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The Journey After a Customer Clicks “Buy”: Understanding Post-Purchase Dynamics
Once a shopper selects the “buy” button on an online retail site, an intricate process begins—often referred to as the post-purchase journey. This phase is crucial and can be one of the most expensive components for retailers, affecting both their reputation and bottom line. Activities during this stage encompass logistics coordination, fostering customer loyalty, and managing returns when necessary.
Narvar is at the forefront of enhancing post-purchase experiences, serving over 1,500 retailers worldwide including well-known names like Gap, Levi’s, and Sonos. The company gathers insights from more than 42 billion consumer interactions across various platforms.
Innovative Solutions with AI-Powered Insights
Recently, Narvar has unveiled its latest advancement—a sophisticated AI-driven platform called IRIS (Intelligent Retail Insights Service). This cutting-edge technology leverages data analytics combined with artificial intelligence to assist retailers in tackling fraud issues while streamlining delivery processes and returns. One of IRIS’s flagship offerings is Narvar Assist; an automated claims management system aimed at significantly reducing fraudulent delivery claims.
Early assessments from a trial involving 20 businesses demonstrated remarkable outcomes: there was an astounding 80% drop in inquiries related to fraud and a notable 25% decrease in compensatory measures typically offered for shipping complications.
“Our mission transcends problem-solving; we’re reshaping what has long been viewed as a cost burden into a strategic asset for merchants,” stated Anisa Kumar, CEO of Narvar during her conversation with VentureBeat.
The Importance of AI in Enhancing Retail Success Beyond Purchase
Anisa Kumar transitioned to Narvar as chief customer officer before being elevated to CEO in late October 2024. Her extensive background includes roles at notable companies like Levi Strauss & Co., Walmart, and Target where she closely monitored operational challenges faced by retailers.
Many retail brands invest substantial resources into attracting shoppers; however, retaining them remains a significant hurdle. As Kumar pointed out: “The focus should really shift towards nurturing ongoing relationships that encourage shoppers to return while providing personalized shopping experiences.”
Narvar aggregates vast amounts of data which now allows artificial intelligence tools to transform post-purchase activities into effective customer retention strategies. Despite high interest levels noted by Forrester’s 2024 report on retail AI implementation challenges persist due to slow adoption rates among businesses overall.
Tangible Benefits for Businesses Using IRIS Technology
The IRIS platform integrates advanced analytics powered by Google Cloud along with proprietary machine learning models designed for predictability.
Ram Ravicharan, CTO at Narvar highlighted how essential their data pool is in shaping AI solutions that support merchants effectively. With billions of interactions analyzed each day sequentially offers distinctive insights regarding consumer behavior patterns.
Narvar’s approach doesn’t utilize generative AI but rather incorporates foundational methods akin to those used within large language models (LLMs), such as transformer techniques.
“Every transaction can be seen almost like language where we anticipate ‘what comes next’ based on previous actions,” explained Ravicharan about their innovative perspective on analyzing transactions strategically.
Using these predictive algorithms grants corporations comprehensive insights regarding shopper intentions crucial not just for retaining clientele but also curtailing fraudulent claims against them.
Beyond merely addressing fraud prevention instances—IRIS empowers businesses with improved reliability concerning delivery timelines while encouraging sustained loyalty from patrons.
Kumar mentioned improvements made prior involved reliance on traditional rule-based systems focused mainly around estimating delivery windows; now implementing heightened levels across all touchpoints ensures accuracy accounting potential unpredictabilities such as weather disruptions or carrier-related setbacks significantly improving consumer-facing promises derived through accurate technological modeling pathways set forth via enhanced networks available today.
“We often prioritize acquiring new customers yet frequently lose existing ones only needing fresh expenditure afterwards,” noted Kumar framing how crucial establishing lasting connections through tailored experiences truly stems from significant moments occurring post-transactional phases.”
Pioneering Results Among Early Adopters
Narvar Assist isn’t widely accessible yet but trials are underway amongst select clients who have previously adopted corresponding solutions,
Boston Proper represents one such longstanding partner utilizing Narvars services since six years ago via Engage resulting immediate visibility gains linking order deliveries enhancing entire transactional experience witnessed firsthand thanks CIO DeAnne Judd referencing present commitments observing diminished client contacts alongside lowered operation expenditures attributed added efficiencies realized following integration bolstered user experience optimization delivered through enriched platforms preemptively harnessing adjustments need arise amid irregularities detected processing frameworks employed operated dynamically balancing priorities outcomes serve broadest range end-users targeted effectively conversely assessing maintain compliance achieving consistent satisfaction internal metrics gauge tracking efficiency-moving forward solidifying standing respective marketplaces rapidly evolving sectors industries transforming virtually over ongoing developments hinging upon 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Author : Tech-News Team
Publish date : 2025-01-09 15:26:06
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