How Can AI-Driven Product Recommendations Skyrocket Your Conversion Rate & Loyalty?

Cortip > AI > How Can AI-Driven Product Recommendations Skyrocket Your Conversion Rate & Loyalty?

“A year spent in artificial intelligence is enough to
make one believe in God.” – Alan Perlis

As of this writing, Amazon is a $1.7 trillion company. And that’s not luck. If there’s one thing that sets Amazon apart from its competitors, it’s the tech and retail giant’s focus on delivering perfection. From its advanced A9 algorithm to streamlined retail chain, Amazon is eCommerce at its very best.

We hopped onto Amazon, typed in “smartwatch” and hit search. And here’s what the A9 put in front of us:

As you can see, the first two are sponsored ads. Whereas, the third and fourth ones organically rank at the top for the keyword “smartwatch.”

So – let’s click through the third listing (#1 organic rank):

Now, while Amazon’s focus is on selling this product, if you scroll down, you’ll see sections like:

Frequently Brought Together:

Products Related to this Item:

These aren’t random items that the Amazon A9 decided to throw your way. If they had focused on putting together random items, they would never have been a $1.7 trillion company in the first place.

Instead, these products have been deployed in a strategic and incredible manner. Amazon’s A9 knows that you’re looking forward to purchasing a smartwatch. And when you click on a certain listing, Amazon A9 seriously takes this into consideration – along with other factors – and based on this, the algorithm will put relevant AI-powered product recommendations in front of you.

According to a report, Amazon AI product recommendations result in 35% of the overall purchases. 

But – that’s Amazon we’re talking about. They have all the money in the world to build an all-powerful in-house AI. However, if you are planning to kickstart your eCommerce venture or already have one in place, building and investing in an in-house complex AI algorithm – may not be an option. It may cost you millions of dollars.

However, that doesn’t mean that you shouldn’t have a “Frequently Bought Together” or “Similar Products” section at all. In fact, these are important elements. But at the same time, you need to make sure that you’re putting relevant products in front of your consumers.

Imagine one of your consumers browsing one of your “leather gloves” product listing – only to find televisions or laptops in the “Similar Products” section. That’d lead to a poor user experience. 

Putting the right products in front of your prospects and consumers at the right time will help you enhance the user experience. With AI-driven product recommendations, you’ll be ensuring that your store visitors don’t have to do the heavy lifting. They won’t have to browse through a world full of product listings or use numerous filters to find that one product that they have been meaning to purchase.

By tapping into AI, you can build a personalized product recommendation system with deep-learning models, helping them smoothen the overall consumer experience. Streamlined consumer experience will ultimately result in a higher conversion rate and increased brand loyalty. And that’s what our world-class and ground-breaking AI-product recommendation tool can help you with.

With Similar Products, you’ll be saving millions – as you won’t have to invest in an in-house AI solution. We’ll do the heavy lifting for you – right from the start. 

This means – you can now enhance your customer experience with relevant AI-powered product recommendations at an affordable price.