Category: AI/BI

ChatGPT is the talk of the tech town as it has gained one million users in less than a week. ChatGPT is trained to understand what humans mean when they ask a question.

The question for you is how to leverage benefit of such AI based tools.

Well, let’s assume what if there is a bot that engages with all your customers as below.

Your customer will feel that you hired a real assistant to help him/her to purchase the right product.

Bingo! That’s were your sales can take upscale. Those visitor who were leaving your site without purchase will engage to this chatbots and you get a sales order which you were not getting earlier.

We can help you to integrate such kind of AI system in your website, WhatsApp, and on social profiles. And we noted increase in sales of ALL eCommerce sites where we installed such tools ,

If you are still not leveraging AI in your eCommerce and missing sales, then let’s talk about your eCommerce store today.

The Digital era has opened new opportunities for merchants to attract buyers and retain the existing ones. E-retailers always look for modern technologies to outpace their competitors and build customer loyalty.

Augmented Reality is one of the most promising technologies in the field of eCommerce. There has been a steady growth in the popularity of AR/VR. It has reached 9.4 billion dollars in 2017 and the combined AR/VR market is expected to hit 215 billion dollars by 2021.

Augmented reality uses different forms to promote the company’s products and services. 40 percent of buyers are more interested in products that offer an augmented reality experience. It provides a cohesive and interactive customer experience both in-store and online.

In this post, we have shared the top three areas where augmented reality can bring the most value to eCommerce businesses.

Product Visualization and Testing

Online store lacks in proper visualization when it’s compared to a physical retail store. Sometimes even high-quality product images do not showcase a product at its best whereas augmented reality easily erases this issue by providing reality-like visualizations and representing a product from a different angle. Thus, customers can clearly understand what the product actually looks like in real life, and also they can play around with products and test-drive them.

Ray-Ban, a well-known sunglasses, and eyewear brand uses AR and face mapping technologies to allow customers to preview glasses. Below is the image, you can see that customer creates a virtual model and then try the chosen glasses on to see how they will look on their face.

Product Modification and Customization

Augmented reality allows customers to customize their desired products. They can easily customize color, shape, dimensions, or any other characteristics in real-time. These kinds of changes are difficult in the physical store since the product model can be out of stock or unavailable at that moment, especially in the home and décor industry.

One suitable example is Ikea. Their AR-powered application, Ikea Place, helps buyers to visualize furniture pieces from any angle and put them inside actual homes.

Customer Engagement and Experience

Augmented reality allows buyers to interact with products and surroundings which gives them a new and immersive experience and also making the entire shopping process simple and more interesting. Customers receive a personalized approach as they can test different items on themselves. Together, it increases the conversion rates and also builds customer loyalty.

One such example is Sephora. Its Virtual artist allows users to apply makeup products on their face and this way they have a greater shopping experience.

Bottom Line

Augmented reality is the cutting-edge technology that is providing outstanding opportunities for enhancing customer experience and transforming the way we shop. It is rapidly touching many more aspects of our lives. If you are looking for optimized results for your online store, then this is the best time to go with AR technology.

Consult an experienced eCommerce development company, Mage Monkeys is reliable and have all the resources to provide solutions regarding eCommerce website.

Business Intelligence is playing an important role in the eCommerce industry and recently Magento has introduced its platform. So, now every online shop can take advantage of this valuable technology. Plus, Magento has managed to make BI as simple as it can be.

Magento Business Intelligence

The primary role of Magento Business Intelligence is to help businesses grow by making decisions based on data. Even though this sounds simple, this technology has incredibly deep and complex foundations.

How does it work?

Magento Business Intelligence uses data from a number of different and seemingly independent sources. In other words, this tool consolidates the data, makes sense of it, and presents it in an easy-to-understand manner. It is like having a team of dedicated professionals who work on improving your online business. Instead, this is a complicated algorithm that allows you to fully leverage the data that you already have at your disposal.

Magento 2 already comes with in-depth tools that analyze your customers. You can see the most valuable ones, their purchases, and their frequency of shopping. However, Magento Business Intelligence takes a bit more individual approach to this data. This is done by taking a look at different channels that bring customers to your store and comparing their effectiveness. In turn, this helps you to discover the most profit-friendly channels and invest your efforts in a more rewarding way.

What’s the Benefit?

Turning your customers into loyal fans is yet another challenge. Magento Business Intelligence helps with this by providing statistics about new and repeat customers. This is done by analyzing CLV (customer lifetime value) with open tickets and displaying that information as a percentage. This kind of information shows the effectiveness of marketing tools and design elements of your online store.

