The popular terms “Personalization”, “Recommendation Engine” and “AI” have becoming a subject of some great market research projects. According to a study conducted by Salesforce in 2017, about 39% of revenue came from online shoppers who received personalized product recommendations. Personalized product recommendations mean 5 times more conversions. The study examined data from 150 Million shopping sessions.
The statistics around personalized eCommerce product recommendations are pretty mind-boggling.
- According to 86% of consumers, their buying decisions are impacted by personalization.
- About 73% of consumers would like to interact with brands who use their personal information for a better shopping experiences.
- 80% of consumers prefer emails with product recommendations based on previous purchases
McKinsey study reveals that personalization can deliver an ROI five to eight times on marketing spend and boosts sales by at least 10%.
GoLivMo’s recommendation engine (a combination of Data, User Preferences, Automated Marketing Systems and AI), improves conversions and eCommerce revenue for our Creators. Our system also emails shoppers with a reminder mail who abandon their cart without checking out; and offering them coupons to lure them to complete their orders (if applicable to Creator).
With LivMo’s AI-powered solutions, we can predict what users want, from their real-time on-site and data-learned behavior. The more a user uses the platform, the more accurately we can suggest your relevant experiences to them.
Recommend Products based on User History
- By displaying data-learned product recommendations according to the users’ recent history, we are reducing bounce rates and increase sale conversions for all Creators. When our recommended products reflect the tastes and preferences of our users, they feel understood and want to come back to us.
Recommend Products based on Similar Products / Keywords / Categories / Location
- Recommending similar products helps our customers find relevant alternatives, which matches their intentions and goes on to increase Creator's sales. When our users find similar products, they are more likely to continue with their sales journey – even when they are about to leave our site.
LivMo’s users love the personal touch and personalized product recommendations, giving them the convenience to find the experiences of their preference without putting too much effort. And you – as our Creator – can reap the benefits of increased revenue, better search rankings, reduced cart abandonments, and more conversions.
Hence, it’s time to get Personal!