Personalization

Personalization and its application in online shopping

Shane

April 1, 2023

Min read

People around us are diverse in their thoughts and interests. Everybody has a unique preference and this applies to online shoppers as well. Serving each person according to their preferences and interests is called personalization.eCommerce Site Personalization is the ability of the system to display unique products to each visitor based on their interest at the store. The system records the actions of each visitor and delivers tailor-made results to each visitor. Although personalized merchandising is widely used in fashion retail, it also works well in other eCommerce verticals with large catalogs & purchases are made within a few visits. Personalization reduces time to discovery & improves visitor engagement. The most popular personalization channels at an online store are across ‘Recommendations’, ‘Site Search’ and ‘My Store’.

1.Recommendations

These product recommendation carousels are unique for each visitor based on their browsing history. They can be grouped into a single carousel or segmented by product type based on merchant requirements.

(Single carousel recommendation widget that displays personalized results)

(Multiple carousel recommendation widgets that display personalized results)

2.Site Search

The conversion percentage of visitors who search is 2X greater than the visitors who browse through the store. Visitors on mobile, have a higher inclination to search, as it reduces the time to discover products. Hence personalizing the search results have provided great improvements in conversion rates for leading retailers.

Search results personalized for visitor A Search results personalized for visitor B

personalised site search results in E-Commerce

Tagalys personalizes the search results by collecting & analyzing click-stream data by visitor and sorts results by products of interest that are specific to visitors.

3.My Store

Almost every human that has shopped online, might have come across Amazon’s personal Store for its users.

(Amazon's My Store)

'My Store’ is an end to end completely personalized space that displays personalized product listing pages by the interest of the visitors. The products in ‘My Store’ are based on the visitor’s shopping interest. Online visitors who enter “My Store” convert at a 3X higher rate than Search. My store, eases the product discovery process, ensuring only products relevant to the visitor's interest are visible.

‘My Store’ is also available to merchants using Shopify or Magento from Tagalys.

Tagalys maximizes conversion rate & gives merchants visual control of products displayed in Site Search & Category pages and Product Recommendations in eCommerce. To know more about our solutions and features, get in touch with us now.

The Evolution of KYC

KYC is a fundamental regulatory requirement aimed at preventing money laundering, fraud, and identity theft. Historically, KYC involved manual verification processes that required customers to submit physical documents, leading to delays and potential errors. The advent of digital KYC has transformed this space, enabling faster, more accurate, and seamless verification processes.

Image courtesy of Vlada Karpovich via Pexels

Vision and Approach

Neokred is at the forefront of this digital transformation, offering cutting-edge solutions that simplify and streamline KYC procedures. Their approach is rooted in leveraging advanced technologies such as artificial intelligence (AI), machine learning (ML), and blockchain to create a secure, efficient, and user-friendly KYC process.

“In a world older and more complete than ours they move finished and complete, gifted with extensions of the senses we have lost or never attained, living by voices we shall never hear.”

Key Features of Digital KYC Solution

AI-Driven Verification
Neokred uses sophisticated AI algorithms to verify customer identities in real-time. By analyzing patterns and detecting anomalies, AI ensures that only genuine documents are accepted, significantly reducing the risk of fraud.
Seamless User Experience
The platform is designed with the end-user in mind, offering an intuitive interface that guides customers through the verification process effortlessly. Users can upload documents, capture selfies, and complete verification steps from the comfort of their homes.
Blockchain Security
Blockchain technology enhances the security of KYC data by creating an immutable ledger that is resistant to tampering. This ensures that customer data is protected and can be audited with transparency.

Success Stories

Conclusion

Digital KYC solution represents a significant leap forward in the way businesses approach identity verification. By harnessing the power of AI, blockchain, and seamless integration, not only simplifies the KYC process but also enhances security and compliance. For businesses looking to stay ahead in a competitive market, embracing innovation could be the key to unlocking greater efficiency, cost savings, and customer satisfaction.

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