A recent RichRelevance study into online grocery uncovered 59% of UK consumers and 63% of US consumers choose to shop online because of time saving benefits. Yet, for those of us with experience in shopping online, we know this isn’t always the case.
RichRelevance has uncovered through our experience working with a number of global grocery retailers, that there is a positive correlation between saving a grocery shoppers’ time and the ultimate size of their basket. The faster a shopper can locate the items they want to buy, the more likely the order will not only be completed but that it will be of a higher value.
In the first blog post of this series, we discussed how AI promises to finally deliver true personalization – individualized experiences created dynamically and at scale. In this post, we will discuss how marketers can apply AI to every stage of the customer lifecycle – and share stories of brands who have done it successfully.
We’ve spent a lot of time this year talking about powering personalization for the new Experience Economy, and the need for companies to rethink their core value in a world where companies compete on the memorable customer experiences they provide, not the products they sell. Now, we can add a new number to the conversation: $800 billion.
Google’s Kiran Mani dropped this stat during her recent Shop.org session on How Machine Learning Can Help You Deliver Better Customer Experiences:
Leading fashion brand, GANT has seen online sales improve by 15% since putting their trust in personalization.
GANT wanted to move away from a manual, time-consuming recommendations platform to improve their overall site experience as well as enhance their navigation.
There are two contrasting trends emerging in retail – fast and frictionless verses experiential and time well spent.
Recent technological advancements in retail have focused on speeding up the customer experience, making it as efficient as possible, especially around the checkout; as we’ve seen in the Amazon Go stores, where it’s been eliminated completely. In contrast, the growing experience economy has placed greater emphasis on the notion of ‘slow retail’ – slowing down the shopping experience by creating even more ways for shoppers to engage with brands in a way that goes beyond transactions to memorable experiences. Think REI and their in-store rock face or Sweaty Betty and their in-store fitness classes.
From UK consumers wanting more transparency from retailers about AI, to less than a quarter of companies reporting GDPR compliance post deadline, here are all the stats you need to know this week….