AI-powered search engine for ecommerce says that the current ecommerce game is sink or swim. GroupBy. The firm intends to offer retailers and marketers a way to stay afloat.
GroupBy will hold a panel discussion online on Thursday to help bridge the gap between merchants and consumers.
The focus will be on retail strategies that drive sales and improve the customer experience. Critical approaches include:
- How companies can make better use of artificial intelligence to run their businesses and create a better customer experience;
- Why e-commerce stores must combine their omnichannel experiences and personalization for their customers to get true value;
- Achieving a balance between AI-based intervention and manual intervention
- How to ensure a stable revenue stream for a business to be future-proofed;
- Why modern retailers are moving away from rule-based merchandise to revenue-generating merchandise.
The 45-minute discussion “6 Key Strategies for E-commerce to Bridge the Gap between Consumer and Merchant” begins at 1 pm on Oct. 12. ET / 10 a.m. PT. Registration is free.
Presentation Preview
The panel will be moderated by Kole McRae (Business Intelligence Manager at GroupBy), Arv Natarajan (Director of Product at GroupBy), and Brendan Witcher (Vice President and Principal Analyst at Forrester).
We asked Natarajan if they could share some of the material that will be presented in advance.
E-Commerce Times – What’s causing a gap between consumers and retailers in e-commerce?
Director of Product
Arv Natarajan Some retailers are still doing what they’ve always done, despite the changing expectations of consumers and the technological advances. It is important to note that if you fail to adapt, you may fall short of these expectations.
Today, retailers are too busy to strategize. Today, retailers are so busy maintaining their daily activities that they have no time to strategize.
This is particularly true for teams that spend hours manually defining rules for searching for products. The consumer’s expectations and wants have changed since they were focused on the task at hand.
What marketing or shopping trends contribute to this gap in sales?
Natarajan: The growth of online shopping and the influence from retail giants, such as Amazon, set the standard for the experience. It has been hard for retailers to keep pace with the increase in online shoppers, while improving their online experience.
How can brands leverage AI to improve customer experience?
Natarajan: AI can be a game changer for retailers. Their teams can now spend their time more on strategic activities, instead of the daily tasks they used to do.
This allows retailers to create efficiency without removing the human element. AI can increase efficiency and productivity but cannot replace humans.
Why should ecommerce retailers personalize their omnichannel experiences to offer true value?
Natarajan: Personalization must be expanded beyond product recommendations. It is a single application. Personalized experiences are really about creating relevant and value-adding experiences.
The customer expects to receive personalized recommendations, whether on the retailer’s website or the app. Omnichannel is about providing a consistent customer experience across all channels.
How can retailers do this as the holiday season approaches?
Natarajan: First, retailers need to ensure that all of their channels are using the same data. This is inconsistent when brick-and-mortar shops use different inventory from their online stores. Customers will be frustrated if the website uses a different set of customer data from the app.
It’s not something that can wait. Now is the time to embrace new technology. The brands are already falling behind.
Why do modern retailers switch from rule-based merchandising to revenue-generating merchandise?
Natarajan: The labor-intensive nature of rule-based merchandising reduces the time that merchandising departments could use to focus on other tasks like improving processes or researching new technologies. Revenue-based merchandising requires retailers to devote most of their time and resources to tasks and opportunities which bring the most value.
What are some of the benefits and drawbacks to not switching?
Natarajan: There is an initial investment and a period of learning as teams make the transition. The long-term advantages are substantial.
The technology is accessible to all. The second benefit is that merchandising departments can focus on revenue-generating activities such as expanding their catalogs or improving campaigns, instead of spending their time fixing search engine shortcomings.
What should marketers and retailers know about AI to use it properly?
Natarajan: AI-first is different from AI-functionality. Many platforms and technologies claim to be AI but only one or two elements are actually AI-driven.
AI-first products are built around AI capabilities. Google’s deep search data, Google Shopping and its advanced understanding of context and user intent are the key factors in GroupBy. The engine can be automatically tuned to optimize business goals.
