The $3 trillion global fashion industry is facing two very critical challenges – ever-changing consumer preferences and digitization. In today’s era, there has been a significant change in the way consumers find and buy merchandise. With access to a wide array of technologies at its disposal, consumers are more informed and less patient. They research products, compare prices before making a purchase decision. They are channel-agnostic and expect brands to give them similar experiences across channels. Today’s consumer is also very vocal about their views on a particular product or brand; expressing themselves on social media through product review and ratings too can influence purchase decisions. Digital platforms are increasingly influencing the way consumers make purchases, as a result, it is extremely critical for brands to adopt technologies to understand their behaviour and buying journey.
Unfortunately, physical stores do not give any visibility to brands due to limitations in understanding consumer segments, purchase intent and ultimately providing personalized recommendations that would improve customer experience. This is where brand eCommerce can play a critical role in bridging this gap and give brands a platform to engage with their loyal customers directly.
Brand eCommerce has several advantages. It allows brands to directly communicate with their customers and understand their tastes and preferences which would ultimately result in what it needs to manufacture. It assures consumers that they are buying authentic products that would improve customer loyalty and brand affinity. It can also be an alternative channel to marketplaces, where brands are more in control of their product offerings and discount.
With the introduction of Artificial Intelligence (AI) and Machine Learning (ML) into fashion eCommerce, brands have access to the same technology which until recently was available to only a few large marketplaces. At Shoptimize, we have pioneered the use of AI in brand eCommerce offering personalization which would lead to better user experience and ultimately, conversion. Let’s look at some of the ways in which brands can leverage the power of AI to drive revenue:
- Dynamic Messaging & Path-Based Alerts: Reaching the right audience with the right message at the right time, is the key to success for any marketing activity. The same is true for the experience users get on online brand stores. Using technologies like deep learning to identify user behavior patterns and reinforcement learning to identify better content, Shoptimize AI engine can dynamically deliver the most appropriate content to its users.
- Search Personalisation: Search is one of the critical components of any e-commerce website. For websites with a large catalogue, if the search engine fails to deliver accurate and relevant results, it is unlikely that users pursue buying in such stores. Intelligent search not only involves overcoming typos, but these systems need to understand the user context. Our AI-driven search not only enables context-sensitive search but it also considers user affinities and behavior to deliver highly relevant and personalized results.
- Smart Recommendation: Promoting your best-sellers across the website for all users does not help the cause of conversion optimization. Understanding user affinities and knowing what they are looking for in your online store is pivotal for merchandising. Our AI engine captures all the user signals on the website in real-time to generate personalized product recommendations.