e-Commerce Site Search - Quantitative benefits

Elza

April 1, 2023

Min read

One of the services we offer at Tagalys is an eCommerce search for online stores. Interested already - SIGNUP NOW, for a free trial to know what's best for you.

All our clients ask us how much upliftment in buy conversion can be expected from the Tagalys search. The truth is we do not control that directly, but we do control conversion to product discovery. This leads to an uplift to buy conversion rate. So what metrics do we directly or indirectly influence?

Bounce:

Tagalys will reduce the bounce rate for visitors who search due to the quality of search results

Product views:

There will be an increase in product views if the product thumbnails shown in the results are personally relevant to each visitor.

Listing page to View Conversion rate:

Our goal is to ensure more visitors to view products. There is a direct correlation to product views and conversion rates, especially for visitors who search. More the product views per visitor, the higher the buy conversion rate. Our primary goal at Tagalys is to improve this conversion rate as that is what our engine has control over.

Order value:

We have noticed a 20% to 40% improvement in order value or basket value, with personalized search.

Frequency of visits:

As results are identifiable by visitors and user experience has improved, we have noticed a 10% to 20% rise in the frequency of visits before purchase. Our hypothesis here is that this segment is probably undecided visitors who revisit the site and continue shopping. There is an increased probability that this segment could have been lost after the second visit.

Reducing time to transact:

While the frequency of visits has increased for a small subset of the search audience, there is an overall decrease in the time to transact by over 40%. Our hypothesis here is that these visitors are more decided. They find products faster, convinced by details on the product page, and trust the retailer. Improved product discovery, helped reduce time thus time to transact.

Visitors who search:

Across most of our clients, search volume is between 6% to 15% of overall traffic, there has been a 50% jump in the overall percentage of search. While returning visitors will continue to search, our hypothesis of this increase is due to the increase in new visitors who search. This behavioral shift is driven by UI changes, the addition of a clear call to action, and best practices of site search for eCommerce

Revenue:

We cannot directly take credit for all the increase in revenue. It has also be tied with the trust a retailer has created with its audience. The details (images, specs, etc.,) on the product page would make the decision easy. The design of the product page, internet connectivity, and payment gateway reliability could be other determinants. But, due to the increase in metrics 1-7, there is a direct correlation to the increase in revenue.

Tagalys maximizes conversion rate & gives merchants visual control of products displayed in Site Search, Category pages and Product Recommendations 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.

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One of the services we offer at Tagalys is an eCommerce search for online stores. Interested already - SIGNUP NOW, for a free trial to know what's best for you.