Coveo is a global leader in using artificial intelligence (AI) to transform search, recommendations and merchandizing to create a truly personalized shopping experience for retailers and consumers. The goal of the AI project is to develop machine learning and personalization algorithms that consider not only the revenue generated but also the overall profitability of a transaction. These algorithms will use new data about margins, storage costs, shipping costs, disposal costs, return costs and others to measure and optimize the end-customer full basket’s profitability. In addition, this project ultimately aims to empower merchandisers with profitability-aware reporting, recommended actions, advanced A/B testing and statistical analysis to help them make more informed decisions.
“We’re in the experience economy, where consumers are only a browser window away from better alternatives. Consumers today demand one-on-one personalized experiences, and large-scale retailers can only deliver on this promise profitably by leveraging data and AI.”— Louis Tetu, Chairman and CEO, Coveo