MandM Direct achieves its goal of providing better shopping
MONTREAL and LONDON, March 01, 2022 (GLOBE NEWSWIRE) — Coveo Solutions Inc. (TSX:CVO), a leader in AI-powered relevance platforms that transform search, recommendations and personalization within experiences today announced that its client MandM Direct has been named the winner of the Digital Impact Award in the Modern Retail UK competition Good Retail Awards 2022. The winners of the Good Retail Award were announced at a gala held at the Spring Fair in Birmingham, UK on February 6.
MandM Direct is Europe’s leading online discount retailer, selling discounted products from world-class brands including Adidas, Timberland, Diesel and Puma to consumers in over 25 countries. When MandM Direct decided to completely modernize its product recommendation strategy as part of its goal to provide a better online shopping experience for its customers, it turned to Qubit (acquired by Coveo in October 2021) and product recommendations based on the company’s deep learning.
“The MandM Direct entry stood out as their digital initiative was all about improving the online experience for their customers. And of course the success of their product recommendation improvements then led to an increase significant in sales”, Rob Gamage, Managing Director of Modern retail.
Coveo’s product recommendations combine customer data (including intent) and design tools to increase revenue, conversion rates, and customer lifetime value while reducing abandonment. Deep learning leverages more sophisticated algorithms than machine learning, which results in better e-commerce results because it enables the processing and understanding of massive amounts of data in real time and powers the experience of purchase of the end user as a whole. This data is also mined for insights that e-commerce teams can use to make important business decisions regarding merchandise, campaigns, offers, and more.
“We are very pleased that Modern Retail has applauded our product recommendation strategy which has allowed us to achieve our number one goal: to make a great first impression with new customers and to retain repeat buyers, these two priority objectives”, said said Paul Allen, eCommerce Manager, MandM Direct. “Advanced product recommendations allow us to forge closer relationships with our customers. Through our partnership with Coveo-Qubit, we are able to provide shoppers with the right products for their current lifestyle, which is so important to the overall customer experience.
MandM Direct has deployed Coveo’s product recommendation technology on the home page, product landing pages and product detail pages. This has improved a number of key performance indicators, including:
- 157% increase in click-through rates (CTR) with recommendations embedded in add-to-cart pop-ups on product detail pages.
- 292% jump in “add to bags” goal
- 114% increase in overall CTR of product recommendations
- For an overall revenue increase of 2.4% increase
“We congratulate MandM Direct on this well-deserved award,” said Brian McGlynn, General Manager of Commerce at Coveo. “Using AI-powered product recommendations to create better shopping experiences was clearly a winning strategy for MandM Direct. They understand that the key to creating lasting customer relationships and increasing loyalty is enabling shoppers to easily and quickly find the products they are looking for.Advanced product recommendations that leverage deep learning and AI are key to driving this process and keeping customers engaged while they shop.
For more information on Coveo’s e-commerce and product discovery solutions, please visit; https://www.coveo.com/en/solutions/ecommerce-search-platform
We believe relevance is essential for businesses to win in the new digital experience economy, to serve people the way they expect, and that applied AI is imperative. Coveo is a market-leading AI-powered relevance platform. Our native, multi-tenant SaaS platform injects search, recommendation and personalization solutions into digital experiences. We provide solutions for commerce, services, websites and workplace applications. Our solutions are designed to deliver tangible value to our customers by helping to drive conversion and revenue growth, reduce customer support costs, increase customer satisfaction and website engagement, and improve skills and employee satisfaction.
Our AI powers relevant interactions for hundreds of the world’s most innovative brands and is supported by an extensive global network of systems integrators and implementation partners.
Coveo is a trademark of Coveo Solutions, Inc.