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Webinar: 5 Must-Have Items You Need for Your 2020 Ecommerce Strategy

In this webinar with 451 Research, you'll understand how retailers are using AI to predict customer intent and learn which key performance metrics are used by more than 120 online retailers in Lucidworks’ 2019 Retail Benchmark Survey.

In this webinar, you’ll learn:
● What trends and opportunities are facing the ecommerce industry in 2020
● Why search is the universal path to understanding customer intent
● How large online retailers apply AI to maximize the effectiveness of their personalization efforts

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Webinar: 5 Must-Have Items You Need for Your 2020 Ecommerce Strategy

  1. 1. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 1 5 Must-Have Items You Need for Your 2020 Ecommerce Strategy Sheryl Kingstone, 451 Research Justin Sears, Lucidworks February 26, 2020
  2. 2. 451RESEARCH.COM ©2019 451 Research. All Rights Reserved. Today’s speakers Sheryl Kingstone Research Vice President & General Manager - VOCUL Justin Sears VP Product Marketing
  3. 3. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Questions? Presentation Slides Feedback Housekeeping Items Questions? A copy of the presentation slides are located in the resources section for download Presentation slides On Demand To ask a question, click on the question button The on demand version of this webcast will be available once the live webcast concludes
  4. 4. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Lucidworks Retail Survey Results • Findability: Time between add to catalog & search availability • Personalization: Predict intent to recommend products • Performance: Site degradation during periods of peak demand 123 participants, from companies with more than $100M in revenue https://lucidworks.com/ppc/ecommerce-best-practices-survey/
  5. 5. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Findability: TCBIITCFI They can’t buy it if they can’t find it • Time between adding to catalog and availability in search results • Search relevancy, once products are available in search
  6. 6. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Personalization: Can you guess what they want? 67% of respondents collect user behavior signals 48% use artificial intelligence for query intent prediction
  7. 7. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Performance: Does your site perform worst when you need it most?
  8. 8. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. TREND 1 Experience Not Price or Products Creates Differentiation
  9. 9. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. IS THE CURRENCY OF EXPERIENCE EMOTION
  10. 10. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Customer experience stakeholders cite ‘selling more to existing customers’ as their number one business objective for 2019, followed by ‘improving customer service for retention’ Source: 451 Research’s Voice of the Enterprise: Customer Experience & Commerce, Organizational Dynamics & Budget 2019
  11. 11. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 27% of consumers are less trusting of businesses today than they were one year ago 34% of Gen Z are already using new subscription services 80% of consumers feel they have little to no control over their personal data RetentionTransparencyTrust
  12. 12. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 69% 31% Consumer awareness & use of subscription services is on the rise How would you describe your level of awareness with subscription services? Somewhat to very aware Somewhat to very unaware 29 % 69% of respondents are at least somewhat aware of subscription products and/or services 29% of respondents claim that they currently subscribe to a product or service
  13. 13. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. To remain relevant in the eyes of consumers, enterprises will need to invest in contextual experiences at every step of the consumer journey
  14. 14. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 61% state a negative online shopping experience makes them less likely to shop with them in the future
  15. 15. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Source: 451 Research’s Global Unified Commerce Forecast 2019 Opportunity Lost Opportunity Cost
  16. 16. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. TREND 2 Digital Transformation Drives Strategic Investments
  17. 17. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Digital transformation is about the application and exploitation of technology in all aspects of an organization’s activity. … Success isn't only about the technology. It’s about rethinking strategy, culture, talent, operating models and processes. ˈdɪdʒɪt(ə)l/ adjective ˌtransfəˈmeɪʃ(ə)n nounDigital transformation
