We’re excited to introduce you to our Price Affinity Predictor, developed in collaboration with the University of Portsmouth.
This tool uses powerful artificial intelligence to predict the price level that will appeal to each new website visitor, helping our clients show the most relevant products on their landing pages based on price level. This in turn improves click-throughs and reduces the high bounce rate of new visitors.
Why have we added this enhancement?
Many of our clients offer products in a range of price points, but struggle to identify the desired price point for fresh visitors that have not interacted with the website yet.
First impressions count and many clients experience high bounce rates from first time visitors, attracted by high cost adverts, landing on their website and seeing products outside of their price range of interest.
Our Chief Technology Officer, David Henderson, explains:
“Typically, when a new visitor lands on a website, the retailer knows nothing about them. However, there’s a wealth of information available that when harnessed and analyzed in the right way can provide a well-informed indication as to what price level is likely to lead to a conversion for that individual.”
“Through our work with the University of Portsmouth, we have developed new functionality for the Fresh Relevance platform that takes advantage of the latest artificial intelligence developments, to make these decisions in real-time.”
So, what does it do?
Our Price Affinity Predictor helps solve the ‘cold start problem’ when showing product recommendations.
Based on the limited data points a new visitor sends when entering a website, and using AI across data points from billions of previous consumer journeys, our system can make an informed decision about what value of products should be presented to each new shopper.
How to use the Price Affinity Predictor
We’ve combined this AI with an easy to use marketing rule, so our clients can access this power simply by applying a ‘low, medium and/or high value’ marketing rule to any Slot containing a Product Recommendation SmartBlock.
Thanks to the complex AI algorithms, our clients (many with high new customer acquisition costs) can reduce the bounce rate of expensive first-time visitors.
Fresh Relevance makes extensive use of AI to optimize conversion rates for clients. We’re continuing to look at new ways we can use AI in combination with the wealth of Fresh Relevance data to improve our clients' online performance. Watch this space for more AI developments in the near future.