Empower Your Business With The Magic Of Machine Learning!
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Empower Your Business With The Magic Of Machine Learning!
Most of us are busy, our lives are complicated, and we can’t spend all our time thinking and analyzing everything.
When we have to decide, we use simple rules (Rules of Thumb) to help us.
Although the rules of thumb can be very useful, their use can also lead to systematic deviations.
This awareness , was first developed decades ago by two Israeli psychologists , Amos Tversky and Daniel Kahneman (1974), and it has changed the way psychologists (and eventually economists) think about thinking.
Their initial work identified various rules of thumb and various biases!
Their research program has become known as the “heurestics and biases” approach to the study of human judgment.
So consumers do not buy rationally and need a little help to make important decisions.
Richard Thaler, of the University of Chicago, won the Nobel Prize in Economics for his contribution to behavioral economics – the subfield known for exploring how psychological biases cause people to act in ways that deviate from pure rational self-interest.
In his book Nudge explains how you can use Nudges to help them make better decisions for themselves.
You can download the book for free here.
They are techniques that can help e-shop customers to decide easily and stay satisfied with their purchase, returning to you again and again to enjoy the same experience.
The key finding is that consumers don’t like to think too much and usually decide quickly on their purchases, sometimes irrationally.
They use automatic thinking as it’s called (system 1) and they can very easily go to buy or not buy.
Here they want important help in choosing the product they have come to your e-shop or store.
The function to let him search to find the right one usually leads to not selecting a product and that’s why you see many visits and few purchases.
Here the nudge philosophy says that you have to have ready-made recommendations for them so that they are not searching.
Using Artificial Intelligence you can predict what each customer wants to buy and present it in the e-shop and in the store.
So have a personalized e-shop for each of your customers!
When he comes in he will immediately see products he is interested in , he will scroll and thus make his life quite easy.
In scroll you don’t think!
When you click on a product, below will automatically appear related products that he wants to buy.
These will be different for each customer, automatically in real time!
A next step is for some customers who get the same products every time,if you are a food company, you can have the order ready in the cart when they enter the e-shop!
Artificial intelligence with its mobiplus shopping recommendation platform can figure out using machine learning that you’d like a coca cola or something else and put that in the cart.
The way he understands this it is that he belongs to a cluster that would like that!
You can also explain it next to the cart..
I recommend coca cola…it will taste good with the above…
Here are three important benefits!
The consumer makes his life nicer having found a new experience that they hadn’t thought of and usually doesn’t take it out of the basket (loss aversion).
Comes back again to gain new experiences he had not thought of and becomes Hooked
To learn how the top companies in the world increase revenue up to 30% from existing customers using Recommendation Systems and Personalization read the book below.
https://mobiplus.co/ebooks/customer-rediction/
Another recommendation such as:
Good evening Vangelis….we recommend a sweet pizza….with these characteristics..
because we think you will like it very much…
There is a special offer for you today with 50%off.
It should be in the basket…
Loss aversion…
More general strategy to have the basket ready for him…to order with 1 click
Experience amazing flavours with us….
Let me choose…!
When artificial intelligence puts something new in the basket…
Today I have put the trufa sweet in your basket…
It tastes……blackberry…with hints of white cream!
It goes with the flavours….(product attributes) you prefer..
Anchoring
You will love it !
I’ve even put some parmesan salad on for you
Everybody gets it.
Heard mentality..
or
Many others with your own habits get it together !
The clusters will be found by the algorithms of the mobiplus shopping recommendation platform.
So when a new customer enters your e-shop you can pass him through a few options with 7-10 photos and you will automatically understand which cluster he belongs to.
You can tell him:
In our e-shop you don’t need to search!
We want to understand your wishes and then you will see products, offers, new arrivals especially for you!
And then you’ll have a personalized e-shop for him.
mobiplus shopping recommendation platform continues to work non-stop and automatically for you and tries to find out what the next product your customer wants to buy and be happy.
That’s why you automatically and in real time send your e-shop purchase data to your recommendation engine!
Behavioural economists suggest that you should present bennefits now and costs later.
That is:
Product with the best price!
Product with the best taste!
Most people get this!
Special offer for you!
It goes with what you like!.
Immediate Delivery in 30 minutes… Order Now !
Lartigiano increases revenue and cart using Artificial Intelligence!
See how he did it here!
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.
