Personalization

Personalized Homepage Product recommendations : The Amazon way

kattukaran

April 1, 2023

Min read

If you do not have billions of dollars to build your own personalized recommendation engine like Amazon, this post is for you. When you think of Personalization in e-commerce, you should think of Amazon. No online retailer has experimented across the various applications of personalization with the goal to help visitors find a product of interest.

Personalization should not be measured by improvement in conversion rate, because factors like marketing, promotions, product content, payment gateway failure rates, discounts influence the purchase decision of a visitor. What personalization should do instead, is to allow an online shopper to discover as many products thus improving the unique product views per unique visitor metric, eventually improving the end conversion rate. Here are a few funnels where Amazon experiments with Personalization and Tagalys provides the same for online retailers

Personalized home page Product Recommendations

When you engage with products at Amazon, you start sending signals of intent helping them understand what you might be interested to buy. If you return to the home page, almost instantly you will discover many personalized product recommendations by category to ensure you do not get lost in the store and remain to engage with the products or categories of your interest.

Search is usually the best performing funnel at any online retailer. At one of our clients candere.com, personalized homepage recommendations led to 10x higher revenue per visitor vs. the search funnel, with a 4x higher conversion rate

Personalized Site Search

Once you have created a persona for each visitor, it is easy to curate the catalog based on their intent and show them exactly what they want. For example, if I am in the mood for running shoes, then when I ask/search for shoes, the retailer would show me running shoes first besides showing the generic product sorting that is defined sitewide.

Personalized Store or Product feed

Amazon has been experimenting with this feature with a small subset of products in what is called "my mix". At Tagalys we call this feature my-store. Essentially, what this allows a retailer to do it dynamically prioritize categories and products for each visitor based on exactly what they want.

Tagalys maximizes conversion rate & gives merchants visual control of products displayed in Site Search & Category pages at their online store. 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.