The e-commerce industry is predicted to grow exponentially in the next 5-10 years. Customer’s decision to buy products is driven by many factors such as relevance, customer service experience, promotions, etc. apart from just the price. To succeed in e-commerce space, companies should be able to deal with a large amount of data related to customers and tools & techniques to analyze that data for better decision making. Techniques used by many of today’s e-commerce companies are ill-equipped to deal with large data from varied sources. Because of this, e-commerce companies of all sizes face the challenges as listed below
- Improper classification of products and customers due to product complexity and large customer base
- Unable to target products based on customers’ buying habits for up-selling and cross-selling
- Ineffective marketing campaigns due to the lack of personalized customer marketing data
- Inability to recommend related products and accessories for cross-product promotion
- Lack of effective search functionality for finding products and converting them to a sale
- Unable to predict and handle customer churn
- Inability to respond to customer reviews for effectively managing customer expectations
Site Assessment Approach
Tech Vedika has devised a consultative approach to identify these problems and solve them. Tech Vedika’s e-commerce site assessment approach is done in four stages. The first stage is to understand e-commerce site pain points and business goals. The second stage is to assess the site using a questionnaire to understand the e-commerce advanced AI models fitment. The third stage involves preparing a recommendation file that includes return on investment (ROI) assessment. The last stage is implementing the recommendation. Below is the detailed diagram of our assessment approach.
Site Assessment Model
The following is the e-commerce site assessment model. The e-commerce site will be assessed across eight dimensions such as marketing campaigning, product & customer segmentation, up sell& cross-sell, churn, etc. and produce recommendations along with a detailed ROI report.
Once the report is done, recommendations will be matched with eComtics widgets and target KPIs will be fixed. eComtics is a unified AI platform for end-to-end eCommerce analytics for eCommerce companies. Once KPIs are fixed, features will be prioritized. Implementation road map will be prepared and phased execution of the roadmap will be implemented.
More about eComtics
eComtics combines in-built advanced AI models with multi-source customer and product data, unlocking meaningful relationships between customers and products to drive customer conversions and increase revenues.
With eComtics, e-commerce companies can maximize customer lifetime value by enabling them to fully know their customers and respond to them in real-time. eComtics powers superior user experience by engaging the customers on real-time and driving the traffic.
The best part about the eComtics is that e-commerce companies can integrate AI capabilities into their apps without writing a single line of code. eComtics widgets will power all the smartness – Sit back and enjoy.
eComtics platform goals
The goals of the eComtics platform is to use AI & Big Data technologies to address the challenges listed above of e-commerce companies through:
- Dentify accessories and related products for cross-product promotions
- Promote products from viewing history and products brought by similar customers
- Devise communication strategies that match the correct target customers
- Returns fast, exhaustive and relevant search results
- Understand the types of customers at risk of churning and strategies to prevent churn thereby increasing the customer lifetime value
- Auto classification on adding and removing products and product content changes
- Auto classification of customers based on demographic and psychographic variables
Measurement of ROIs by eComtics
- At the implementation stage, key KPI’s will be monitored for measuring the ROI
- Increase in number of revisits by the customers
- Increase in average time spent on the site and individual product pages
- Increase in average order per customer
- Decrease in cart abandonment
- Decrease in bounce rate
- Conversion rate of marketing campaigns to sales
- Increase in gross merchandise value and volumes
- Increase in gross profit margins
- Decrease in customer churn
Here is a sample of dashboard of eComtics monitoring key KPI indicators