Recommendations

Similar products recommendations in Magento, Shopify and BigCommerce stores - Why UI matters

Syrah

April 1, 2023

Min read

The first step to trying to improve your e-commerce conversion rate is to get your visitor to the product page. A lot of retailers, have a lot of jazz on their home page, forgetting that this is the online world. If there is anything different about it, its the ease of walking out of your store. Retailers have to get the attention of their visitors ASAP and that is by making sure they land on a product page (that meets that interest of course).

Once a visitor lands on the product page, chances are that they will not get satisfied with the first product they view. Most verticals call for what is called subjective buying, where the decision to buy is based on an array of attributes that make the product and not the product itself. A few instances where the product itself is key to the purchase is called objective buying, where the consumer is interested in an iPhone X. There is no other brand/attribute alternative, but maybe a choice of RAM, color, etc.,

They want choices like they would in an offline store. Given most of your visitors are engaging with your store in a mobile interface, helping them know that they are more products to view is critical and also showing products that are in context with what they are currently viewing keeps them engaged. For example, viewing wedding bands priced at $500, means they are not interested in solitaire rings priced at $1000 or gemstone rings priced at $250. They are interested in the attributes that define the product, not the product itself.

At Tagalys, we study how visitors interact with products at your store to understand what attributes are important in the buying decision of the visitor, thus creating product personas to help us better define our recommendations. This can be static (defined by the retailer) or dynamic (changes with how visitors interact with your store.)

Once you get this right, it is key to show these choices to the visitor when they visit the product page. We have noticed many retailers pushing up product specifications above the similar product recommendations, thus giving the visitor minimal opportunity to engage with product recommendations. We have noticed this by observing the Click-through rates (CTR) of the widgets we display and identified that low CTR of recommendation widgets, leads to a lower conversion rate. Hence to increase CTR, your visitors need to see the recommendation widgets, (UI matters) and once they see it only then does the intelligence of knowing what to recommend comes to question.

Connect with us on Twitter or LinkedIn to evaluate your UI or start your 28 days free trial of eCommerce Product Recommendations.

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.