Our Multi-Armed Bandit feature helps you get the maximum ROI from your content within the Fresh Relevance platform.
With Multi-Armed Bandit's machine learning algorithms, you can try out several versions of your content, Triggers or Experiences and it will automatically deploy the best-performing one toward the goals you set (such as conversion rate increase).
Keep reading for five use cases for Multi-Armed Bandit, covering Experiences, Slots and Triggers.
Use case 1
Challenge: You want to include product recommendations on your product pages (PDPs), but you are unsure of where to place them to maximize conversion rate.
Solution: Create several different PDP experiences and enable Multi-Armed Bandit to test them, with 'increase conversion' as the goal.
Use case 2
Challenge: You have an upcoming product launch during peak time and you're unsure whether it will be as successful as you'd like it to be. You want to give it homepage coverage, a pop-up on entering the site and feature a banner on all product list pages. But here's the catch - if it affects your conversion rate, you want to be able to react quickly.
Solution: Create a new Experience including all of the new launch content, but apply the Multi-Armed Bandit against the current Experience to allow the platform to adjust the traffic split depending on which Experience performs best against the 'increase conversion' goal.
Use case 3
Challenge: You've implemented data capture on your site to increase your number of email sign-ups, but you're not seeing the uplift you expected.
Solution: Create several SmartBlocks using different call-to-actions and enable Multi-Armed Bandit to test these using the 'increase identification rate' goal.
Use case 4
Challenge: You want to increase your average order value by adding product recommendations to your checkout page, but you're unsure of which products to surface.
Solution: Create multiple SmartBlocks using different data sources (such as 'frequently purchase together' vs 'impulse buys') and then enable Multi-Armed Bandit with the goal of 'increase average order value'.
Use case 5
Challenge: You have conducted an A/B test on your abandonment email timings and found that 30 minutes after abandonment is the best time to send for optimum conversion rate. However, you're concerned that this may differ during high demand periods, such as Black Friday.
Solution: Create new Triggers with different email timings and use Multi-Armed Bandit to enable Triggers to adjust in real-time to suit the changing environment based on the goal 'increase conversion'.
Book a demo to learn more about how you could get maximum ROI from your content with Multi-Armed Bandit.