- “Using Internet of Things (IoT) technology, connected devices and artificial intelligence (AI), the company is on a quest to turn cruise ships into “smart cities at sea.”
- The Ocean Medallion—“the most extensive experiential Internet of Things that’s ever been done,” according to Padgett—relies on 7,000 sensors placed throughout the multiple-decked ship. There are hundreds of miles of cables on the ship that support the technology. Every stateroom door and staff mobile device is also a sensor to enable the Internet of Things experience. Each passenger’s name is carved into a Medallion that’s connected to them, tracks their movements throughout the ship and works in conjunction with Ocean Compass, the app and service that displays personalized recommendations for every passenger on 4,000 digital interaction points from 55-inch high-res screens distributed throughout every area of the ship.”
“Nandan Sheth, Head of Global Digital Commerce at First Data stated, “Nearly $15 billion in ecommerce revenue is missed annually, because merchants haven’t had a reliable authorization optimization strategy,” “With our new Authorization Optimization solution, we’re providing our enterprise clients with powerful back-end support, fueled by industry-leading data intelligence,” he added.”
- “Yet with SAP’s 2018 Digital Transformation Executive Study finding just 3 per cent of retailers have completed digital transformation projects, most of which focused on efficiency and cost cutting, there’s clearly still a long way to go before brands successfully harness digital for more disruptive innovation in the retail experience.
- Again, however, only a small percentage of data is being used by retailers in decision making. While these organisations tend to collect as much data as they can, squirrelling away for future use, they’re still not able to ascertain its significance, Schneider agreed.
- An example is Adidas in Russia, which used existing cameras plus RFID readers and RFID tags on garments and products to improve real-time inventory accuracy in its physical store from 60 per cent to 99 per cent. Adidas is now looking to rollout the approach globally.”
- “’France-based Early Birds’ omnichannel personalisation offering and reach in the French retail market combined with UK-headquartered Attraqt’s onsite search, merchandising and internationalisation expertise, will offer retailers new, integrated shopping experiences and further opportunities for commercial growth.’
- Together with Attraqt, our investment in developing and deploying the best AI-algorithms alongside this newly gained layer of sophisticated search and merchandising will certainly drive new standards for ecommerce experiences for our existing and mutual customers'”
- “In the US, for example, ecommerce currently accounts for approximately 10% of all retail sales, a number that’s projected to swell to nearly 18% by 2021.
- Financial analysts predict the retail giant (Amazon) will control 50% of the US’ online retail sales by as early as 2021,
- In order to shift ecommerce from a product-centric to a customer-centric model, ecommerce companies need to invest in unifying customer data to inform internal processes, and provide faster, smarter services.
- Data becomes valuable as it provides insights that allow companies to make smarter decisions based on each consumer
- Data holds the key to this revolution. Instead of trying to force their agenda upon customers or engage in wild speculations about customer desires, ecommerce stores can use data to craft narratives that engage customers, create a loyal brand following, and drive increasing profits.
- With only about 2.5% of ecommerce web visits converting to sales on average, ecommerce companies that want to stay competitive must open themselves up to big data and the growth opportunities it offers.”
- “Chief Architect and Vice President of eBay AI and Platforms Sanjeev Katariya said AI is woven into all aspects of its platform and touches every experience within eBay.
- “We have over two decades of data and customer insights that we use to train our algorithms and make our AI smarter,” Katariya said. “Every time a user interacts with the marketplace, the AI learns and provides feedback so we can create a better experience.The advances have been accelerated by developments in deep learning that allows us — and others — to make longer strides in how we process data.”
- Of particular interest to sellers: eBay is using artificial intelligence in search, personalization, recommendation systems, and insights and discovery – as well as computer vision, machine translation, and natural language processing.
- “AI has become the key to understanding buyer behavior and removing friction to ensure we’re serving up the best experiences,” Katariya said.”
“A bounce rate is the crucial Key Performance Indicator (KPI) that can be determined by various e-commerce analytics tools like Google Analytics.
The graph below shows the benchmark bounce rates depending upon different website types including e-commerce and retail websites demonstrate the industry standard. Well, for e-commerce and retail websites, bounce rate between 20% and 45% is acceptable.
To combat high bounce rate, among the many tactics devised by digital marketers, eCommerce personalization stands out as a powerful solution.
1. Personalize Search Results
2. Audience Segmentation – Email Segmentation
3. Provide personalized products through E-commerce product designers
4. Using exit-intent popups on your e-Commerce website
5. Optimize your product pages
6. Provide overall seamless purchase experience
7. Using Geo-location services
8. Creating customer journeys
9. Dynamically changing websites
10. Implementing 1:1 Profiling
11. Deliver Weather-Sensitive Personalization
12. Retarget abandoning users”
“With Reflektion we actually boosted our revenue per visitor 8-9%, by showing other jacket colors and higher ticket items. With our old solution, we saw products recommended that weren’t really related to the product page you were on at all, usually what would show up were just top sellers.”
“According to Gartner, artificial intelligence is the technology that will have the most impact on commerce in the future. Their analysts say AI will predict and initiate at least five percent of digital commerce orders by 2022.“
© PESHKOVA – ADOBE STOCK
- “So anyone interested in CX trends should pay close attention to the latest Customer Experience Index report from Forrester Research. The annual survey asks nearly 120,000 U.S. consumers to rank 287 brands across 19 industries, focusing on how their company-specific experiences impact brand loyalty. The alarming surprise was that the aggregate measurement of customer experiences failed to improve, with more brands than ever ranked “mediocre.” Just 37 brands rose in the rankings; the remaining 250 stagnated or declined.
- With the advent of artificial intelligence (AI), companies can now improve CX by learning more about the customer and anticipating their needs. Many CX-focused brands are deploying artificial intelligence technologies strategically at key customer touch points.
- To illustrate what that looks like in practice, we’ve assembled five examples of AI-powered CX from five different industries—showing that 5-star customer experiences can be just an algorithm away for forward-thinking companies:
1. In retail, AI-enabled personalization unlocks access to the 1% customer.
Data shows thatthe top 1% of a retailer’s customers are worth 18x more than its average customer.
2. For a global bank, AI builds trust and loyalty.
Its approach was to leverage data intelligence into entirely new forms of customer contact.
3. For one airline, new data intelligence drives CX innovation.
Seeking to better understand its customer and, ultimately, improve its mobile app experience, the company deployed an AI and machine learning data analytics system that provided insight into customer behavior across digital and offline channels.
4. In entertainment, AI battles ticket bots.
Ticketmaster turned to AI to rewrite the rules using a machine learning system called Verified Fan
5. For one luxury hotel brand, new insight required new AI.
Until the luxury hotel brand Dorchester Collection did just that, creating a custom AI analytics system that is essentially a giant focus group operating continuously in real time.”