Coveo (TSX:CVO), a leader in AI-powered relevance platforms that transform search, recommendations, personalization, and merchandising within digital experiences, today announced the release of the new Coveo Merchandising Hub. Designed to empower merchandisers to create personalized experiences that convert, the Hub provides a comprehensive feature set that enables brands to deliver a highly relevant shopping journey that helps to build loyalty and increase profitability. Coveo will showcase the Merchandising Hub at the NRF 2023 Retail’s Big Show, held January 15-17, 2023, in New York City.
The Merchandising Hub features a highly intuitive interface that enables merchandising teams to drive value by quickly operationalizing campaigns, gaining insight on revenue opportunities, customizing product discovery, creating recommendation strategies for different audiences and geographies at scale, and other revenue driving tactics without relying on IT. Innovative AI allows teams to experiment, learn, and optimize online store performance.
The technology powering the Coveo Merchandising Hub is the culmination of Coveo’s October 2021 acquisition of Qubit, a London-based company that provided AI-powered personalization technology for fashion brands and retailers. The integration of Qubit’s technology into the Coveo Relevance Cloud™ platform enables Coveo to offer a more comprehensive commerce product discovery suite.
“The acquisition of Qubit was critical to our ability to expand the functionality of the Coveo Relevance Cloud™ and to offer the first comprehensive suite of tools designed solely for merchandisers,” said Laurent Simoneau, Co-Founder, President, and CTO at Coveo. “The Coveo Merchandising Hub will help brands to overcome current challenges by modernizing the merchandising function. By using its valuable insights, it guides strategic decision-making – helping to create more value and increase profitability by optimizing and refining the customer shopping experience.”
The Coveo Merchandising Hub includes an array of easy to use features and provides detailed insights on how shoppers interact with retailers’ product catalogs, enabling merchandisers to quickly adapt and deploy the winning strategies to optimize campaigns and revenue per visit, boost specific products for revenue, and showcase higher-margin products.
AI and merchandising innovations include:
- 1:1 Personalized Search Results: Delivers highly relevant and personalized product rankings in real-time based on shopper intent, without the need for high volumes of data, pre-defined persona segments, or logged-in user profiles.
- Intelligent Facet Generator: Helps retailers with large and complex product catalogs that may span thousands of product attributes. With the Facet Generator, customers see the most relevant filtering options for each search query, reducing friction and improving conversion.
- Product Listings Manager: Allows merchandisers to easily manage product rankings on listing pages with an intuitive visual editor. Merchandisers benefit from the power of AI while being able to tailor results for specific objectives such as boosting special promo brands.
- Personalized Content: Enables merchandisers to rapidly deploy campaigns and promotional content at any point in the customer journey with a simple drag-and-drop capability.
- Advanced Decisioning Recommendations: Provides merchandisers with accessible insights and controls for recommendations and audience prioritization so that they can explicitly layer business logic on top of AI. These strategies scale for multiple regions, catalogs, and audiences.
- Product Badging: Simplifies product badging for merchandisers and makes it very simple to create complex decisioning logic. Real-time data allows it to effectively scale for any type of strategy from social proofing to scarcity and urgency badging.
“We believe the Merchandising Hub is a game changer for merchandisers,” said Brian McGlynn, General Manager of Commerce Solutions at Coveo. “Their world today in many cases is defined by thousands of manual rules. Now with 1:1 personalization and automatic facet generation, they can let AI do the heavy lifting and use their skills to experiment and make a much more powerful impact.”
Coveo customer Kurt Geiger, a leading London-based footwear and accessories retailer powered by creativity and kindness, and a recent silver winner in the Fashion/Apparel or Footwear category at the UK Ecommerce Awards, relies on Coveo’s AI-led 1:1 personalization to deliver customer experiences that make every shopper journey feel authentic.
“Working with Qubit and now Coveo has been tremendously rewarding,” said Gareth Rees-John, Chief Digital Officer at Kurt Geiger. “With social proof experiences alone, we achieved 11 times our return on investment. Their continual innovation has enabled us to provide better and increasingly more relevant shopping journeys to our global customer base. We look forward to exploring the new capabilities of the Coveo Merchandising Hub.”