For retailers in today’s market, the rise of e-commerce provided an unprecedented opportunity for businesses to analyze consumer behavior and enhance the customer experience like never before. For most of these retailers, search is a key aspect of that experience. So, in today’s environment, successful companies are reaping the rewards of investing in machine learning to improve search.
In Bank of America’s latest whitepaper, the financial giant explores the value of machine learning and how the information is integrated into a comprehensive strategy that refines the online search and tailors the 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
- Clean your product data automatically
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 all aspects of business strategy when considering the key steps.
Bank of America 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 in their latest whitepaper. Click here to read the key principles in depth to take your knowledge of machine learning to the next level.
Making the Most out of Data
As investments in machine learning continue to expand as we progress into the middle of this year, e-commerce companies that fully harness the power of data in order 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 e-commerce success, but it is only useful if it is accurate, clean and harnessed to inform and guide new business strategies, decisions, and investments.
Gaining a Machine Learning Advantage with Bank of America
By introducing key principles about optimizing machine learning processes, the ability to handle and use data to an advantage will be much easier for businesses to master during their period of growth. Bank of America provides the necessary advice and information to do just that in their latest whitepaper.
As we know, customer experience is essential to the survival of a business in any industry. In their new whitepaper, Bank of America points us in the right direction curate effective experiences that meet customers’ ever-growing expectations for relevance and personalization, which are only achievable through machine learning.”
If you are wondering how you should apply the steps to successfully implementing machine learning to create a better search experience for your customers, do not miss out on Bank of America’s new whitepaper How machine learning can help you create a better search experience for customers.
ABOUT DIGITAL RETAIL TRANSFORMATION ASSEMBLY
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.