giosg Blog

How to increase conversion rate with simple real-time analytics and machine learning

Posted by Kimi Tiinus on January 8, 2019

Are you interrupting your online visitors - or are you leaving them hanging? 

Most industries working with large amounts of data have already recognized the value of AI and machine learning technology. By using machine learning algorithms to build models that uncover connections and identify important insights in data, companies can make better decisions without human intervention. This means that companies can work more efficiently and gain an advantage over competitors.

Ecommerce websites can use real-time analytics and machine learning to recommend visitors items they might like based on their buying history – and to promote other items they could be interested in. And, this ability to utilize the data collected to provide even more personalized shopping experiences (or implement targeted marketing campaigns), is the future of retail. Visit any major eCommerce sites and you may notice that this future is already becoming a reality. 

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AI Trends of 2019 and Beyond

Posted by Kimi Tiinus on November 6, 2018

AI has not yet reached the point of being a mainstream phenomenon and still needs a fair bit of elaboration, but it's certainly getting there. When that time comes, companies will need to be ready to compete in a digital environment where adaptation to AI is a prerequisite for all. For that exact reason, we compiled a list of the upcoming AI trends to give you a head-start, provide you with insight into the AI industry and prepare you for what's to come in the world of AI not only for 2019 but beyond.

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5 impressive AI applications in use today - from cucumber sorting to emotion detection

Posted by Nea Bjorkqvist on October 24, 2018

AI is being used in so many impressive, creative and beneficial ways across pretty much every sector out there. The common denominator, regardless of industry, is that AI often works behind-the-scenes to optimise operations, helping us work more efficiently and make better decisions. To the extent that, more often than not, people aren’t even aware that AI is working its magic to deliver better experiences. 

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AI, Data and Transparency - opening the lid of the algorithmic black box

Posted by Nea Bjorkqvist on October 17, 2018

Investment in AI is showing no signs of slowing down - actually it's quite the opposite. Companies clearly see and understand the importance of optimising business operations and are not shying away from using the latest technologies. In fact, in a 2018 NewVantage Partners survey which surveyed Fortune 1000 business and technology decision-makers, virtually all respondents (97.2 % to be exact) indicated that their company was already investing in Big Data and AI. 

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Will AI-powered chat or chatbots replace human jobs and how far should self-service go?

Posted by Niklas Vernersson on October 10, 2018

The term artificial intelligence (AI) was first introduced a while back in 1956 by John McCarthy known as “the father of AI”. Since then, and especially in the 21st century, discussions have generally been split up into two categories - opportunities and threats/fears. And whilst the title of this article suggests the latter, the intention here is to walk you through the pros of AI and the ways in which AI-powered chat can work in tandem with humans to help them be better at their jobs, more efficient and allowing them to focus on those tasks that really need that human touch.

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How to get started with AI - as told by our AI expert

Posted by Kimi Tiinus on October 4, 2018

“It's so simple and easy to use, it requires no IT or implementations to your own systems, and when you think about a basic marketing budget - it costs mere pennies.” - Minsu Rauramo on AI at giosg

We conducted an interview with Minsu, our AI expert, to show you that implementing AI into your business can be a walk in the park. Whether you're a business owner, marketing or sales specialist - this blog aims to demystify AI by pulling back the curtain and providing you with practical insight to help you get started.

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When AI met Website Design - Pairing up concepts to reduce your website’s bounce rate

Posted by Kimi Tiinus on September 5, 2018

Right now, you probably have a bunch of different tabs open on your computer or your phone. If you’re searching for specific information, you probably go to the browser bar rather than reading through the site you’re already on. You may already have the information on one of the tabs, but why bother when a quick search gives you faster results.

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Alexa, please find me the cheapest flight to Hawaii in September.

Posted by Senia Williams on August 21, 2018

The new technology wave in the travel industry 

The modern consumer craves experiences carefully tailored to their preferences, I am a big fan of being able to save my favourite homes on AirBnB or read reviews of people like me in Booking.com. I want recommendations of cool restaurants for my upcoming trip and promotional emails for discounted flights to places that I visit regularly. Technology is enabling brands to deliver these increasingly personalised experiences, but more specifically, technology in the form of artificial intelligence (AI).

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Beyond the brochure - Using tech to captivate potential students

Posted by Senia Williams on August 16, 2018

 

Choosing a university is one of the most difficult decisions for young adults. It’s often the first important decision they make by themselves, and it can be quite a nerve-wrecking process. Googling “Which university should I go to?” gives you 734,000,000 search results. Quite overwhelming when trying to make one of the biggest decisions of your life. The process can be even harder for international students trying to navigate a different education system without help or advice.

