Summary
Michelle Bacharach, CEO of FindMine, discusses the success and challenges of using AI in the retail industry. She explains how FindMine helps brands enhance the customer experience by providing personalized recommendations and prescriptions. The conversation covers topics such as the shift in consumer behavior, the disconnect in the customer experience, the role of AI in personalization, and the future of FindMine. Bacharach also emphasizes the importance of measuring success beyond conversion and average order value, and highlights the need for brands to consider margin and long-term brand health.
In this conversation, Michelle Bacharach discusses the process of using AI to improve shopper experiences and drive revenue. She explains how margins can be approximated and strategic products can be identified. She also outlines the onboarding process for implementing AI technology and the roles involved. Additionally, she highlights the ongoing management and reporting aspects of using AI in retail.
Takeaways
- FindMine helps brands enhance the customer experience by providing personalized recommendations and prescriptions.
- The shift in consumer behavior has led to a disconnect in the customer experience, with customers seeking expertise outside of the retailer's four walls.
- AI can play a crucial role in personalization, but it is important for brands to use the right kind of AI for their specific goals and outcomes.
- Measuring success in the retail industry should go beyond conversion and average order value, and consider factors such as margin, repeat purchase, and long-term brand loyalty.
- The future of FindMine involves expanding to different touchpoints and leveraging generative AI to create a more seamless and personalized shopping experience. Margins can be approximated by analyzing publicly available information and anecdotal feedback from merchants.
- The onboarding process for implementing AI technology typically involves obtaining the product feed, conducting training, and installing the AI system in the customer journey.
- Key roles involved in the process include the Chief Digital Officer, CMO, CFO, and individuals from merchandising and marketing.
- Ongoing management includes reviewing performance, making adjustments, and utilizing reporting to drive revenue and improve the overall business.
Chapters
00:00 Introduction and Background
01:26 The Shift in Consumer Behavior
04:14 The Disconnect in the Customer Experience
05:16 The Difference Between Recommendations and Prescriptions
07:20 The Role of AI in Personalization
10:46 How FindMine Uses AI to Enhance the Customer Experience
15:22 Using FindMine in Customer Care
19:03 Expanding FindMine to Different Touchpoints
20:25 Measuring Success Beyond Conversion and Average Order Value
30:07 The Future of FindMine
35:41 Setting Expectations and Measuring Success
41:05 Approximating Margins and Strategic Products
42:08 Getting Started and Onboarding Process
44:07 Roles and Responsibilities
45:19 Ongoing Management and Reporting
