Qubit Unveils a CommerceAI Engine Powered by Deep Learning, Enabling Retailers to Harness New Revenue Streams as the Digital Shift Accelerates
Qubit, a leader in AI-powered personalization, has launched Qubit CommerceAI, which uses AI, deep learning, and machine learning to offer sophisticated 1:1 personalized methods. The models of Qubit CommerceAI comprehend and respond immediately to the customer context - an approach that has been shown to unlock more value from retailers' entire product catalogs.
Qubit CommerceAI integrates customer data, such as intent, with design tools to increase conversion rates and customer lifetime value while decreasing abandonment. Qubit's use of deep learning enables businesses to learn more about their consumers and decide which goods from their catalogs – which may include hundreds or thousands of items – will boost real sales success. Deep learning employs more advanced algorithms than machine learning, allowing for the processing and comprehension of vast quantities of data in real-time to power the whole end-user purchasing experience, resulting in better e-commerce results. This data is also used to provide insights that e-commerce teams may utilize to make critical business choices regarding merchandise, inventory, campaigns, and offers, among other things.
The mix of AI, deep learning, and machine learning technologies will enable brands to capitalize on the growing popularity of e-commerce, which will see increased growth in 2020 due to the worldwide pandemic. According to DigitalCommerce360, online sales increased 44% year over year, representing the greatest e-commerce growth in almost two decades.
However, Qubit's CEO and creator, Graham Cooke, warns that faster growth does not always translate into more revenues, especially as online shopping becomes more competitive.
Because each brand's needs differ, they may choose the Qubit modules that will have the most effect on consumer engagement and e-commerce performance:
• Product Recommendations: This next generation of recommendations is driven by deep learning and Qubit's real-time visitor data to provide personalized recommendations based on a better knowledge of the customer and the brand's entire product catalog.
• Product Badging: The product badging module incorporates best practices such as social proof, scarcity, and urgency. Brands can launch campaigns with a few clicks by designing custom badges or using pre-built badging templates. This module also includes dynamic decisions, which control audience prioritizing and various cascading strategies for better targeting.
• Personalized Content: This allows for the quick creation, updating, and administration of customized content campaigns, as well as the fast deployment of campaigns and promotions with personalized content at every stage in the customer journey.
• Abandonment Recovery: Real-time systems monitor customer behavior to initiate abandonment strategies when a visitor leaves the site, which is then carried out through email, SMS, or push notifications.
• Visitor Pulse: Increase relevance by asking customers about their preferences, interests, and purpose to offer the most personalized purchasing experience possible.
• Replenishment: Qubit's CommerceAI engine predicts when customers will need to reorder items like beauty cosmetics and provides replenishment reminders at the appropriate moment for each visitor. Resupply may be performed on-site, in real-time, or through email due to an open integration framework.
Cariuma, which was established in 2018, is a fast expanding sustainable DTC (direct-to-consumer) footwear company that offers consciously made, high quality, comfortable sneakers to consumers in over 60 countries across the globe.
MandM Direct, Europe's leading online off-price retailer, uses Qubit's product recommendations to improve the shopping experience for its customers in over 25 countries.
About Qubit
Qubit aims to increase customer loyalty and lifetime value through personalization driven by AI and deep learning. Leaders in the luxury, fashion, beauty, travel, and e-gaming industry collaborate with Qubit to change how they understand and influence their visitors. As a result, customers of Qubit earned $1.6 billion in incremental revenue in 2020, growing 2.5x faster than the typical retailer. Every hour, Qubit personalizes 9.5 million experiences for clients such as Estee Lauder Group, Kurt Geiger, Shiseido, Tailored Brands, Radisson Hotel Group, and Fanduel. The company is headquartered in London and has offices across Europe and the United States. Goldman Sachs, Sapphire Ventures, Accel Partners, Salesforce Ventures, and Balderton Capital are among Qubit's investors.