Merchandising Decision Making is Now Easy with IBM Watson Commerce Insights
In a recent report, the National Retail Federation projected online sales in 2017 will grow three times faster than in-store sales. The report suggests 51% of Americans prefer to shop online rather than in stores—a figure that jumps to 67% for millennials and 56% for Gen Xers. With Amazon accounting for 43% of online sales in the US, only store sales will be disrupted more in the coming months. Additionally, eCommerce sales are also expected to reach $4 trillion by 2020 – making it 14.6% of total retail spending that year. So what does this mean for retailers? In order to succeed, they must grow their online sales in this rapidly evolving market.
All the above data points suggest that retailers need to fully embrace digital, omni-channel commerce in order to thrive; stores without an online presence are destined to disappear. Today’s consumer owns several devices — smartphone, tablet, computer —and expects an online shopping experience that’s quick, easy, and above all, personalized.
To deliver on this customer demand, retail merchandisers, and commerce professionals need to use all forms of data lying inside and outside their organizations. Traditional analytics tools enable users to glean insights from data sources. Today, it’s critical to harness systems that can turn those insights into knowledge and understanding that will immediately empower you to drive business results. You need a cognitive system driving your business.
IBM Watson Commerce Insights (WCI), with embedded cognitive capabilities, is a cloud-based solution that is compatible with any commerce or web analytics platform. WCI unleashes actionable insights through understanding of business, customer and market data that are key to the performance, operation, and growth of your digital commerce business.
How does Watson Commerce Insights help the merchandising and commerce professional?
- Improves business metrics such as conversion rate, average order value, and customer engagement. It helps business users focus on strategic initiatives, rather than time-consuming tasks such as researching customer issues or performing pricing analysis.
- Improves business agility by automating critical decision-making process. It uses machine learning to identify and notify you of unusual patterns and trends in your business, and provides insights for why those patterns may be occurring. Continuously-learning data science embedded in the system monitors the current state of key business and customer engagement metrics, and automatically notifies for merchandising actions. It uses learnings to optimize product sequences to align with combinations of business goals, historical metrics, and current business data.
- Empowers merchandisers with Watson natural language search capability through the add-on capability of IBM Watson Analytics for Commerce Insights. It helps merchandisers explore faster trends in their web analytics data, determine the best course of action and take immediate steps to improve the performance of their online business.
- Improves your ability to have more insights from all types of data. It leverages web analytics data for sales and performance analysis. This data, combined with inventory history, product costs, sales plans, promotions, and marketing calendars, helps inform the online merchandiser of what is happening beyond web traffic alone.
Watson Commerce Insights is compatible with all standard commerce and web analytics platforms such as IBM WebSphere Commerce, as well as other vendors like Salesforce Commerce Cloud, SAP Hybris, and Magento. Watson Commerce Insights understands data from web analytics platforms like IBM Digital Analytics, Google Analytics, and Adobe Analytics, and combines it with other customer and business data to deliver deep and meaningful insights to the online merchandiser.
If you struggle to access, understand and gain meaningful insight from all your business, customer, market and competitor data, you’re not alone. Fortunately, there’s a better way. Stop searching for insights and making merchandising decisions based on gut feel. Instead, combine the expertise and knowledge of your commerce practitioners with artificial intelligence ability to absorb and understand tremendous amounts of data instantly to make merchandising decisions faster, with more accuracy and for greater impact on customer engagement and your business.
For more information on Watson Commerce Insights, please visit our website to learn more and watch a demo.
The post Merchandising Decision Making is Now Easy with IBM Watson Commerce Insights appeared first on Watson Customer Engagement.
via Watson Customer Engagement https://ibm.co/2pQ2V0a
May 26, 2017 at 01:06PM