The Impact of Coveo AI at Leading Retailers
Discover the difference Coveo’s ecommerce AI can make on your business. From a decrease in bounce rate to an uplift in search conversion and revenue per visit, leading retailers are seeing an impact on their key ecommerce performance metrics by integrating Coveo’s AI-powered enterprise search solution.
Ecommerce is a wildly competitive industry, and in order to stand out, your site needs to provide the best user experience possible. But easy navigation isn’t going to be enough. To convince online shoppers to come to your ecommerce store over your competitors, your ecommerce site needs to be equipped with AI that aids in product discovery and uses visitor data to construct an onsite experience unique to that customer preference. If users can’t find what they’re looking for quickly or they don’t see personalized product recommendations or suggestions, you’ll lose their business to a competitor who can provide them with a better user experience.
An AI platform that offers smart recommendations and onsite search provide a better experience for your users, giving them a smoother path to conversion. When your artificial intelligence can anticipate customer preference using data and present them with relevant suggestions or offers, it removes barriers between online shoppers and their goal on the site, making them more likely to find what they want and convert. Search use often indicates higher user intent on a site, so optimizing search results and suggestions promote a higher conversion rate. When visitors find what they want sooner, it improves customer engagement — decreasing bounce rates.
Ecommerce AI and machine learning both help you to present the right products to visitors at the right time based on their behavior on the site and learned visitor behavior over time. If a user is looking for shoes and adds a pair to their cart, your AI system can recommend socks, or other items to “complete the look.” These specific recommendations make for a better shopping experience and they get better over time with machine learning. This use of AI can help to increase the likelihood of visitors adding additional items to their cart which increases order value.
“We see our shoppers finding things in new, interesting ways because of the recommendations”
–Senior director of innovation and experience design at Hearts on Fire, a diamond retailer
Data-based product recommendations and personalized search results are powerful tools for increasing order value. Based on customer behavior and onsite and offsite customer data, an intelligent AI system can suggest products not only based on what's most popular but based on their unique digital footprint. Providing a more personalized experience ensures return visitors as well. In fact, 90% of shoppers express that they would come back to a site with recommendations personalized to them. Using artificial intelligence to deliver personalized experiences is a proven way to increase revenue and customer satisfaction in the ecommerce industry.
“[Coveo] Qubit is a key technology for us to understand, segment, and personalize the visitor journey to millions of customers.”
-Head of Customer Experience, RIVER ISLAND
