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The future of e-commerce: Personalization the next big thing

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If you were an e-commerce company, your key success metric is most likely conversion. This means every data on your shoppers’ behavior a key to optimizing the shopping experience. It may be challenging to collect all the data, processing them and analyzing to gain insights. However, you cannot ignore the massive opportunity it opens for you.

If you search the Internet, there are plenty of research reports on customer experience. Different organizations tend to report slightly different numbers on the factors. However, they all agree unanimously on one point. If you cannot provide your shoppers with easy navigation to the product they are looking for, then they will most likely leave your site. In addition, they will most likely purchase the product from one of your competitors.
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In our experience (in discussion with over two dozen e-commerce companies), we found that some of the main pain points the companies face today is

  • Inconsistent recommendation
  • Irrelevant search results
  • Lack of personalization

This is unfortunate, because e-commerce websites usually experience large volumes of events, activities, transaction, and clicks on a regular basis. That, in turn, is a lot of data about your visitors (who could become customers) and their behavior.

Know your customers

Knowing your customers is extremely important to run any business. For e-commerce companies, it’s a bigger challenge as the customer demographics are spread all over. Knowing what your visitors search for, how they interact with different categories, what kind of products they view and purchase is only the first step. Using the data and applying machine learning is a powerful and (decently) accurate way to understand your customers and guide them through your website.

The next wave to revolutionize e-commerce is personalization with its ability to generate a real-time profile of visitors. Rather than using only historical log data, the use of real-time data will be the main factor driving this revolution.

Real-time personalization

At IQLECT, we have been working on a sophisticated approach to e-commerce solutions using real-time data and real-time personalization use cases. Throw in that the capability of machine learning and predictive analytics.

Imagine being able to predict the journey your visitors are likely to make on your website and the product they are likely to buy. IQLECT’s e-commerce app is close to making that a reality.

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