Today we are introducing a powerful new tool, Einstein Commerce Insights, that builds upon and extends the data-fueled capabilities of Commerce Cloud Einstein, and gives retailers and brands valuable information about consumers’ shopping habits.
Commerce Insights is a shopping cart analysis dashboard that empowers brands to understand which products are most commonly purchased together, and gives merchandisers a granular view of shopping activity, including product-specific sales and top co-purchase categories.
Here’s how it works: Commerce Insights uncovers relationships between purchased items by calculating correlations in customer order activity. Each day, the Commerce Cloud Einstein engine analyzes order history to calculate the frequency with which items are basketed together. Retailers are able to explore these patterns by units sold, number of baskets, and sales, as part of an easy to use dashboard.
The data extracted from this dashboard gives merchandisers (especially those managing large and complex product catalogs) precisely the insight they need to create the best outfits, looks and deals for shoppers, which ultimately drives higher average order value. Merchants can also use Commerce Insights to inform general site design, and even creative tasks like which products should be displayed or photographed together.
The benefits are not limited to digital commerce. Commerce Insights can also be used to merchandise effectively in physical stores, for example when planograms are being created to map out stores. Based on the commerce data, brands can be sure to place products that frequently sell together next to each other. Retailers will never have to ask themselves whether scarves sell better next to the pants or dresses again. They can let the data speak – and that is extraordinarily powerful.
Commerce Insights is a key component of Commerce Cloud Einstein, which infuses artificial intelligence directly into Commerce Cloud, making merchandisers smarter with powerful insights and the tools to create unique recommendations and predictions for each individual shopper. Commerce Cloud Einstein is simple to use; no data scientists or complex integrations required.
Product Recommendations powered by Commerce Cloud Einstein are already being used by more than 100 brands on over 350 sites globally. These brands have realized increases in revenue between 7% and 16% per site visitor.
One of these brands is Icebreaker, a retailer specializing in men’s and women’s Merino wool apparel for outdoor activities & sports. Icebreaker found that its shoppers clicked on Commerce Cloud powered Product Recommendations 40% more often, leading to 28% more revenue from recommended products and an 11% overall increase in average order value (AOV).
“Honestly, it’s a no brainer,” said Brian Hoven, Global Head of eCommerce. “There is no external integration. It was easy to set up. I’d tell other retailers, if you’re not using this you’re missing out on quite an opportunity.”
Commerce Insights, which is included for all Commerce Cloud Digital customers, is the latest example of our commitment to delivering continuous innovation as part of the Commerce Cloud. We know that commerce is about much more than the transaction. It’s about delivering relevant, personalized experiences for your customers across all channels.
At the heart of all that is your data. But you don’t need a Ph.D. in data science. With Einstein Commerce Insights, it’s easy for merchandisers to become retail superheroes!