Custom-Tailored BI Solutions

At the moment, there are two ways to start leveraging this highly capable tool. Magento is offering two different packages aimed at small and large online businesses.

Business Intelligence Essentials is the entry plan that comes at an affordable price. You will receive 75 predefined reports, 5 different dashboards, the ability to add up to 10 users, and more. As such, this is the perfect starting point that brings lots of predefined data that helps you to get started in no time.

Business Intelligence Pro is an enterprise-grade solution designed to handle large quantities of information. As such, this is a scalable and incredibly sophisticated plan. BI Pro users are free to create unlimited reports, dashboards, and to share data between 20 users. Just like the Essentials plan, the Pro plan comes with pre-built data integrations. However, the real power lies in the ability to create an entirely custom-made BI system.

It is also worth noting that users of Magento 2.2 can already use a small part of this technology. Thanks to Magento Advanced Reporting, the latest version of this platform includes 16 reports that deal with sales, categories, and products. In turn, it provides consolidated data via static and dynamic charts, and there’s comparative analytics as well.

Final Thoughts

Up until now, business intelligence was utilized by Fortune 500 companies. Thanks to Magento, every online store owner can take advantage of this technology. The amount is not huge, it is something that every online store owner can afford, and this should be seen as a long-term investment. Remember that the end goal of BI is to increase your revenue. So, be prepared to spend some time learning how to take full advantage of this beneficial technology.

So, the question is Magento Business Intelligence worth your money?

Without any doubt, Magento Business Intelligence is well worth the money. If you’re serious about your business’ growth and making sure your customers are happy, Magento’s BI can be the best ally you’ll ever have.

Magento Business Intelligence is the cloud-based system that can collect all your data from one source and do the analysis. If a team wants to use different KPIs then also Magento BI can allow “a single Source of truth for all”. Magento Analytics rebranded it in 2016 just to see the reflection of its superiority with the comparison to traditional analytic software so that it can provide a detailed view of a company data.

How can Magento BI be useful?

Magento BI provides a great data reporting that too from a clean content management system. It gathers your existing data from the system such as Google Analytics, MySQL, Facebook ads and Google for retail while the Data Warehouse consolidates into reactive data tables.

User’s perspective:

You can access all your critical data on a single platform which in return saves your time. You can see the large quantity of data in a clear view giving you a big picture overview or you can even break it down by source just to allow intricate fine-tuning of your sales and marketing activities.

A user can personalise and normalize the given data at a faster rate. It’s an automated service which will de-normalises data just to optimise it for analysis. Though, its built-in interface will provide you to normalise the data all over again. It gives you the most productive output. Thus your data is clean and optimised for the software.

How Can you put Magento BI into practice?

Magento BI not only collate all your data in a single space but also gives you the opportunity to increase control, send reports, improves efficiency so that you can track goals and target your potential customers.

Monitor the Data editing

With Magento BI you can set the control over user permission which will give you higher security. When you assign someone as an admin then that person will be able to edit the company’s data, dashboards, reports and metrics. It also provides standard access to lower level employees such as they can view dashboards and send out reports which are quite a useful level of insight. The data system must have consistency throughout every step and for that, you can allow fewer users to access any data.

Track your Goals

You can keep an eye on business goals against your data and every year performance with user-friendly dashboards. Magento BI lets you calculate all your ROI in one place by collecting all your analytics programs. You can even a have a detailed view of all your online spending activities and its results simply by calculating ROI and Lifetime value.

Create and Send Reports

With Magento BI you will be able to RFM (Recency, Frequency, and Monetary) analysis for segmentation. This will let you predict future high-value customers which will be based on their previous transactions and on their average order monetary value.

Another feature of Magento BI is its automated Email summaries. It is hard to keep an eye on every information for so long especially when you have a number of things going on so an automated BI will let you create regular, mobile-friendly and customised reports hence this way your company will be more connected.

Make beautiful web pages

A content management system needs a well build WebPages and this is a time-consuming step so Magento BI allows you to create WebPages without any type of coding. You can set predefined templates and styling in your software which will let you post and edit web pages whenever you want.

If you want to give your own personal touch then you can create a specific user profile to target by using the data analysis of high-value customers. You can give an extra discount to your valuable customer by keeping the track of visitors on your website.

Connect multiple data sources:

• Google Analytics
• Magento
• Amazon Redshift
• Experian
• Sales Force
• Google Analytics
• Facebook Ads
• Stripe
• Magento
• Google E-Commerce
• File Upload
• API

Cohort Analysis

Measure the effects of your growth on customer behaviour, from conversion rate optimisation to customer loyalty.

