Personalized shopping experiences
Up untill now, the key to success relied solely on offering at better product, quality and price. But we have come to a point in which product innovation is replicable and where you will always find a competitor with lower prices. In this new context, knowing your client and creating a personalized shopping experience for them becomes the only way to success and differentiation.
Welcome to the consumer age!
Working on the customer’s experience proves to be a titanic task for most companies, who generally lack the methodology and tools, which would allow them to advance in an orderly manner and be able to measure their results. There are many internal challenges that must be met to move forward in this area. Facing these challenges implies in many cases, changing a company’s culture.
Regardless, the benefits of Artificial Intelligence -both in the backend and in the shopping experience- is motivating these company transformations. The pace in which these transformations are taking place is parallel to the effectiveness and accessibility of AI Solutions, for businesses all over the world. Fashion retailers and e-commerce sites are investing in the power of big data and deep learning to better understand their clients and offer them the best shopping experience built on personalization.
AI, a fashion retailer and marketplace’s best ally
With time, Artificial Intelligence has been gaining more and more supporters within the fashion industry. For many retailers, integrating AI solutions to their platforms has become a top priority in 2017.
Being able to personalize an experience in real time, be it by product recommendations based off of visually similar items, automatically offering alternative products when the selected piece is out of stock, recommending outfits based on a client’s interests or trends and product availability, these are already indispensable requirements for retaining customers. These types of solutions not only offer memorable shopping experiences, but also translate on to sale increases.
According to a study by Wide Eyes Technologies, the brands who have invested in AI solutions have seen an increase of 45% in sales conversion rates and a 37% increase in AOV. These same brands also noted that by simply showing clients the right products, site engagement has multiplied by 3.