Artificial intelligence solutions are widely used in a variety of businesses. With opportunities they provide, it becomes possible to optimize processes and bring revenues to a new level.
E-commerce is not an exception. Lots of companies are now looking for ways to cross-sell and up-sell effectively. This is where an AI based recommender system can help.
As McKinsey reports have shown, 75% of content that Netflix users consume and 35% of products that Amazon users buy come from recommendations. After implementing a recommender system, Amazon reported a 29% increase in sales. Alibaba group managed to drive the conversion rates by 20% when it applied ML based recommendation algorithms to provide shoppers with personalized offers during the sales festival in 2016.
Actually, most online shoppers expect companies to provide them with personalized recommendations. According to Evergage, 56% of users will come back to the sites that offer recommendations again and again.
Wondering what kind of an intelligent recommendation engine to implement for your business? Or probably you are interacting with people who need to implement such a system? If any of these is the case, you definitely need to look through the possible use cases below.