The Magento eCommerce platform has been revolutionizing online businesses for many years. It is highly successful due to its sophisticated style, overall functionality, and the platform’s modularity. Magento continues to grow, and new plugins are constantly being developed, cementing its place as one of the top e-commerce platforms in the world for businesses of all sizes.
What is Magento? Magento simplifies eCommerce. It provides a storefront for businesses, calculates shipping, and processes payments, all in one easy to use system. It provides each business with analytics and reporting, product browsing, easy cataloging, the creation of customer accounts, high-quality customer service, order management, SEO, marketing tools, and much more.
While all of these functions are useful, a recommendation system like the the Trouvus Recommender is an indispensable asset that will help a retail business grow by providing real-time suggestions that appeal to its consumers. The average online consumer has an attention span of only a few seconds. When they are browsing products, the shop must hook them in as quickly as possible or provide them with meaningful recommendations to increase their engagement with the website.
Recommendation Systems and Magento
A well-developed recommendation engine utilizes sophisticated algorithms that combine user behavior, the features of a specific web service, and the algorithms ability to learn to deliver recommendations that are likely to result in a sale.
Once on a retailer’s website, customers insert a magnitude of data while interacting with the site. As they rate, view, and bookmark products, the system keeps track of those choices and begins to process the data using various algorithms, and then suggests multiple choices to the user. However, this isn’t a one-time occurrence.
The more information the system absorbs about a user’s behavior, the better it becomes in producing accurate recommendations by finding the right data pattern, interpreting and linking it to the user.
Recommendation systems are constantly learning and finding ways to propose unique choices that are useful to a consumer.
What Type of Recommendations Does the System Make?
The three basic types of recommendations that are offered by a recommendation system are alternative, complementary, and generic recommendations. Each of the three are useful in their own way and it is up to a specific business to understand which market they need to target and which recommendations they should focus on.
If a consumer is searching for a belt, an alternative recommendation would suggest different brands of belts to the user, a complementary recommendation would pair other clothing options like pants, shirts, shoes, and other related choices, while a generic recommendation is a baseline set of product suggestions that can be generated with very little input from a consumer.
Benefits of the Trouvus Recommendation System
The Trouvus Recommender takes the Magento platform to the next level. Its cutting-edge algorithms and easily implementable plugin integrated into an API allows web retailers to take advantage of advanced technology in the area of predictive analytics simple. The system gets updated continuously with tried and tested new algorithms.
Online retailers now have access to real-time recommendations thanks to the API-based integration of the Trouvus technology. By integrating an A/B testing approach, retailers can discover the capabilities of a dynamic recommendation system to see first-hand the benefits that it brings.
Reports shows that on average Trouvus recommendation engine results in up to 94 percent increase in views and almost 55 percent increase in clicks. Other inquiries suggest that most consumers prefer to purchase products through recommendations that meaningful and boost their interaction with a website. Good recommendations also reduce the bounce back rate significantly.
Research shows that a majority of consumers check out recommendations while shopping and 8 in 10 feel that they are very useful. Recommendations increase sales significantly by suggesting products that a consumer may not have discovered otherwise. A well-integrated recommender system improves sales and generates a significant return on investment.
Retail empires like eBay and Amazon credit much of their success to their sophisticated recommendation systems. While most retailers may not have the resources of an Amazon or an eBay, they can still compete with a large company’s discovery system by implementing the Trouvus Recommender for Magento. By embedding the Trouvus plugin into their Magento-based website, retailers are making a commitment to the growth of their business and their brand. Recommendation systems turn browsers into buyers, help cross-sell, promote products, and build customer loyalty.
The Internet is a massive marketplace, ripe with opportunity. However, to compete in this ever-changing market, retailers must leverage every advantage to increase sales, build their brand, and convert browsers into buyers. The Trouvus Recommender isn’t just available on Magento, but also a stand-alone version can be integrated with any eCommerce site, guaranteed to generate tangible results for businesses in virtually any industry.