“Last June, Jordan Elkind, who, at the time, served as the VP of retail insights for customer data and identity platform Amperity, told Today that data from the onset of the pandemic showed a 94.4% cart abandonment rate, compared to 85.1% in the comparable period last year. That would equate to billions of dollars in forgone e-commerce revenue, he said.”
“Omri Katz says a common problem when it comes to ecommerce is converting a user into a customer. When someone visits an online store, ‘98% of online users will leave the online store without completing a purchase,’ Katz says.”
- “A superb example of how AI can allow personalization in business operations can be found in the case of Starbucks. The global coffee chain brand designed 400,000 different types of emails created based on the data of individual preferences, tastes, and choices.
- The most important aspect of AI in making an impact over A/B testing is that it leaves no scope for vague assessment or guessing. The data-driven insights guiding the A/B testing is more possible now as website cookies provide clear insights concerning user behavior.”
- “AI in eCommerce is booming at such a speed that the revenue of AI is expected to reach $36.8 Billion worldwide by 2025.
- “I believe that artificial intelligence is going to be our partner. If we misuse it, it will be at risk, if we use it right it can be our partner.” – Masayoshi Son, CEO, Softbank
- The good news is that global eCommerce sales are expected to grow to $6 trillion by 2022.
- An excellent example of an AI-based personalized search is the recently updated Pinterest and its Chrome extension. This allows users to select an object in any photograph online, and then ask Pinterest to show similar items using image recognition software.”
- “Artificial intelligence is demonstrating its worth quickly for Wickes Building Supplies Ltd., a U.K. home improvement retailer.
- Less than three months after deploying an AI-driven site search tool from Bloomreach, Wickes.co.uk‘s conversion rate from site search is up 15%, failed searches that return no product results are down 30% and there are 5% fewer exits after a visitor searches the ecommerce site,”
Digital Development Manager,
Wickes Building Supplies Ltd.