If you are in e-commerce you will be familiar with the conversion funnel, which is the journey that a customer will take through your website before converting to a sale. In general the fewer steps you include in your conversion funnel, the higher the final conversion rate.
For example, an ad on a search engine may have a 10% conversion rate. An email newsletter typically converts at 1% while a followup after a sale may convert at 5%. These numbers tend to increase dramatically if you pick the right time and day, or target a customer just after interacting with them.
A badly designed customer journey can result in huge losses due to missed conversions. Often it’s possible to use data science and analytics to identify the customers who are failing to convert and tailor a strategy to boost the conversion rate.
One common mistake we have found is that many companies, for the sake of gathering as much data as possible on their customers, will force them through one or more pages of long multi-field web forms. Did you know that removing a single field from a form can boost conversions by 10%? We can design solutions for your business that involve using machine learning to either pre-fill or eliminate some of those fields.
For example a small-ads site could use computer vision to identify the item being sold, and pre-fill the description field. A job website can scan your CV and pre-fill every other field, simplifying signup dramatically. A dynamic pricing model can be used to pre-fill the desired price. Smart use of machine learning like this can improve a customer’s experience and deliver a huge boost to conversion rates.