New AI solution aimed at tackling rise of online cart abandonment
Glassbox, the digital customer experience solution has launched real-time Cashbox and AI-powered alert capabilities, which enable enterprises to accurately calculate the revenue loss resulting from negative online customer experiences and proactively resolve issues impacting online transactions.
In 2016, e-commerce merchants lost $4.6 trillion worth of merchandise due to cart abandonment. At present, enterprises across all industries are only able to estimate how much income they are losing due to customers not finalising online transactions. Based on a sample of online sessions, customer journey analytic tools take an approximation of the number of failed transactions and multiply it by an average cart values, ARPU or LTV. This does not provide businesses an accurate representation of what is happening online.
The Glassbox platform detects any type of problem impacting online transactions and knows the exact amount of money that was about to be spent by the customer. The Cashbox solution simply adds up the two elements and presents the data to the enterprise via a real-time dashboard.
Yaron Gueta, CTO and co-founder at Glassbox, commented: “With as much as £67bn being spent online in the UK, it’s so important for businesses to have complete insight into how customers interact with their website or mobile application. Incomplete online transactions are not only a loss in revenue but can also affect customer loyalty and Net Promoter Score. At Glassbox, we automatically capture 100% of the data generated in online transactions for both websites and mobile applications. This enables online merchants to automatically identify customer struggles on both websites and apps, diagnose root-causes, and determine whether the challenges result from usability issues, network issues or from server failures. There’s no need for guessing anymore.”
In addition, while enterprises want to know what is blocking their revenue flow from online transactions and how to correct it immediately, many can’t afford to be alerted for every £5 cart that is not submitted. By combining AI and machine learning-powered alerts, the Cashbox solution enables businesses to learn – in real-time – when there is an abnormal amount of transactions or a particularly large transaction failing to be completed. They can, then, remedy any issues quickly.
Doug Suvalle, VP Sales at Glassbox, added: “Anomalies are relative. They are impacted by times of day, by business seasonality, by geographies, and so on. Businesses need to be agile enough to respond to these nuances. Our system learns data behaviours and understands if a sudden change follows an expected pattern or not. If it doesn’t, an alert to the enterprise is automatically triggered and will start running to initiate a remedial process.”