Empower Your Business With The Magic Of Machine Learning!
- +30 210 9701777
- Aristotelous 83, Athens 163 43
- contact@mobiplus.co
Empower Your Business With The Magic Of Machine Learning!
We believe that more choice is more freedom for the customer to choose.
We don’t know clearly what products our potential customers want and so we give them 100 options to choose from?
We believe that the more choices we give them, the more they will buy and the more we will increase our sales!
They will get something out of all that we show them !
Right!
Let me give you a small example of the products we have from a medium-sized supermarket in the area.
280 types of biscuits
75 types of tea
230 types of soup
40 types of toothpaste
If you want to buy a fridge and you go on the internet you have
https://www.skroutz.gr/c/404/psigeia.html 1977 refrigerators
etc…
If you want to get a smartphone ? You have
https://www.plaisio.gr/smartphones 2459 products
https://www.you.gr/ 270 products
https://www.public.gr/ 434 products
https://www.skroutz.gr/ 1201 products
An average person makes 35,000 choices a day!
Now think back to the last time you bought something for yourself.
You certainly had great choice.
Now remember the product you wanted to buy?
65% of the time you looked it up on your phone!
Didn’t you have many options ?
Did you have too many options ?
After 2 minutes on the mobile ,it didn’t start to get tiring.
Especially if you got a message on messenger, or a phone call from the office, or the guy behind you honked the horn!
Did you finally get into the first e commerce browser site!
Maybe the product you first found on the e commerce site had many more features than the onces you wanted.
Many products look identical !
Was it difficult to put them next to each other, to put the characteristics of each one underneath and the price underneath so you can choose?
Or following that path, you started to get angry, and you chose with emotion!
or you said I will see it later when I go home ( or to the office ) from my computer.
Did you ever look it up again?
Your mind didn’t get tired of the choices you had.
Wouldn’t you prefer everything to be done faster and easier?
And suppose you bought it!
They brought home.
How did you feel?
Did you feel unsatisfied with your choice?
Did you have questions whether you made the optimal choice?
Maybe you weren’t happy!
That’s how your customers feel when you give them lots of choices!
If they end up buying from you, then they’re not happy.
Because with the plethora of choices you give them, they are not sure they made the right choice!
And they are disappointed!
In 2000 there was a famous experiment by Iyengar and Lepper ,Columbia and Stanford University.
In one supermarket, customers were given jams to taste as they entered the store.
A group of consumers were given to try free of 6 jars with different flavors, any one they wanted.
Another group was given 24 jars of different flavors to try.
Then they were given a discount coupon to buy discounted jams.
30% of the first group bought and 3% of the second group.
Huge difference.
That’s the difference in the drop in revenue that you get when you give a lot of choice to the consumer.
You make it hard to buy.
You make it very difficult for him to choose by giving him many choices!
The more choices you give him, the less likely he is to buy.
And the most important thing comes next!
If he ends up buying from you he is disappointed.
He is disappointed because with all the choices he had, and with a little dissatisfaction with the product (products are not period nor do consumers know exactly what they want) he thinks he made the wrong choice!
And that connects it to your business and product!
The striking thing is that few people know this, even though many studies and books have been written about it.
Famed psychologist Barry Schwartz’s book The paradox of choice explains it in detail.
You can also see it here in its presentation.
But leaders turn obstacles into opportunities.
By making your customer’s life easier you increase your revenue, and make them happy.
Artificial intelligence and prediction engineering provides a solution to the above.
Procter and Gamble found that by reducing the choices available to the customer and guiding them through the buying journey increases revenues by 25%.
It therefore took away the cognitive load of the consumer’s choice . and helped him to reach purchase easily.
Use the purchasing data you already have in your business.
Predict what you customer will buy and recommend it
And lead him with a few steps into purchase.
In e commerce site or in your store.
Use artificial intelligence and recommendation engineering to predict what the customer wants and recommend it.
Use the data you have the data from thousands of purchases in the past,
At the time of purchase the consumer goes in and looks for shoes.
Use the data you have from your purchases so far in your e commerce site and using recommendation and predictive analytics and find that this kind of customer ,at that customer journey stage that is usually buys socks.
So recommends that she buy socks along with the shoes.
This is a simple example that along with the shoes go socks.
But what you can find from the data you have will impress you.
You might find that by buying this kind of shoes you would also like a jacket?
The shopping data and shopping attributes you have in your shopping cart are stored in your database .
or your ERP and it can help you increase sales by 30%
Most important of all is to bring the customer back into the business.
In e commerce site or in your physical store.
Using the shopping data you have on your e commerce site and in your ERP you can predict what his next purchase will be.
Artificial intelligence and recommendation engineering gives you that ability.
Then you recommend the products on his email or mobile phone .
And you bring him to the e commerce store to make the purchase.
Also with the mobiplus application you can have additional shopping preferences of your customer, thus increasing your revenue.
Also when he is near your store the application mobiplus notifies him about products, prices, offers, new arrivals that he wants to buy
Artificial Intelligence with the mobiplus shopping recommendation platform can help you predict what customers will buy and recommend them.
You can automatically understand the new situation they want to go to and help them get there.
You can predict what experience they want in the next period of time and give it to them.
And make them happy.
To learn how the top companies in the world increase revenue up to 30% existing customers read the book below.
mobiplus member Elevate Greece
Confirmed Innovation.
Test out the Recommendation Engine for up to 20.000 euros in revenue from recommendations. No credit card required. Just enter your company information and we’ll contact you with all the details.
