Level up buyer conversion and retention with computer vision.
Are you looking to convert the window shoppers in your walk-in store or website to buying customers? Do you aim to have them fulfill company targets like making purchases, ordering services, newsletter registration, or downloading a link? Do you wish to retain your customers and make them loyal?
This article throws light on:
Buyer conversion or customer conversion as it is also called focuses on turning lookers, and window shoppers into paying customers. The term customer conversion is usually confused with customer acquisition but there is a slight difference. Customer acquisition deals with getting new customers into the store through creating awareness and distinguishing businesses from their competitors, while customer conversion, on the other hand, focuses on turning lookers into buyers through product display, product promotion and efficient customer services.
Examples of buyer conversion targets
Conversion rate is used to control online marketing activities, it is determined by calculating the percentage of shoppers that eventually make purchases after Window Shopping. The conversion rate is derived by dividing the number of conversions by the number of visits x 100 in a given period.
For example: if you had 20 conversions after 500 ad interactions, your conversion rate will be :
20 ÷ 500× 100 = 4%.
A good conversion rate is said to be at about 10% and above.
For a good buyer conversion rate, businesses need to create an appealing website that is attractive, detailed and unambiguous. A clear website makes conversion easy because buyers see what they want at the first glance and can take required actions without much guidance
Proof of brand authenticity like testimonials, positive customer feedback, success stories, partnering brands etc, encourages prospective buyers to commit to your brand.
A money-back guarantee shows brand confidence and this helps eliminate the fears of prospective buyers. The Longer the guarantee period, the higher the conversion rate.
Getting rid of unnecessary distractions makes your website less complicated and also helps prospective buyers focus on what your company has to offer.
Buyer retention refers to the ability of a company to turn customers into repeat buyers and keep them from switching to their competitors. Acquiring new customers is quite difficult and more expensive than keeping existing customers therefore companies need to strategize ways to retain their customers'
These strategies are not easy to apply considering the frequency of customer demands, complaints and tons of daily customer feedback on websites and social media. Also, irrespective of how good a product is, businesses will not be able to convert or retain buyers if their products and services are not visible to prospective buyers, not to mention making profits off them. At this juncture, computer vision steps in to aid businesses in gaining visibility and rendering smart customer services.
Computer vision is a branch of artificial intelligence that enables computers to derive meaningful information from digital images, videos and other visual inputs. The insights gained from computer vision are used to take automated actions. Just like artificial intelligence helps computers think, computer vision enables computers to see.
Computer vision can be used in various industries e.g
Transportation: for self-driving cars to dictate road signs, pedestrian detection, parking occupancy detection, traffic flow analysis, road condition monitoring etc.
Medical: X-ray analysis, CT scan and MRI, cancer detection, blood loss measurement, movement analysis.
Manufacturing: Defect inspection, product assembly etc
Construction: predictive maintenance, PPE detection.
Agriculture: crop and yield monitoring, insect detection, livestock health monitoring, plant disease detection etc.
The traditional way of tracking customer behaviour is not effective and doesn't provide sufficient knowledge to meet customer needs. With the aid of cameras and appropriate artificial intelligence computer vision can record processes and interpret visuals. Computer vision can serve as extra eyes and brains with its ability to see, understand and interpret visual data businesses can get hold of information promptly, and respond swiftly to business and customer needs.
As can be seen in this write-up, computer vision plays a vital role in various industries and can be used to achieve swift customer service that can help businesses convert and retain prospective customers.
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