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Why use dynamic business goal approach - in football terms

Posted by Kimi Tiinus on August 8, 2018

Business goals, football goals, life goals, the list goes on. Goals belong everywhere. In an online business environment goals tend to be total online visits, bounce rates, CTRs and total engagements among others. However, have you considered what goals are actually relevant to you?

Following these generic goals does benefit your business, but they are just the tip of the iceberg. Following numbers for the sake of it seldom pays off, so let’s explain why a dynamic business goal approach is the way to gain competitive edge - in football terms.

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Real Estate's Kodak moment

Posted by Senia Williams on August 1, 2018

PropTech - does it ring a bell?

It’s a fact, as a traditional real estate player, you are already losing rentals, house sales and valuations to PropTech companies.

Much like in all other industries, technology is revolutionising the property space. New technology companies, free from legacy systems have started to pop up, ready to improve a dated, difficult and often daunting purchase journey

Fortunately, real estate incumbents are not yet at a Blockbuster, Blackberry or Kodak point of no return. Yet, it is no longer enough to post a house on Rightmove or wait for a potential seller to reach out to you for a valuation.

As an established player, you have the chance to catch the technology wave, you have the experience, the reputation, the customers- so why let new players snatch your hard-earned market share?

 

 

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What is Artificial Intelligence ?

Posted by Emmy Sevón on July 11, 2018

A report released by the Finnish Ministry of Economic Affairs and Employment states that 15% of today’s jobs will be replaced by Artificial Intelligence (AI). At giosg, we actually think the percentage will be a whole lot higher. However, new jobs will emerge and with AI taking over your everyday tasks, you'll have more time to innovate or do whatever it is that you like to do. The term Artificial intelligence frightens some and fascinates others, this is no surprise since we naturally fear the unknown. 

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giosg & Netflix behaviour prediction model

Posted by giosg support team on June 4, 2018

[A summary of a presentation titled 'Tavoitteellinen Chat osa 2: Kohdentaminen, mittaaminen ja tekoäly` at a seminar event on the  27 of April 2018 in Helsinki by Otto Nyberg.]

Is AI better at decision-making than people? Maybe…it’s logical, it doesn’t complain, it can sift vast amounts of data and make automated, information-driven decisions and it doesn’t get tired. AI is an automated assistant that does the work of a small army of analysts, and does it better. So how does it work, how does AI help us making those difficult decisions?

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Goal-oriented chatting is built on Goals, Rules and Reporting

Posted by giosg support team on June 1, 2018

Goal-oriented chatting is more than just live chat, it’s building a strategy of goals and measuring results to keep growing your business. So what is it?

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Recap from eCom & ShopTech expo: How AI-based targeting has helped Hobby Hall increase their online store's conversion rate [Speaker notes]

Posted by Kalle Mäkelä on March 22, 2018
[A summary of a presentation titled 'Digitaalinen Asiakaspalvelu - Case Hobby Hall' held together with SGN Group (incl. Hobby Hall) at Ecommerce + ShopTech event on 14th of March 2018 in Helsinki.]

Customer experience in an online environment is about service quality; how well you can meet your customer's expectations. Offering live chat service on a website has proven to be an effective tactic to attract leads and convert them into customers.  Still, as an eCommerce professional, you are also painfully aware of the cost of offering real-time personal support which is why you need to continually look for ways to target your sales and support efforts more efficiently.

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How we used AI to solve one of the most pressing daily needs: the coffee supply

Posted by Päivi Harju on October 31, 2017

Finland has been ranked number one among the countries that drink most coffee, and our Helsinki office is no exception. Our office practically runs on coffee and we take it very seriously. We brew a lot of coffee, around seven cups per person per day to be precise. In addition, our team is also particular about getting their coffee at its very best regarding optimum brew time and temperature.

The coffee supply had never been a bottleneck until we moved office to new premises little over a year ago. For, although our new office is otherwise a lot nicer than the old one, the downside was that most teams, consequently, lost direct visibility to the kitchen area and the two coffee makers. The problem was that in order to get the ‘current coffee availability status’, you had no other alternative than to walk to the kitchen and see for yourself. Besides taking unnecessary time and effort this frequently lead to disappointment and frustration as the coffee jug was often found empty.
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How machine learning fuels conversion optimisation [White Paper]

Posted by Otto Nyberg on July 25, 2017

When talking about machine learning in a commercial context, people often think that their conversion rate will increase just because advanced calculations relating to machine learning are being made in a server room. That is not the case. In order for machine learning to improve the conversion rate, there needs to be a complete use case where a machine learning algorithm figures out something interesting and the customer is able to use this information to their benefit.

