sales because consumers can’t find what they’re searching for.
- Shopping cart abandonment, where a customer places an item in a virtual cart but never checks out, impacts 75 percent of purchases globally and can cost merchants about $4 trillion each year.
- According to eMarketer, the number of email users in the U.S. is expected to reach nearly 278 million by 2024, representing 81 percent of the population.”
- “35% of shoppers will just simply go elsewhere. And so, it’s obviously a big problem for retailers, but we tend to see it as a big opportunity. And it’s an opportunity where artificial intelligence is playing a really big role in helping narrow that gap of those abandoned carts.
- We’ve seen this abandonment issue. We’ve seen average order values go flat, and the injection of artificial intelligence, the objectives of things like semantic vectors, has allowed us to almost eliminate those problems for customers. We work with a top five retailer that eliminated 90% of zero result searches, resulting in a nine-figure return.”