Know Thy Shopper: Inside the RichRelevance Core Platform
Feature-richness in the ecommerce space has now become critical for today’s sophisticated shopper, who is presented with a multitude of sites that they can enter and abandon with mere clicks of a mouse. When an online shopper has a good first experience with a website, sixty percent of the time he/she will return to that website to buy more (“Trends in Online Shopping,” Global Nielsen Consumer Report, 2009). Amazon still leads the way in terms of product breadth, feature richness and depth of content available across eCommerce sites; consumers start at Amazon because they anticipate a positive experience at a good price.
Of the available features on the market—ranging from customer reviews, product recommendations, dynamic carts, transactional mail and so on—those that use technology supported by advanced analytics can deliver the most rich and engaging user experience. Without a platform of intuitive technology many features on a site become rigid—non-adaptable to users on an individualized basis and unable even to reflect macro consumer trends.
In RichRelevance’s latest tech brief (part of our Speak Geek series), we take a look at how our core technology, “ensemble learning,” addresses shopping behavior—using live data to flexibly adjust within the context of a particular site to the needs of each shopper. The technology provides a single, highly versatile platform from which multiple recommendations-based features can be built—one that encourages shoppers to linger longer on a merchant’s site, enabling retailers to build loyalty …important because sixty percent of online shoppers mostly buy from a single site—demonstrating a unique level of loyalty that online retailers need to capitalize on.