MONTREAL, June 29, 2021 (GLOBE NEWSWIRE) – Coveo, a leader in relevance platforms that transform search, recommendation and personalization in digital experiences, today announced a set of new features in the Coveo Relevance Cloud ™ to help ecommerce providers overcome A common hurdle in creating relevant web interactions, especially for cold start buyers: lack of data.
Many merchants face two key e-commerce challenges: product ranking and personalization for new or unfamiliar users. The first challenge is how to get new products to rank properly, as new products that haven’t been viewed often rank at the bottom of long lists – not making it to the top unless the merchandiser does. stimulates them physically. The second challenge is becoming increasingly prevalent, as shoppers choose to shop anonymously or return to sites long after associated cookies have expired.
The Coveo Relevance Cloud uses AI, machine learning, deep learning, and data to help make every customer interaction more relevant. The platform collects signals from all digital interactions around each customer, finds insights using AI, then adds relevance to search results, recommendations, and personalization. The platform uses all this intelligence to make every digital experience more relevant to every shopper or buyer, helping to improve key metrics like cart conversion rate (CVR), average order value (AOV) and ultimately , the gross market value (GMV).
Cold start resolution
Coveo’s new ability to customize as you use the relevance cloud leverages machine learning to help deliver personalized, real-time recommendations for anonymous shoppers without large amounts of data or segmentation rules, much like a salesperson would look for visual clues from a shopper in store. Coveo can learn in just a few clicks and react to the buyer’s current intent with predictive query suggestions. Retailers can now aim to offer personalization without the need for segments, profiles, user IDs or high volumes of data.
Customization as you go is the culmination of years of research by Coveo data scientists, whose work has been endorsed by the peer group of the research community at large.
“Most e-commerce businesses don’t have huge amounts of transactional data. So we wanted to see what information we could find from scattered data. Our methodology has proven that a wealth of data is no longer a prerequisite for a great e-commerce experience, ”said Brian McGlynn, general manager of e-commerce at Coveo. “With intention-aware machine learning and predictive query suggestions, e-commerce providers can better understand their customers with just a few clicks. “
New or improved features
Other capabilities now available in the Coveo Relevance Cloud that are important to e-commerce practitioners include:
- Recommendations to buy again: Support customer satisfaction by simplifying product redemptions for loyal customers with new buy recommendations. Automatically recommend previously purchased products by propensity to buy again.
- Headless controller for product recommendations: Launch all recommendation strategies, from cart recommendations to frequently viewed ones together, faster with a dedicated developer headless controller.
- Intelligent catalog indexing: Simplify catalog integration management for search with automatic optimization, and avoid complex nests and joins.
- Rich business analysis and attribution dashboards: An all-in-one home for the most critical business metrics and visualizations. Identify trends and quickly see which improvements could have the most impact. Track business results and metrics including conversion rate, average order size, average revenue per unit, and average order value.
- Access to the Snowflake reader account: Seamlessly integrate Coveo data into an existing Snowflake database without the need to configure automated extraction. Connect directly to live usage analytics instead of relying on manual CSV exports.
For more information visit www.coveo.com/ecommerce
We believe relevance is key to winning in the new digital experience economy. Coveo is an industry-leading AI-driven relevance platform. We aim to enable our customers to deliver the relevant experiences that we believe people expect in the new digital economy. Our native multi-tenant SaaS platform injects search, recommendation and personalization solutions into digital experiences. We provide solutions for e-commerce, service, website and workplace applications. Our solutions are designed to deliver tangible value to our customers by helping to drive revenue growth, reduce customer support costs, increase customer satisfaction and website engagement, and improve skills and employee satisfaction. Our AI powers meaningful interactions for hundreds of the world’s most innovative brands and is supported by a vast network of global systems integrators and implementation partners.
Coveo is a trademark of Coveo Solutions Inc.
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