AI tech leader, Argoid, delivered over 500 million AI-powered recommendations in 2022, boosting sales and customer engagement for ecommerce stores worldwide
In 2022, eCommerce solutions provider Argoid’s AI personalization engine served over 550 million recommendations, processing around 2 TB of data daily, resulting in an average 12x ROI for businesses across the globe.
The growth of ecommerce is closely tied to developments in AI, with personalization being a key use case.
According to industry research, personalization is one of the most effective ways to drive customer loyalty and revenue growth. In fact, a recent McKinsey study found that 80% of consumers are more likely to make a purchase from a brand that offers personalized experiences while 76% are frustrated when they don’t find it.
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“Numbers mean nothing unless they drive tangible business results such as increased customer loyalty, conversion rates, and revenue. Personalization is better customer experience and better business.”
— Gokul Muralidharan, CEO, Argoid
Imagine that a customer visits your online clothing store with a vague idea of what to buy. Your store offers a plethora of options but not all are relevant. How can the experience be tailored to the customer’s preferences? Personalization solves half the problem but in order to make a difference to your bottomline, it must be scalable. It must solve the personalization problem for millions of shoppers in your online store.
The only way to build such individualized experiences at scale, is through AI, and that’s why it’s crucial to the future of ecommerce. 550 million recommendations would have been unheard of a few years ago, but that and more are a possibility today.
Many eCommerce businesses still struggle to implement effective personalization strategies due to a lack of expertise or resources. Businesses can leverage powerful algorithms and machine learning to generate highly relevant product recommendations, and personalized shopping experiences that drive customer engagement and loyalty.
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Argoid’s AI personalization engine uses only first-party customer data to deliver personalized product recommendations in real-time to millions of users. Each user is served hyper-personalized product recommendations at each touchpoint in the user journey. This web personalization solution delivers home page recommendations, product detail page recommendations, checkout and cart page recommendations. They are also effective as upsell and cross-sell, making it a win for customers and the business alike.
Personalization in eCommerce benefits businesses in a variety of ways, from increased conversion rates to improved customer retention and higher average order value. As the eCommerce market continues to evolve, businesses that invest in personalization, especially AI-based, are likely to gain a competitive edge and build lasting relationships with their customers.
