A key aspect of behavioural research in online retail is the use of nudges to steer purchasing behaviour. They range from customer recommendations to reducing decision anxiety and help to increase conversion rates, reduce returns and improve the overall shopping experience.
Thilo Pfrang believes well thought-out optimization of product pages is vitally important too. He sees tremendous potential for the use of artificial intelligence here. While manual analysis is extremely time-consuming, an algorithm can learn from a large quantity of data and quickly suggest improvements. By integrating AI technologies, product pages can be customized and optimized to meet the needs and preferences of individual customers.
Pfrang also underlines the importance of building trust and promoting customer loyalty. By implementing targeted measures – for example, providing reliable information and creating a positive shopping experience – retailers can gain the trust of customers and build long-term relationships.
Thilo Pfrang is a speaker at the International Retail Summit, which will be held at the Gottlieb Duttweiler Institute on 12 and 13 September 2024. At this event he will share his insights into the future of e-commerce and highlight the growing importance of AI and behavioural science. Register today!