E-commerce deep-learning company tracks trends for retailer insights
TORONTO, June 19, 2018 (GLOBE NEWSWIRE) — When customers come up with incorrect results while shopping online, they aren’t the only ones who are disappointed. A new survey by Adeptmind Inc. — an AI and machine learning company injecting intelligence into retailers’ online sites — has found that 60 percent of shoppers are frustrated with irrelevant search results that leave them empty-handed. While this number is high, the good news is that there is plenty of opportunity for improvement.
“Retailers are missing out on sales because they may have what customers want but aren’t able to deliver search results in a satisfyingly accurate way,” said G Wu, CEO and cofounder of Adeptmind. “This inaugural annual survey provides a baseline for consumer mood that we intend to track over time. Retailers can use it to benchmark the industry’s progress.”
The survey, called “Shopping Barometer: Habits of the Modern Consumer,” found that:
- Need drives browsing — 82 percent of people only shop online when they need a specific item
- Inaction is the default — 3 percent make an online purchase
- Gender divide — 40 percent of women shop online weeks in advance for a specific event, while 40 percent of men forget and wear something they already own
- Shopping at work — 34 percent shop online during weekday afternoons – that is, possibly while still at work
- Counting sheep — 13 percent shop in the middle of the night when they can’t sleep
As shopping becomes more deeply embedded in the online world, retailers will need to adapt. Until now, the choice was online versus brick and mortar, but machine learning helps retailers create a third option that bridges the two separate worlds.
Already, the first year’s results suggest actions that can improve retailers’ bottom line.
“If retailers know how, when and where people search — as well as their preferred language for searching — they can optimize their websites for greater usefulness and conversion rates,” Wu said. “We encourage retailers to contact us for advice and a free demonstration.”
Adeptmind offers a platform that helps retailers improve search results. The platform is an intelligent engine that helps people search the way they think, resulting in greater accuracy and a better experience. It bridges the gap between online and offline conversion, adding a more human-like interactive experience and results.
Distinguishing features include:
- Personalization — Intelligently classifying customers into the right behavioral buckets yields more satisfying recommendations.
- Human-Like Accuracy — Deep-learning technology lets customers search the way they would talk to a sales associate.
- Localization — Geography-specific insights add an extra layer of common sense and help customers feel understood while improving purchase recommendations.
- Integration — Out-of-the-box setup eases the back-end transition.
More survey findings: There’s a contradiction to bridge
- 31 percent think it’s not important to interact with a sales agent
- 75 percent said they could better evaluate products in-store versus online
“This shows that people are open to an automated experience but wish for a more human-like interpretation of their search,” Wu said. “This is where machine-learning comes in. We are able to turn subjective queries into data-informed responses that brings the human element to an automated process.”
The Shopping Barometer was conducted between May 15 and May 22 and measured 1,003 respondents across the United States. It was designed to provide insights into consumer shopping behaviors to better inform online retailers about their customer base. The survey will provide a benchmark that retailers can reference year after year.
Adeptmind is an intuitive platform that helps online retailers bridge the gap between online and offline conversion rates. Adeptmind uses AI and machine learning to understand and anticipate the product the shopper wants and quickly and accurately connects them to it, to make shopping on a retailer’s site feel more like a satisfying in-store experience. Founded in 2016 and based in Toronto, Adeptmind was founded by G Wu and Jing He. For more information, visit: www.adeptmind.ai.
Highwire PR for Adeptmind