Voyado AI improves understanding of retail industry

  • June 11, 2024
  • Steve Rogerson
Felix Kruth, chief product officer at Voyado.

Swedish retail technology firm Voyado has added artificial intelligence (AI) to its platform to provide a deep understanding of the retail industry.

The AI is trained on billions of transactions, interactions and industry data to help retailers and ecommerce businesses enhance the online customer experience with recommendations and search features. It also provides a multichannel platform for marketers to add personalisation across channels, strengthening customer loyalty.

“We have been using AI in retail for some time now,” said Felix Kruth, chief product officer at Voyado. “However, the functionality we are introducing is special because we have trained it specifically on our data to thoroughly understand what is effective in the retail industry. We utilise a variety of AI models to solve different types of problems.”

The AI combines predictive models, which use historical data to forecast future steps, and generative models, which produce new data such as texts or images. This allows Voyado’s AI to suggest activities and campaigns based on customer business goals and generate content.

“The challenge for our customers is the overwhelming amount of data to analyse, limited time, and consumer behaviours that change faster than ever,” said Kruth. “With the help of AI, and we call her Bonnie, the impossible becomes possible, staying ahead and acting on customer intentions.,”

The release gives retailers help analysing their data to understand results and difficulties. AI can also predict customer lifetime value and identify and prevent customer churn before it happens. Bonnie is trained to identify patterns in shopper behaviour and understands how different products are related. This helps retailers reach the right target audience with targeted product campaigns and segment the customer base according to their shopping habits.

AI can increase productivity by generating content and conducting A/B testing, enabling retailers to create faster, reduce repetitive tasks, and enhance creative quality. It can create SMSs, A/B test emails, and pop-ups and forms with text, images and video.

AI-driven product recommendations for ecommerce and email are based on online and in-store purchase history and product views. Understanding all languages and synonyms can help smaller retailers expand internationally.

Voyado is a SaaS company helping retail brands create hyper-relevant shopping experiences, increase customer loyalty and drive business growth. Its AI-powered customer experience cloud includes a product discovery engine with deep product knowledge to predict and respond to visitors’ intentions on ecommerce web sites, and a multichannel marketing platform that offers insights and campaign tools for delivering automated and personalised shopping experiences.

Headquartered in Stockholm, Sweden, Voyado (voyado.com) has more than 300 employees around northern Europe.