In a standard example, you would have a treatment that has an effect of, let’s say, +10% on conversion if offered to every visitor. An example of this would be offering free delivery to every customer in an online store. If you instead targeted this treatment with machine learning, that 10% would set an upper limit to how much your conversion could improve. In the best case, we would find exactly the visitors that bought because they got that treatment and not offer this costly treatment to anyone else. This would land at the same +10% improvement in conversion. In such a case we would have optimised the benefit, i.e. minimised the expense while maximising the return.

In order to reach something better, you need a slightly different setup. If you had a treatment that has a positive effect on some of the visitors and a negative effect on others, you could actually reach a better conversion rate with machine learning than you could by offering that treatment to everyone. This would be a case where you reach some conversion rate precisely because you use it together with machine learning; a case where you could not reach the same conversion rate without machine learning.

- As it happens, this is precisely what we have done.

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How do chatbots work? – We got a chatbot developer to answer [Interview]

Posted by Petri Vilpponen on February 23, 2017

We sat down with Indrek Vainu who is the Product Manager at AlphaBlues, an artificial intelligence start-up that automates customer service with chatbots. Indrek answered some of the most common questions that we get from customers about chatbots.

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Why the chatbot hype will pay off this time

Posted by Petri Vilpponen on January 17, 2017


Computer-controlled bots who can communicate with customers. That has been the dream of customer service professionals for quite a while now. Corporate giants have been testing them since the last decade but so far, we haven't seen them implemented at scale.

Once again, there's an industry-wide hype around chatbots but this time, that hype will pay off. And there are two simple reasons why they will actually make it.

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How to increase conversion rate efficiently with machine learning

Posted by Otto Nyberg on September 23, 2016

Have you ever thought that instead of spending more and more money on trying to get website visitors back to your site once they have left, you could offer them better service in the first place?

Beyond the buzz, personalisation offers online retailers real potential. 86% of consumers consider personalisation to have some impact on their purchasing decision and businesses that personalise their web experiences see sales increase by 19% on average.

The definition of personalisation is changing continuously. For some time, personalisation signified exclusivity which has traditionally been expensive. However, rapid developments in technology have made personalised communications, products and services more affordable and accessible.

Offering different things to different people based on their known or predicted preferences may still sound like a lot of effort but this is where machine learning comes into play. Giosg Target, our machine learning tool, analyses hundreds of thousands of possible behavioural patterns and then decides how likely each individual visitor is to convert. Based on the information we collect, machine learning algorithms determine the optimal personalised intervention to maximise the chances of conversion.  

Next, we will look more in-depth into our approach and compare it to one of the most well-known cases of personalisation online: Facebook’s ad targeting.
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How to increase your conversion rate using real-time analytics and machine learning tools? [Video]

Posted by Päivi Harju on August 18, 2016

Most industries working with large amounts of data have already recognised the value of machine learning technology. By using machine learning algorithms to build models that uncover connections and identify important insights in data, companies can make better decisions without human intervention. This means that companies can work more efficiently and gain an advantage over competitors.

Ecommerce websites can use real-time analytics and machine learning to recommend visitors items they might like based on their buying history – and to promote other items they could be interested in. And, this ability to utilise the data collected to provide even more personalised shopping experiences (or implement targeted marketing campaigns), is the future of retail.

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How real-time analytics can help you recognize hesitant buyers

Posted by Otto Nyberg on February 29, 2016
As an E-commerce professional you are painfully aware of the fact that only a fraction of all your web store visitors will actually buy. Still, getting visitors to engage and follow a path to conversion is in the core of driving value to your web store.

While most companies track web store conversion, the diversity of possible factors affecting conversion, and it's evil twin, abandonment, makes it a difficult process to manage. A variety of online customer service tools exist today, but knowing which customers to approach is still difficult. Also, providing live customer service is valuable in many cases, but not in all. As customer service is also costly, the effort should be directed in a way providing best value.

So, how can you target your sales efforts better? By utilizing machine learning and real-time analytics!

This may sound like something out of a science fiction movie but the process is actually quite similar to human comprehension. Machine learning tools use data to detect patterns from extremely large data sets and then adjust actions accordingly. By doing this they also constantly learn more and improve their own understanding.

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