For retailers today, the rise of eCommerce provides an unprecedented opportunity to analyze consumer behavior and enhance the customer experience like never before. For most of these retailers, on-site search is a key aspect of that experience. The most successful companies are reaping the rewards of investing in machine learning to improve on-site search.
In its latest Insight, Bank of America Merchant Services, a global leader in payments, eCommerce and security solutions, explores the value of machine learning, and how the information is integrated into a comprehensive strategy that refines the eCommerce site search and customer experience.
Optimizing Machine Learning in Your Business
When thinking about how to optimize machine learning in your business, it is useful to focus on these key principles that help ensure your machines are learning the right things:
- Clean your product data automatically
- Use behavioral data for seamless personalization
- Enrich machine learning with external data
- Enhance findability within search
- Leverage your data in real time for maximum value
For retailers, effective machine learning efforts start by keeping detailed and accurate product data. This approach provides a strong foundation for advanced analytics that can provide a clear view of product performance and customer behavior, which is information that can, in turn, be used to continually refine the search experience for customers.
In its Insight, Bank of America Merchant Services focuses on why it is critical your machines don’t learn the wrong thing, and why it is vital to understanding what it takes to improve search. Click here to read the key principles in-depth to take your knowledge of machine learning and its impact on the online customer experience to the next level.
Making the most out of data
As investments in machine learning continue to rise, eCommerce companies that fully harness the power of data to customize the shopper experience will be the ones that survive and thrive in the temperamental retail environment. By improving the accuracy of their data, modernizing search functionality and leveraging big data and consumer behavior, retailers can boost revenues, improve customer experience and differentiate themselves from their competitors in the marketplace.
Data is crucial to true eCommerce success, but it is only useful if it is accurate, clean and harnessed to inform and guide new business strategies, decisions, and investments.
If you are wondering how you should improve customer experience using machine learning, don’t miss Bank of America Merchant Service’s new Insight “How machine learning can help you create a better search experience for customers.”
C-Level experts from across North America’s retail industry are coming together in Dallas next August to anticipate the highly complex digital retail environment that will develop over the next few years.
Through a cutting-edge program designed by the industry, for the industry, we will provide a fresh and up-to-date insight to help move your organization to the next level of digital leadership. A series of executive education roundtables, keynote presentations, collaborative think tanks, educational workshops, and networking sessions will offer industry-specific topics and trends to ensure your company sustains its competitive advantage.