Now Available: AI-Powered Product Recommendations For Magento
In March of 2020, ecommerce was up in the US by a whopping 25%. The reason for this spike is clear; the Covid-19 pandemic has forced people across the world to be in lockdown, and this has indirectly brought about more online sales overall.
Here are the main reasons:
- Customers have more time on their hands
- Many physical stores are temporarily shuttered
- People feel fearful to leave their house and prefer deliveries
This spike in sales has reinforced the already-clear upward trend of ecommerce worldwide, and the enhanced need for better search and product recommendation technology.
By helping online shoppers find what they are looking for, and being able to make ultra-accurate recommendations using the power of AI and ML, we are looking at a whole new level of potential revenue and sales.
All About Product Recommendations From Adobe Sensei
Being well aware of the developments in the industry, as well as the powerful technology that can be used to enhance all aspects of the online shopping experience, this platform has not disappointed its users and has remained at the forefront of the industry.
Adobe Sensei, a leading piece of AI-based technology, uses ML to help merchants build marketing campaigns with laser precision and predict customer behavior.
This technology is now available to merchants through the Product Recommendations feature.
Here are some of the most striking benefits of this feature:
- Customers can find more relevant products through automated recommendations
- Higher engagement is created through predictive analytics
- Conversion and revenue is increased, based on a higher level of relevancy from the early stages of the customer journey
Previously unheard of, even a small business today can use the power of AI, and have access to this cutting edge technology. In the past, one would need a significant budget as well as technical knowledge, and it simply was not an option for most online businesses.
This embedded feature, which is free for use for Magento Commerce merchants, will enable a streamlined workflow, with no coding knowledge needed. All data from the merchants’ product catalog is automatically synced and processed on the cloud, in order to carry out the analysis of shoppers’ behavior and create unique ML algorithms for each store.
The Role Of AI In Ecommerce
As we can see from the Adobe Sensei example, the applications of AI in the world of ecommerce are groundbreaking.
In the world of sales, the ability to predict customers’ behavior is the ultimate X factor, enabling merchants to tailor their offerings more accurately and make more sales.
In addition to the product recommendation feature described above, AI is used in various other ways in ecommerce. Companies like BigCommerce and Shopify are increasingly incorporating AI into the core of their offerings too, through some of the methods below:
- Dynamic Pricing - Automatically adapting pricing based on supply and demand. This AI-driven feature keeps prices competitive while maximizing revenue.
- Chatbots - Being able to engage with customers and simulate human service agents, the level of customer service that can be offered is enhanced based on the fact that there is zero waiting time, as well as accurate handling of queries and issues.
Predictive Analytics - Being able to predict your customers’ next move and behavioral patterns can have a major impact on sales.
IBM Watson Personality Insights
Other Business Acceleration Resources From Magento
In addition to the use of AI, there are many other features from Magento that will enable you to take your online business to the next level.
These add-ons are effective and well thought out, catering to the core needs of ecommerce store owners everywhere.
Here are some of the top picks:
- Magento Migration Loan - Partnering up with PayPal, the platform is now offering a loan to finance migration to Magento 2.
- Adobe Connect - For 90 days, users can enjoy free access to this tool in order to hold virtual meetings and conferences for up to 25 participants. This is especially useful in the midst of the Covid-19 crisis.
- Magento For Global Expansion - This feature helps users bridge over to an international presence, along with the Order Management and Business Intelligence features.
One of the reasons Magento is such a prominent ecommerce builder is due to its future-oriented approach.
By being in touch with what merchants and customers need, while staying ahead of the technological curve, they have made it clear that their intentions are to stay on top of the ecommerce game. They do this by providing the most cutting-edge offerings, with the crown jewel undoubtedly being AI technology.