Revenue Analytics

Report accurately and consistently on revenue earned without needing to combine multiple reports.

Marketing ROI

Easily identify the channels and campaign that bring the most value into your business by comparing customer acquisition cost and lifetime customer value many collaboration tools.

Acquire, Convert and Retain Customers Top merchants have a Customer Lifetime Value 79% higher than their peers and are using data to widen the gap. With Magento Business Intelligence you can find the customers, products and orders that drive your CLV upward.

Magento Business Intelligence is fast, simple and easy to create reports based on website performance. Magento BI is like a data warehouse for your company which allows you to collect and analyse multiple data from a single system. With over 70 best practise reports available at your fingertips, you no longer need to be a data scientist to pull actionable metrics.

In 2016, Magento Enterprise Cloud Edition was launched. Before the edition retailers had to use their own hosting via a hosting partner or their own servers. We all know the Entеrрrіѕе Cloud Edіtіоn by the name of Mаgеntо Cоmmеrсе Clоud.

AWS Cloud Infrastructure

Magento Enterprise Edition is built on Amazon Web Services (AWS) cloud infrastructure layer containing global availability and scalability for 24×7 support. Magento Commerce Cloud is a completely managed and automated hosting platform for Magento Enterprise Edition. It has tools for rapid deployment, advanced lifecycle management, constant integration, and environment and performance management.

A combined git repository tree makes the code merging and deployment process easy as it reduces the hassle which is involved in hosting sites for a number of countries and increases the speed of production deployment.

Better content delivery and optimization with ‘Fastly’

Your store performance gets better with cloud infrastructure. You can use Fastly for image optimization as it delivers high-quality images which you will require for your customers to browse and purchase products from edge servers in the Content Delivery Network (CDN). It is fast and provides secured content delivery. If your Web Application Firewall is powered by “Fastly” then it will stop malevolent traffic from entering the site. Your store is secured with Magento Commerce Cloud.

Scale on demand

To keep pace with demand, Magento Commerce Cloud will take care of scaling your online store and it will also keep on customizing and optimizing to keep up with the bigger competitors. Magento Enterprise customers have been greatly benefited from its results.

If you don’t have time to build your own cloud infrastructure then we strongly suggest you go for Magento Commerce Cloud. Even if you are not willing to outsource cloud infrastructure management then also Magento Commerce Cloud is right for you. If you only focus on a single region and your site has relatively stable traffic then you should consider Magento Commerce Cloud as Conventional hosting might cost you a bit.

Magento has powered many ecommerce stores and its popularity is increasing with each passing day. We can say that artificial intelligence technology was relatively primitive in the past but with the passage of time it has matured. Artificial intelligence has the potential to make Magento even more efficient as well as powerful.

Let’s look at ways how the power of AI makes Magento more effective.

Virtual shopping assistants

Chatbots or virtual shopping assistants are demonstrations of AI that transforms as well as improves the online shopping experience. These virtual assistants inform the shoppers regarding the discounts offered and new products and/or services. They even respond to customer’s queries as well as complaints. Experts have predicted that in the future chatbots will fully take over the role of customer case as they work well or even better than human customer care personnel.

Personalization of mobile shopping

User experience seamless performance with mobile-only apps and with time better presentation and processing of data will further enhance the mobile shopping experience. AI provides personalize the mobile shopping experience by leveraging the personal data of users and display items based on past requirements, preferences, budget, and geographical location.

Staves off frauds

For eCommerce businesses, accepting payments and monetary transactions are very important activities so here AI has the ability to detect fraudulent activities even in a clutter of transactions. Synergistic AI with Magento helps in preventing frauds in an effective as well as the seamless manner and it even results in superior precision as well as augmentation when benchmarked against the human brain. There is a thin line of behavioral as well as purchasing patterns and the dependency on human intervention is brought down resulting in minimal time expended to identify fraudulent transactions.

Targeted user experience

User experiences determine + success in the e-commerce arena as customers prefer to choose the vendors who provide them with the right information at the right time. You can leverage machine learning as well as cognitive computing, AI collects the big data of several users and employs it to craft targeted user experiences that compel customers to shop.

Enabling a seamless shopping experience

Magento is preferred by both B2B and B2C customers because it has advanced search options and also an array of customized extensions. Though with AI’s sophisticated context-based search, store navigation becomes swifter and much more user-friendly. Now Natural Language Processing (NLP) will power semantics keywords search.

Technological trends are getting changed day by day. Consult with an experienced Magento development company to leverage tech benefits.