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. 

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.

Customer experience through time- Where we are now and where we are headed

Posted by Daniela Huaman on September 13, 2018

We have been doing a lot of research around customer experience recently, really delving into into all things CX, not only defining concepts such as customer journey and touchpoints, but also figuring out ways for companies to deliver real and tangible experience improvements to their customers. We have also taken a long, hard look at how and why customers and their needs have evolved, and dared to make some predictions of where we think customer experience is heading.

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?

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.

How to serve better and sell more utilising visitor's shopping cart information

Posted by Päivi Harju on November 30, 2016

An estimate of 4 trillion USD worth merchandise was abandoned in 2016. Every time consumers are asked for a reason for this behaviour one of the most common answers is higher than expected shipping costs. What this usually means is that either lower or free shipping costs haven’t been offered in the first place, or the customer hasn’t qualified for them. Either way, this is a great example of a situation, which could have been turned into a victory quite easily. In this particular case, for example, by reminding the customer of a perk (e.g. free shipping for orders over 100 EUR).

Then, how to identify these situations so that you can give the customer a gentle push towards completing the purchase? Like discussed in our previous blog, there are four (4) conditions that e-retailers should pay attention to when trying to turn online visitors into customers. Visitor's shopping cart information is the first one of these. That is why in this blog we will focus on explaining how having real-time visibility of visitor's shopping cart size and shopping history can create a lot of opportunities for enhancing online customer experience and increasing sales.

Naked experience - the banking disruption in my pocket by Petra Mengelt [Guest post]

Posted by Petra Mengelt on November 16, 2016

For all of us at Giosg, it's a true honour to host Petra Mengelt from Euroloan, a seasoned expert of customer experience in the financial industry, on our blog. We have learned a lot from Petra while working with her and listening to her in various stages and conference halls across the Europe. We are sure that her words will shake up your expectations whether you're working to push the financial industry into an era of superb (digital) customer experience, or assessing the experience as the customer.


The Banker said “No!”

Remember the times when mum and dad were getting ready for a meeting at a bank back in the day? Is dad’s tie correct and mum’s skirt long enough? Do they look goodenough to make that critical first impression on the loan officer?What will he think when they arrive, hat in hand, to get the loan for the new appliance?

Immo at Banking Horizon: Contextual services in digital environment [Speaker notes]

Posted by Immo Salonen on October 20, 2016

A summary of a presentation held together with Danske Bank at Banking Horizon 2016 event on 18th of October 2016 in London. The presentation was about how online retailers can utilise partnerships and provide consumers with all the relevant services throughout the partner network. 

How banks can engage with customers and generate sales online

Posted by Päivi Harju on October 19, 2016

Like mentioned in a recent Finextra article, there’s one fundamental thing that separates banks from many other businesses; customers don’t want to do business with them. Customers don’t want a mortgage; they want a home. They don’t want a loan; they want a car, or a holiday trip, or something else. Banks for a customer are a means to an end. And those banks that get this also recognise that they need to be offering services beyond the banking product.

Then, how can banks offer services online? A typical situation now is that a website has been designed to bombard visitors with everything possible. Still, for example, new and returning visitors often have different kind of needs which means that it would be wise to personalise the offering to meet the customer's actual situation better.

The most important thing, when trying to engage customers online, is to take a look at what customers are experiencing and then think about how to get their attention and help them. One way to do this is to use different kinds of situational reminders, like personalised and informative banners or proactive live chat, on a company’s website.

Let us show you how!

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.

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.

How to push hesitant visitors into purchase

Posted by Petri Vilpponen on July 6, 2016

 

Hesitant visitors are thorns in the flesh of many eCommerce leaders. Around 35% of visitors bounce before getting even started. And out of those who get started, almost 73% vanish at the final strecth and abandon their shopping cart.

So, what can you do to help your hesitant visitors to overcome their hesitance - to push them into purchase? In this blog post we'll go over the two-step process of identifying them and choosing the right method to push them into purchase.

Why Shopping Cart Abandonment is Actually a Great Opportunity?

Posted by Immo Salonen on June 9, 2016

The brutal fact is that roughly 70% of shopping carts are abandoned and the number is most likely going to increase as more consumers shift to online and mobile shoppingBy 2018 the expected value of mobile commerce will exceed six hundred billion dollars but the difficulty is that there are numerous potential causes leading up to mobile conversion rates being even lower than with desktop shopping

This may sound like a challenging situation, but can actually provide a great opportunity for differentiation and competitive advantage if approached the right way. Because, no matter the channel, at the end of the day the problem usually roots in the same cause: Your online store fails to meet the needs of the visitor. As highlighted in this previous blog, most purchase funnels are still built on someone’s best guesses of an optimal path. And, this doesn’t really match with the expectations of today's customers as 70% of them say they want more personalized shopping experiences.

To succeed in the future, businesses need to rethink their customer experience. And what better time than now because getting into customer’s head and finding ways to analyze their behavior enables enhancements. And, a rich and personalized live customer interaction and showcasing products in more engaging ways also contributes to a better customer experience and to higher conversion rates.

How to Fight Against Shopping Cart Abandonment? - 3 Steps to Follow

Posted by Ilkka Vertanen on May 9, 2016

In a previous blog, we gave a real world example of what happens when the online stores' buying process does not match the buyer’s individual needs. In that specific case the problem and the reason for abandoning the cart - was the lack of insurance related information. Had the buying process been truly personalized for the buyer, he would have received all the relevant information about insurance at the very first step of the buying process. This is something that could have been easily accomplished. Making a pop-up  to inform a customer about something is not difficult, quite the contrary, we already have all the knowledge and tools to do it today.

Why is personalization the future of E-commerce?

Posted by Immo Salonen on March 23, 2016

What does personalization mean and why does it even matter?

Let me start with a real-life example. Couple of years ago a friend of mine decided to enter a triathlon race. That was not something I had ever dreamed of before, but since I have a relatively competitive nature, it didn’t take too long for me to jump aboard. If he could do it, so could I.

At this point, I was not concerned about the fact that to actually finish the race; I needed to improve my non-existing swimming skills significantly. Instead, I was determined to make sure that I have the best possible equipment for completing the task. The one thing I needed the most was a new bicycle.

I spent the next weeks searching for information and making comparisons online. All this only to end up going to a brick and mortar store to make the purchase. So, what exactly happened and what did the online store lack?

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.