  18. 18. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 16% 18% 24% 14% 28% 27% 33% 41% 2016 2018 We have a formal strategy and are actively digitizing our business processes and technologies We are in the planning stage – researching to form our digital transformation strategy We are considering it, but have no formal plans We currently have no digital transformation strategy Strong shift in retailers’ formal digital transformation strategies Source: 451 Research's Voice of the Connected User Landscape, Digital Transformation Survey, 2H 2018
  19. 19. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 19% 12% 8% 44% 55% 53% 37% 33% 38% Digital Laggard Digital Learner Digital Leader 9% 3% 3% 48% 46% 33% 43% 51% 63% Digital Laggard Digital Learner Digital Leader Digital leaders are strategically shifting more budget dollars 19 TODAY FUTURE TRANSFORMING TRANSITIONING TACTICAL Digital Laggard Digital Learner Digital Leader Which of the following best describes your organization's status with regards to a digital transformation strategy? On a scale of 1-10, how will, or how do you expect, digital transformation to shift your IT spending over the next 5 years? Moving from tactical to strategic budget allocation. – Now & Within 5 Years Source: 451 Research's Voice of the Connected User Landscape, Digital Transformation Survey, 2H 2018 Digital Laggard Digital Learner Digital Leader
  20. 20. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 53% 49% 43% 40% 40% 34% 28% 28% Improve customer experience Reduce costs through operational efficiencies Manage risk (e.g., cybersecurity, data privacy, systems reliability) Enhance the ability to innovate Manage increasing volume of data growth Increase competitive differentiation Exploring new working styles/workplace arrangements (across the organization's departmental/geographical borders, supply chain, etc.) Create new business models Customer Experience Drives Digital transformation Priorities Q. Which of the following best describes your organization's status with regards to a digital transformation strategy? In your opinion, what are the main drivers for digital transformation? Source: 451 Research's Voice of the Connected User Landscape, Digital Transformation Survey, 2H 2018
  21. 21. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Source: 451 Research’s 2H 2018 Voice of the Connected User Landscape: Corporate Mobility and Digital Transformation Survey (n= >500 ~30% IT and 70% line-of-business decision-makers) Data, digital and intelligence will separate leaders from laggards
  22. 22. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved.
  23. 23. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. TREND 3 Data-Driven Experience Economy Requires Context
  24. 24. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Data Drivers will leapfrog Data Drifters Source: 451 Research 55% of Data Drifters say data will become more important over the next year 15% of Data Drifters are investing in strategic customer experience initiatives 81% of Data Drivers say data will become more important over the next year 55% of Data Drivers are investing in strategic customer experience initiatives vs
  25. 25. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. The top IT-led priority for customer experience is ‘updating the online presence for personalized customer engagement.’ 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Source: 451 Research’s Voice of the Enterprise: Customer Experience & Commerce, Organizational Dynamics & Budget 2019
  26. 26. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 25% would pay a premium for Search Results Tailored to Them 26 10.7% 17.1% 46.6% 25.6% Would pay moderately higher prices (>5%) for this Would pay slightly higher prices (1-5%) for this Want this, but would not pay higher prices for it Not interested in this
  27. 27. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Individual Segment Transparent Data Architecture Black Box • Marketing • Machine Learning • Multi-Channel using 2-3 Sources • Marketing • Rules-Based • Individual Channels and Sources • Enterprise-Wide • Rules-Based • Individual Channels and Sources • Enterprise-Wide Customer Journey • Context–Aware Deep Learning • Real-Time Customer360 Hyper-Personalization Segment-Based PersonalizationMarketing A/B Testing 1:1 Marketing AI and Search Essential for Hyper- Personalization
  28. 28. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Intersection of customer experience and AI drive business outcome success LEADERS LEARNERS LAGGARDS Q. Which of the following best describes your organization’s current machine learning adoption status? Q. What are the most significant benefits your organization has realized or expects to realize from its use of machine learning? Source: 451 Research’s Voice of the Enterprise: AI & Machine Learning, Adoption and Use Cases 2018
