Conversion Rate Optimization (CRO) is the process of making small, methodical tweaks to your website or marketplace presence in order to improve the rates of conversion. This could be anything from changing the wording on your buttons to redesigning your entire layout. The goal is to find the changes that make the biggest difference in your sales.
But what exactly does it mean to use AI in conversion rate optimization, and why should you care?
The standard CRO process involves understanding which pages are converting the best, you can focus your efforts on optimizing other pages to behave similarly, and increase your Return On Ad Spend.
There’s one caveat though- CRO isn’t just about fixing one thing at one time. In an ideal world, that one minor tweak would change everything but in the real one, there are hundreds of variables to be considered, and tests to be run.
Enter- Artificial Intelligence. AI has the ability to make thousands of decisions every minute, backed solely by data, and of course, it never gets tired. This is where AI becomes a formidable weapon in the arsenal of any brand looking to optimize conversion rates, sell more, and build brand loyalty.
Here are a few ways to put AI on the job.
1. On-site Search Powered By Artificial Intelligence
Traditional on-site searches can often be rather frustrating and time-consuming. Imagine looking for a ‘shoe’ and finding new results, or being shown dresses when what you’d really like is jackets. It is quite difficult to find what you are looking for, and you do have to wade through many irrelevant results.
So, if you have been overlooking your site’s search functionality until now, it is time to make amends. The ability of your customers to find exactly what they are searching for is crucial to their overall experience and, ultimately, the conversion rate. They expect a superior experience compared to any other digital interactions that they have on a daily basis.
The integration of Artificial Intelligence within on-site search can significantly enhance your customer's journey by providing highly relevant and accurate results in a prompt manner. With natural language processing (NLP) and machine learning algorithms, AI-powered search can accurately interpret the customer's intent and context. Studies have demonstrated that the implementation of AI in on-site search can result in a marked increase in conversion rates of up to 216%.
2. The Rise Of Hyper-personalization: Its Role in CRO
Customers are becoming increasingly discerning in their expectations. In fact, according to an Accenture report, a staggering four out of five customers prefer to purchase from a brand that provides personalization, as opposed to those that disregard this critical aspect of customer service.
Personalized recommendations can turn out to be quite a big deal during the customer’s journey, as they account for over 31% of total eCommerce sales.
With personalized product recommendations, your customers will feel like you know them intimately - and that's a powerful thing.
But, how do we personalize? The Graas Predictive AI Engine can help you do just that- with a combination of machine learning and data analytics to understand customer interests, shopping patterns, and other relevant factors that ultimately decide what goes into the cart, in order to curate a highly-tailored selection of products that sync with these preferences.
The advanced technology behind personalized product recommendations takes into account diverse elements such as geolocation, best-selling items, new arrivals, and general web behavior to deliver an unparalleled, individualized shopping experience that is sure to drive conversions, foster customer loyalty, and ultimately elevate the overall brand perception.
Thanks to AI chatbots, you can even take personalization to the next level by providing recommendations in real-time. This means that your customers can get the perfect product recommendation tailored just for them, no matter where they are in the buying process.
Personalization can be demonstrated in most everyday things- notably, a study by Epsilon found that personalized emails had an open rate 29% higher than non-personalized ones, and a click-through rate of 41% higher.
Personalization isn't just all about making customers feel good. It's about making them feel like you understand them, and that understanding is the key to driving optimal business results.
3. AI's Crystal Ball: Utilizing Predictive Analytics To Convert Before The Actual Conversion
As the eCommerce landscape continues to shift and evolve, thinking about keeping your business afloat if not thriving can itself be an overwhelming task. Crafting an experience that truly resonates with customers is becoming increasingly crucial for businesses of any size, looking to gain a decisive edge in the cutthroat world of online retail.
Imagine being able to predict with great accuracy which product will be the most appealing to a customer belonging to a specific demography, at what time, and through which channel. This is the kind of precision that predictive analytics and hyper-personalization brings to the table, allowing for truly next-level customer engagement and conversion optimization.
For example, the Graas Predictive AI Engine can help provide precise insights for optimal inventory management based on purchase patterns, forecasting sales trends, and ensuring that inventory is optimized not just based on demand, but forecasted preferences as well.
What does this mean for a customer? It means being able to trust your recommendations, enough to make you their brand of choice. For growing brands, this means thinking about conversion not just as a tactical exercise to be carried out every quarter, but as a strategic imperative for success- customers buy from brands they trust, and the way to gain their trust is by knowing what they want, being there when they want it, and making the actual purchase process extremely smooth.
Get ahead of the game, and think about conversion as a journey that can be optimized and automated, mindfully. Give the Graas' Platform a try.
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