Sweeten the buyer journey for your customers Reducing Cognitive Dissonance is now easy as pie
The Big Picture Cognitive Dissonance can whisk buyers away An ambiguous but very real set of reasons prevents customers from furthering or completing their purchase journey. Typically – confusion, lack of information, too many or insufficient choices, cumbersome navigation, and poor artifacts. 70% of buying journeys start digitally; however, each session results in only a 1% purchase rate . The reasons are difficult to understand, highly dispersed, and hidden deep within behavioural patterns left behind by the customer. This is especially true with complex purchases - financial products, insurance, telecom, technology, healthcare, etc.
Fractal developed and deployed an innovative
patent-pending technology called AIDE to uncover the reasons for dissonance and enabled operationalization that resulted in significant turn-around results of the digital-first buying journey.
The Challenge
Many of the client’s buyers were dropping off during purchase journeys
A Fortune 100 B2C Tech company that sells hundreds of products, subscription plans, and accessories, with 1.5M average daily digital visits. Conversion rates hovered between 0.8-1.2%, and the omnichannel purchase was low. Therefore, there was genuine leakage of sales opportunity. Digital teams used 100s of reports detailing journeys, heat maps, exit rates – but were yet in the dark on the root causes and experiential improvements to provide.
What works in the digital-first experience, what doesn't, and why? What improvements to prioritize?
AIDE: Automated Insights for Digital Evolution A Signature Recipe
AIDE i.e., Automated Insights for Digital Evolution, is a patent-pending AI technology, mining through millions of digital touchpoints, along with external and omni-channel data. In this technology, unique pattern recognition AI algorithms are deployed to uncover several microscopic factors that cause or prevent a sale. The factors are:
Anomalic deviations in hundreds of behavioural KPIs
Stage of the journey with the highest impact, and the specific touchpoint
Root cause of the issue (as close as possible)
Size of the impact on lost revenue, or increased costs
AIDE assembles five fully-automated AI modules for data points
These modules are fully scaled for millions of unstructured and structured data points created daily.
An automated AI/ML pipeline to derive meaningful business indicators using the click activity across customer journeys. Sensorize
A suite of supervised machine learning algorithms to identify drivers of key customer journey outcomes (drop-off, clear cart, etc.) and measure relative impact at a page & click level on a customer’s experience. Locate
NLP module to perform sentiment analysis and entity extraction on the voice of customer data such as chat; feedback etc. to identify the root cause of the friction and generate actionable insights. Reveal
Deviations from expected behaviour across digital journeys get captured by applying pattern recognition algorithms to the key digital indicators . Detect
Quantify the insights with respect to loss in revenue or incremental overhead costs to prioritise hypotheses for improving website design. Prioritise
Adding the right ingredients Sweetening the buyer journey with cherry picked insights AIDE's uniquely visual, highly actionable granular insights added a critical layer of understanding of visitor's digital behaviour. AIDE also created an automated pipeline to measure the performance of pages and content elements daily, which enabled the team to generate new UX ideas instead of merely fixing bugs routinely. An agile PoC to Scale approach leveraged results being iterated with business partners to create a highly intuitive consumption layer. A war room setting further helped absorb insights quickly, resulting in a reduction in action from 2 weeks to 1 hour (in some cases). The client's in-house technology stack was used to build and deploy AIDE.
Mouth-watering results The taste of success
12% decrease in
25% increase in digital conversion rate over $1B in annual incremental CLV
50% increase in revenue via surgical initiation of chats during customer journey
overall all volume by improving the digital self-serve rate
From a detailed research in 2019
Enable better decisions with Fractal
Fractal is one of the most prominent players in the Artificial Intelligence space. Fractal’s mission is to power every human decision in the enterprise and bring AI, engineering, and design to help the world’s most admired Fortune 500 ® companies. Fractal product companies include Qur e.ai, Crux Intelligence, Theremin.ai, Eugenie.ai & Samy a.ai. Fractal has more than 2,300 employees across 16 global locations, including United States, UK, Ukraine, India, and Australia. Fractal has consistently been rated as India’s best company to work for, by The Great Place to Work ® Institute, a ‘Leader’ by Forrester Research in its Wave ™ on Specialized Insights Services, Computer Vision & Customer Analytics and as an “Honorable Vendor” in 2021 Magic Quadrant ™ for data & analytics by Gartner.
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