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mageplaza.com

5 Outstanding Benefits Of Product Recommendation Engines

Summer Nguyen | 01-04-2018

The Most Popular Extension Builder for Magento 2

With a big catalog of 224+ extensions for your online store

Since we are on the verge of the fourth industrial revolution, the wave of e-commerce enterprises breaks out as a predictable result. The development of advanced technology paved the way for the success of numerous online merchants. Among various supporting tools created for online stores, product recommendation engines seem to be one of the most detrimental factors contributing to the success of any store. Research and surveys have shown that product recommendation engines have many advantages. This post will reveal the five most impressive benefits of using such amazing tools for any online merchant.

Product Recommendations: What is it?

Product recommendations are personalized suggestions for products that a customer might be interested in purchasing. These recommendations are typically based on several factors, such as the customer’s past browsing history, purchase history, demographic information, and even real-time behavior on the website or app.

Types of product recommendation engines

The realm of product recommendation encompasses various approaches, each tailored to specific scenarios and customer interactions. There are three primary types of product recommendation engines, including:

Content-Based Filtering

Content-based filtering algorithms analyze past purchases and browsing history to recommend products that match the customer’s interests and preferences. They use product descriptions, categories, and attributes to identify patterns in past behavior and suggest items with similar features and content. This approach assumes that customers are more likely to be interested in products that align with their past preferences.

Collaborative Filtering

Collaborative filtering algorithms tap into the collective wisdom of customer behavior, analyzing purchasing patterns and browsing histories to identify groups of customers with similar interests. Leveraging these connections, the algorithm recommends products that have been popular or well-received among customers sharing similar preferences, fostering a sense of social validation and encouraging exploration of new products within the customer’s preferred taste category.

Hybrid Filtering

Hybrid filtering algorithms combine the strengths of content-based and collaborative filtering approaches to provide more personalized and accurate product recommendations. This hybrid approach takes into account both the characteristics of products and the collective behavior of customers, offering a more nuanced and comprehensive recommendation strategy.

Benefits of Product Recommendations

Increase revenues

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One of the most impressive benefits of using product recommendation is that it boosts sales for online merchants. With different recommendation engines such as recommended for you, who bought this item also bought, related products, best sellers, and so on, online stores can offer web browsers more choices when they are shopping. Consequently, these methods contribute to the increase in the number of items as well as the average value per order.

One noticeable example of successful online enterprises applying product recommendation engines is Amazon. Statistics in 2015 showed that 35% of Amazon’s total revenues come from the positive effects of recommendation engines that this giant online merchant used.


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Create customer satisfaction

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Another outstanding benefit of product recommendations is enhancing customer satisfaction. Going beyond just showcasing products, product recommendations play an important role in making customers happy.

When businesses offer personalized suggestions that match individual preferences, it shows that they really “get” their customers. This tailored approach makes customers feel valued, building trust and a connection with the brand. As a result, customers are more likely to come back for future purchases and even become advocates for the brand, spreading positive word-of-mouth.

This emphasis on personalization not only boosts customer satisfaction but also strengthens the long-term relationship between customers and the business.

Personalize individual interest

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Product recommendation engines provide suggestions not only based on customer tastes and references but also the opinions from other people. It means that a user can take other products purchased by other people into their consideration. Besides, their own opinions about one product via rating or commenting will be recorded to set up their own storage of data. As a result, buyers will receive suggestions individually that make them feel they are given special care and attention.

Reduce Cart Abandonment

Reduce shopping carts

One big issue for online stores is when customers leave their shopping carts without finishing their purchases. This is called cart abandonment. Product recommendations can help tackle this problem by suggesting other items that go well with the ones in the cart. This helpful reminder encourages customers to finish their purchases, reducing the number of abandoned carts and increasing sales.

Elevate customer engagement and shape brand perception

Personalized browsing experience

When businesses integrate product recommendations seamlessly into their platforms, they create an immersive and personalized browsing experience. These tailored suggestions entice customers to explore a broader array of offerings, leading to increased time spent on the website or app. This extended engagement fosters a sense of discovery as users encounter products they might not have otherwise discovered, contributing to a more dynamic interaction.

Crucially, this personalized approach to product recommendations goes beyond the mere presentation of items for purchase. It positions the business as a wise and customer-centric guide, attuned to individual preferences and actively seeking to enhance the user experience. The brand becomes not just a seller but a trusted advisor, anticipating and meeting the unique needs and tastes of each customer.

This enhancement of brand perception is particularly impactful in fostering customer loyalty. When users feel that a platform understands their preferences and consistently offers relevant suggestions, they are more likely to develop a positive perception of the brand. This positive creates a lasting impression that resonates with customers and contributes to a favorable brand image.

Wrap-up

In summary, product recommendation engines are among the most important ways for any online merchant who want to take advantage of e-commerce. If you are struggling to find a suitable supporting engine for your store, let Mageplaza help you with our products. Here comes our great product recommendation engines that you can take into your consideration: automatic related product, who bought this item also bought.

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Summer

A data-driven marketing leader with over 10 years of experience in the ecommerce industry. Summer leverages her deep understanding of customer behavior and market trends to develop strategic marketing campaigns that drive brand awareness, customer acquisition, and ultimately, sales growth for our company.



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