AI-Powered Solution Helps Deliver Relevant Buying Experiences, Driving Business Growth
Coveo, the experience intelligence platform leader for enterprises, announced Coveo for Commerce, an AI-powered solution that will drive the next era of personalized, profitable omnichannel customer interactions. Coveo for Commerce enhances product and content discoverability, detects buyer intent, and automatically merchandizes personalized product recommendations that make business sense.
“Research indicates six in 10 customers expect personalization as a standard of service. Yet only 3% of brands report that they have full omnichannel personalization”
“The experience economy is built on data and AI. Tech-first companies have trained people to expect personalized, relevant, and unified experiences. With Coveo every business can be an intelligent experience leader,” said Coveo Chairman and CEO Louis Tetu. “But personalization alone is not enough; businesses also want to increase the profitability of their customer lifetime journeys. Coveo for Commerce enables businesses to do that elegantly, and compete in the data and AI take-all economy.”
Organizations using Coveo for Commerce can elevate their customers’ experiences and – in the process – grow their businesses.
Harness all catalog content and product information
Coveo for Commerce connects and unifies product catalogs and product-related content to provide shoppers with comprehensive, relevant information in their shopping experience. Structured product catalog data can blend with unstructured content, e.g. community reviews and YouTube videos. Digital, eCommerce and marketing leaders can offer richer shopping experiences that combine information types to enhance the shopper’s journey.
Help shoppers find what they want, and what they need
If customers can’t find the products they’re looking for, fast, they’re not buying them. It’s that simple. Coveo for Commerce gives merchandisers the reassurance that everything in their catalog is searchable, and that the most relevant products are presented first – increasing discoverability and add-to-cart conversions. All this without the need to manually build rules for every possible promotion.
Understand buyer intent to predict what to offer
Shoppers provide clues to their intent at every interaction. Coveo for Commerce gathers those shopper signals, connecting the dots in the customer journey, and applies machine learning to automatically predict what is most relevant to each shopper. Coveo’s Automatic Relevance Tuning (ART) uses past behavior from all shoppers to predict the content that will be most useful to each new shopper in turn. And it is constantly learning – adapting to new trends and continuously improving. Each shopper’s experience is tailored to them, including highly individualized catalog search query suggestions, product recommendations, navigational facets and search results ranking.
Streamline the shopping experience
Retailers, distributors and brands with highly complex product catalogs can now help shoppers quickly find and select what they want. Coveo’s Dynamic Navigation Experience (DNE) applies advanced machine learning to automatically change the order of search facets, and facet values, based on shopper queries, to help them quickly narrow down results to the item they need. By presenting dynamic, intent-driven facets and values, DNE helps refine searches, find the right product faster, and increases add-to-cart conversion.
Optimize your digital business
Coveo recommends products not just based on the personal attributes of the shopper, but also on what makes profitable business sense. Coveo for Commerce optimizes in real time to increase conversions from products with higher margins, as well as promoted and highly rated products. Coveo unifies context and intent data content from multiple sources across the enterprise. Those sources, which include customer support cases and product reviews, inform better buying decisions and increase customer value from upselling and repeat buying.
Coveo for Commerce runs on the Coveo Experience Intelligence Platform, a multi-tenant cloud that connects the entire customer journey – from visiting the website for the first time, to purchasing, to interacting with an agent, to self-serving as a customer. More than 500 of the world’s most admired companies rely on Coveo to deliver effortless experiences that create real business value.
“Research indicates six in 10 customers expect personalization as a standard of service. Yet only 3% of brands report that they have full omnichannel personalization,” said Tetu. “Clearly, the time is now for businesses to invest in AI for commerce. We live in an AI-take-all economy.”