Avatria Convert Helps Improve Commerce Conversions
The online eCommerce landscape has become the land for big players like Amazon. Many retailers now, have to compete for those online dollars, by upgrading their digital stores so they are able to stay in the game – but what does it involve?
Chicago-based firm Avatria, recently launched Avatria Convert, which is now offering affordable machine learning services for midsize businesses and small enterprise players. Avatria Convert is a new platform that helps online retailers increase their eCommerce conversion rates by adding machine learning intelligence. Since its inception, Avatria has been developing innovative eCommerce solutions, working with major retailers like Discount Tire before launching its first product.
I reached out to Harry Thakkar, Founding Partner of Avatria, to discuss the benefits of Avatria Convert along with his vision of the upcoming trends and technologies in the eCommerce landscape.
In the press release you commented “What makes Avatria Convert so unique is its broad applicability. Our approach allows a wide range of companies to improve conversion quickly, affordably, across their site experience and for all of their customers.” Could you expand on the needs that you see in the market and how Avatria Convert will fill that need?
“In today’s market, research shows that customers rarely make it past the first handful of products on a page. Most customers don’t spend a lot of time looking through multiple pages of results or using filters to find what they want to buy. If customers don’t find what they are looking for quickly, they know that they can always go to Amazon or another large competitor to complete their purchase. The biggest players in eCommerce are already using strategies like personalization and machine learning to improve their bottom line. That’s where Avatria Convert comes in – not only does it make sure the optimal products are shown to customers at the top of every page, it allows retailers to level the playing field by using the same type of technology as the leaders in the space.”
Could you explain how machine learning benefits conversion rates in eCommerce?
“Our proprietary algorithm was specifically built with eCommerce in mind and takes over 40 different product, sales and customer behavior metrics into account. The algorithm is able to parse through large amounts of data quickly to identify any trends and patterns that exist on an eCommerce site. Ultimately, this helps boost conversion rates because the algorithm can accurately pinpoint the products that customers want and move those to the top of the page so they are easy to find and purchase.”
Where do you see the biggest trends and technologies to disrupt the way we currently view eCommerce?
“Machine Learning - Machine learning is becoming more prevalent in the eCommerce space, particularly when it comes to the areas of search, personalization, customer support and fraud. The capabilities enabled by this technology will improve customer’s online shopping experience while also streamlining eCommerce operations and allowing retailers to be more efficient.
Predictive Analytics - Closely related to machine learning, the impact of predictive analytics will continue to grow within eCommerce. While data collection and analysis has always been important for eCommerce sites, the ability to more quickly process large amounts of data and obtain actionable insights from it will help reshape areas such as inventory management and forecasting, dynamic pricing, and product recommendations.
Mobile and 5G - The shift to mobile usage for eCommerce is already well underway, and will continue to increase with the introduction of 5G networks over the next few years. With promises of speeds higher than 500mbps and low network latency, it’s likely that the usage of video will be more prevalent on eCommerce sites that it currently is today."
See Avatria Convert in Action
Features of Avatria Convert
Fast & easy setup – Unlike other conversion optimization software, Convert doesn’t require an extensive development project to get started. Convert uses the company’s existing data platform, allowing users to sign up and start seeing results within days.
AI-driven data analysis – As the amount of data companies have access to grows, the ability to perform manual analysis gets harder and harder. Convert’s machine learning technology crunches the numbers, putting state-of-the-art insights just a click away.
Automatic sites updates – Convert connects to the user’s eCommerce platform to deliver automatic updates, assuring that the best results are always in front of customers.
Benefits of Machine Learning and eCommerce for Businesses
Improved Conversion Rates – Optimized search results and category pages can greatly improve conversion rates compared to standard non-optimized pages. Personalized marketing campaigns can also increase conversion rates on advertising spends for email or display ads.
Enhanced Brand Loyalty – Customers that receive personalized recommendations may have greater loyalty to a store than other stores that don’t offer such recommendations.
Improved User Experience – Optimized search results help visitors quickly and efficiently find the products that they want to purchase, which improves the user experience and reduces the time spent on the site.
Fewer Fraudulent Transactions – Machine learning can help eCommerce stores avoid fraudulent transactions by recognizing risk factors before shipping a product.
Common Elements of Machine Learning & eCommerce
Personalized Product Suggestions – This element has become a natural part of many sites, and add tremendous value. Product page elements are composed of product information and ad’s put together by machine learning algorithms that produce personalized product recommendations.
Abandoned Cart Recovery Emails – It’s possible to increase your sales by implementing abandoned cart recovery emails. Carts that have been abandoned will be served back to them in their inbox. These emails can also include the same personalized product suggestions as on-site recommendations.
Search Suggestions – Retailers that have millions of product listings, machine learning becomes invaluable. When you land on a site and start searching for a product filtering might fail you, as there are still too many options to browse through. With machine learning, search results are ranked, taking into account many factors providing optimal personalized results.
Dynamic Pricing – Setting the right price for goods and services has always been the Achilles kneel in economics. Machine learning enables retailers to benefit from predictive models that allow them to determine the best price for each product or service. Machine learning continuously integrates new information and detects emerging trends along with new demands, thus staying on top of the pricing game.
Marketers today are pretty savvy, and are pay attention to what goes on their site and what customer want but they don’t always have enough data to make the optimal decision on how to focus their time. With the use of AI and machine learning consumers and sites can save a lot of time and energy with having the right information at hand and to make sure they get their share of online dollars.
“Convert product will likely expand into a suite of offerings for etailers and other digital outfits” says Thakkar. To learn more about Avatria Convert product please visit here.