One Company Wants to Fix How eCommerce is Built
Designed for retail leaders and lovers alike, Retail Refined explores the in-store technology of the future, challenges the industry’s preconceived notions, and brings together retail’s biggest names to understand the brand strategies that will define the next decade in retail.
Transactions are the objective of any business. In those moments, whether online or in-store, the brand generates revenue. Enhancing those experiences to drive even more is what Rokt does, using AI and machine learning. So, how can companies optimize these transaction moments? Chief Commercial Officer of Rokt Elizabeth Buchanan shared her insights with Retail Refined host Melissa Gonzalez. Buchanan has an esteemed career in technology, marketing, and advertising. She was a part of the founding team of Rokt in 2012.
“We’re laser-focused on the cart and confirmation pages and making it more relevant to customers to then increase profitability for the brand,” Buchanan explained.
It’s a tight balance of ensuring the process is frictionless. Too much noise here can lead to cart abandonment. Curating that experience is key, and Rokt does this by learning. Thus far, the AI engine has analyzed over five billion transactions.
“Most messages on these pages are stagnant. Now you have the option to show a more relevant message based on data for that customer,” Buchanan said.
Sometimes the best thing is to show nothing, and the platform allows users to control how they use it. “They don’t have to guess about showing other brands or loyalty cards. The machine learning determines how and when to cross-promote,” Buchanan added.
Another option for confirmation pages is third-party messages, allowing companies to monetize their audience. “They can get 20 to 40 cents profit for every confirmation, and customers only see high-value offers, using that same AI engine. It’s at the end, so it’s not disrupting and provides a message for what’s next for the customer,” Buchanan noted.