Integration of monitoring and reporting strategies with intelligent selling services can optimize a merchandising effort's performance and outcome.
The following figure illustrates this concept with an example of a typical workflow. A business/technical consultant can use intelligent selling services capabilities to display relevant products to customers based on real-time data. They can also tune and test the display of products to optimize desired business outcomes, such as reducing bounce rates.
Phase 1:
The workflow begins with click tracking. It captures and sends data to intelligent selling services when online shoppers add items to their carts or browse through the SAP Commerce Cloud store. This information is crucial to powering the AI-based product recommendations.
Phase 2:
The product mix determines the products displayed in the carousel for the customers. The product mix is formulated based on the recommendation types, such as AI-based personalized products, related products and influencers, or fixed products.
Phase 3:
The strategy defines how and when product mixes exhibit to the customer. As described in the previous unit, you can link strategies to the merchandising carousels on the SAP Commerce Cloud, composable storefront. This helps display the generated product recommendations.
Phase 4:
Merchandising reporting is a crucial step in the workflow. It offers essential insights into core key performance indicators (KPIs), including impressions, clicks, and click-through rates. These metrics enable businesses to measure and understand the success of their merchandising efforts.
Phase 5:
The workflow concludes with optimizing the recommendations. After obtaining data from the reports, businesses can create or adjust product mixes or strategies to optimize their product recommendations for customers.
Here are some observations from the workflow.
- The reporting and optimizing phases hold significant importance. With them, businesses can continuously monitor key metrics, identify trends, and understand customer behavior based on real-time data acquired from user activity. They facilitate informed decisions and improve business strategies.
- The optimization phase continually improves and adapts strategies based on observable data and outcomes. This enables businesses to evolve and adapt their strategies for success.
- In conclusion, by using monitoring and reporting techniques, intelligent selling services effectively boost customer experience and product visibility, leading to increased sales.