  29. 29. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Machine learning growth path for Commerce 22% Roughly 1 in 5 already deploying ML Source: 451 Research’s Voice of the Enterprise: AI and Machine Learning, Adoption & Use Cases 2018 In Pilot 28% 13% Plan to use ML within a year 63% ~3X current state of 22% within a year =
  30. 30. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Hyper-Personalization Requires
  31. 31. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. 451RESEARCH.COM ©2018 451 Research. All Rights Reserved. WHY NOW?
  32. 32. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 40% Prioritize intent-driven engagement
  33. 33. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. embrace more hyper-personalization strategies, …some 40% of B2C companies will compared to less than 15% of B2B
  34. 34. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 30% Embrace non-human digital assistants
  35. 35. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. IF YOU DO WHAT YOU ALWAYS DID YOU WILL GET WHAT YOU ALWAYS GOT
  36. 36. 36 FILTER VISUALIZATION ACTIVITY CONTENT INDEX NATURAL LANGUAGE BOOSTED RESULTS MACHINE LEARNING QUERY RULE MATCHING USER SIGNALS FACET, TOPIC & CLUSTER D ATA Human Generated System Generated Application Generated S O L U T I O N Digital Commerce
  37. 37. 37 Advanced connectors and AI enrichment, delivered by intuitive applications created with App Studio, deployed on-prem or as a multi-tenant cloud managed service. D ATA Any format, any platform S O L U T I O N Personalized insights for each shopper STORAGE & SEARCH INTENT PREDICTIO N APP CREATION DATA INGEST & PREP F U S I O N P L AT F O R M Human Generated System Generated Application Generated Digital Commerce
  38. 38. 38 STORAGE & SEARCH INTENT PREDICTION APP CREATIONDATA INGEST & PREP NLP: NER, phrases, POS Document classification Anomaly detection Clustering Topic detection Search engine & data processing Connectors ETL pipelines Scheduling & alerting SQL engine Rules engine Query pipelines Query intent detector Automatic relevancy Signals & query analytics Recommenders A/B testing Modular components Stateless architecture User-focused experience Geospatial mapping Results preview Rapid prototyping S C A L A B L E O P E R A T I O N S SECURITYCDCRCLOUDSCALABLEEXTENSIBLE
  39. 39. 3939 C L O U D - N AT I V E , M I C R O S E R V I C E S A R C H I T E C T U R E O R C H E S T R AT E D B Y K U B E R N E T E S A U TO S C A L I N G P O L I C I E S D Y N A M I C A L LY M A N A G E R E S O U R C E S N AT I V E S U P P O R T F O R P Y T H O N M L M O D E L S E A S Y I N T E G R AT I O N W I T H D ATA S C I E N C E TO O L S E . G . T E N S O R F LO W, S C I K I T - L E A R N , S PA C Y, J U P Y T E R N OT E B O O K S S PA R K S T R E A M I N G F O R S I G N A L S F U S I O N – C LO U D N AT I V E & D ATA S C I E N C E R E A D Y
  40. 40. 4040 P R O D U C T R E L E VA N C Y S C O R I N G I N T E R P R E T S S I G N A L S & S H O W S R E L AT I V E P R O D U C T P R E F E R E N C E S D A S H B O A R D A N A LY T I C S P R O V I D E R E A L - T I M E I N S I G H T S I N TO S E A R C H & B R O W S E O U TC O M E S A U TO M AT I C S E A R C H R E W R I T E S P R E D I C T I N T E N T, F I X M I S S P E L L I N G S & I N T E R P R E T S Y N O N Y M S R U L E S M A N A G E R TO P I N , B O O S T, B U R Y, O R B L O C K P R O D U C T S F O R S E A R C H T E R M S / C AT E G O R Y PA G E S L U C I D W O R K S P R E D I C T I V E M E R C H A N D I S E R
  41. 41. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 41
  42. 42. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. Q & A
  43. 43. 451RESEARCH.COM ©2020 451 Research. All Rights Reserved. 451research.com US +1 212.505.3030 EUROPE +44 (0) 203.929.5700 Thank you @451Research New York London Boston San Francisco Sheryl.Kingstone@451research.com @skingstone

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  • MichaelJohnson1134

    Mar. 8, 2020

In this webinar with 451 Research, you'll understand how retailers are using AI to predict customer intent and learn which key performance metrics are used by more than 120 online retailers in Lucidworks’ 2019 Retail Benchmark Survey. In this webinar, you’ll learn: ● What trends and opportunities are facing the ecommerce industry in 2020 ● Why search is the universal path to understanding customer intent ● How large online retailers apply AI to maximize the effectiveness of their personalization efforts

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