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Qubit Unveils Deep Learning-Powered CommerceAI Engine Enabling Retailers to Harness New Revenue Streams as Digital Shift Accelerates
Friday, July 23, 2021
Qubit CommerceAI leverages AI, machine learning and deep learning to power true 1:1 personalization
LONDON and NEW YORK, July 15, 2021 /PRNewswire-PRWeb/ -- Qubit, a leader in AI-powered personalization, today announced Qubit CommerceAI, which leverages AI, deep learning and machine learning to deliver advanced 1:1 personalization techniques. Qubit CommerceAI's models understand and react instantly to the customer context - an approach that's proven to unlock more value from retailer's entire product catalogs.
Qubit CommerceAI combines customer data, including intent, and design tools to drive up conversion rates and customer lifetime value while reducing abandonment. Through its use of deep learning, Qubit empowers brands to learn more about their customers and determine the products from their catalogs - which may include hundreds or thousands of items - that will drive actual sales performance. Deep learning leverages more sophisticated algorithms than machine learning, enabling the processing and understanding of massive amounts of data in real time to power the entire end user shopping experience and resulting in superior ecommerce outcomes. This data is also leveraged for insights that ecommerce teams can use to make important business decisions about merchandise, inventory, campaigns, offers, and more.
The combination of AI, deep learning and machine learning technologies will allow brands to take advantage of the enormous popularity of ecommerce, which experienced accelerated growth in 2020, due to the global pandemic. Online sales were up 44% year-over-year, the highest ecommerce growth in nearly two decades, according to DigitalCommerce360.
However, Qubit's CEO and founder, Graham Cooke, warns that acceleration doesn't equate to more revenues, especially as online retail grows more competitive.
"Although the growth of ecommerce exceeded all expectations last year, with no sign of slowing, many customers are still frustrated with the online shopping experience because they either can't easily find what they're looking for or the products being recommended are not individually targeted to the shopper," said Cooke. "Brands can remedy this by using modern technologies like deep learning to better understand customer behavior and create truly tailored shopping experiences; ones that connect the visitor directly with the products they're most interested in. Deep learning-driven product recommendations not only drive 1:1 personalized shopping experiences, it also allows brands to derive more value and revenues from their entire product catalogs."
Because each brand's needs vary, they can choose the Qubit modules that will make the most impact through improved customer engagement and ecommerce performance:
-- 1:1 Product Recommendations - This next generation version of
recommendations is powered by deep learning and Qubit's real time
visitor data to deliver personalized recommendations based on a deeper
understanding of the consumer and of the brand's entire product catalog.
-- 1:1 Product Badging - The product badging module includes best practice
strategies, such as social proof, scarcity and urgency. Brands can
create custom badges or use pre-built badging templates to launch
campaigns in just a few clicks. This module also includes dynamic
decisioning, which manages audience prioritization and multiple
cascading strategies for smarter targeting ability.
-- Personalized Content- Provides the ability to easily set up, update and
manage personalized content campaigns, as well as rapidly deploy
campaigns and promotions with personalized content at any point in the
customer journey.
-- Abandonment Recovery - Real time systems monitor customer behavior to
trigger abandonment strategies when a visitor leaves the site, which are
executed on site, via email, or by SMS or push notifications.
-- Visitor Pulse - Create even more relevance by asking customers their
preferences, their interests and/or their intent to provide the most
personalized shopping experience possible.
-- Replenishment - Qubit's CommerceAI engine predicts when customers will
need to reorder items, such as beauty products, and automatically serves
replenishment prompts at the right time for each visitor. An open
integration framework enables replenishment to be executed on site, in
real time, or via email.
Cariuma, founded in 2018, is a rapidly growing sustainable DTC (direct-to-consumer) footwear brand that sells consciously made, high quality, comfortable sneakers to customers in more than 60 countries worldwide.
"Unlike other providers, Qubit welcomed our participation and influence in product development. That, combined with Qubit's personalization technology's ability to garner customer insights from readily accessible quality data, made the decision to establish a partnership an obvious choice," said Felipe Araujo, Chief Digital Officer, Cariuma. "We're excited to work with Qubit on providing our customers with the best online shopping experiences possible, which is key to our continued growth as a business."
MandM Direct, Europe's leading online off-price retailer, is leveraging Qubit's product recommendations to provide a better shopping experience to its customers in 25+ countries.
"From our perspective, Qubit's deep learning-driven product recommendations solution outperforms the competition," said Paul Allen, Head of Ecommerce, MandM Direct. "The Qubit team is continually building products that enable us to leverage our customer data and curate more relevant user journeys. Through a combination of technology and services, our seven year-partnership is critical to the success of our online operation."
For more information about Qubit's CommerceAI and to sign up for a demo, please visit here.
About Qubit
Qubit's mission is to drive customer loyalty and lifetime value through AI and deep-learning powered personalization. Industry leaders in luxury, fashion, beauty, travel and egaming partner with Qubit to transform the way they understand and influence their visitors. Qubit customers generated $1.6 billion in incremental revenue in 2020, using the platform to grow 2.5x faster than the average retailer. Qubit personalizes 9.5 million experiences every hour for their customers, some of which include Estee Lauder Group, Kurt Geiger, Shiseido, Tailored Brands, Radisson Hotel Group and Fanduel. Headquartered in London, the company has offices across Europe and the U.S. Qubit's investors include Goldman Sachs, Sapphire Ventures, Accel Partners, Salesforce Ventures and Balderton Capital. For more information, please visit: http://www.qubit.com.
Media Contact
PR, Qubit, +1 (619) 798-0043, grachpr@gmail.com
SOURCE Qubit
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