Company and Product Updates, Conversion Rate Optimization, Machine Learning

Conversion Rate Optimization for your e-commerce with the help of Machine Learning and cognitive biases – ADAPT by Omniconvert

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We present to you ADAPT by Omniconvert

Since 2017, we have jointly invested 750,000 euro with the European Union research and development program 2014-2020, aiming to increase the performance of testing through machine learning. ADAPT encompasses a Conversion Rate Optimization Machine Learning Algorithm that is using more than 500 data points, based on 12 cognitive biases and deploys more than 500 experiments, every 4 hours.

Let’s talk about a digital revolution! Here we are, 3 years down the road, with something that has never been seen before. Be prepared to shift your eCommerce growth with machine learning! We present to you ADAPT by Omniconvert.

Now you have the chance to see the results of our newest addition live on October 29th, at Impact Hub in Bucharest. Some of the best speakers in the digital world are coming to present their best ideas in terms of machine learning and its immense effect on conversion rate optimization as we know it.

The future is here: Machine Learning in e-commerce

We have come to a point where we know Conversion Rate Optimization (CRO) like the back of our hand. In the past six years, we have gained an incredible amount of experience in manual A/B testing and since 2013, we have helped more than 18,000 websites to convert more by doing human-driven A/B testing. That gave us access to more than 41,000 human-driven A/B testing experiments made by thousands of eCommerce websites. Imagine the numbers, right?

Therefore, we have realized that the best web experiments are based on 12 cognitive biases. Short definition, first: cognitive biases are defined as “mistakes of reasoning” when people put more value on their preconceptions, past experiences and environmental or social factors than on reality.

Let’s dive into the most important 12 cognitive biases

  1. Availability cascade
    This is a self-reinforcing process in which a collective belief gains more and more plausibility through its increasing repetition in public discourse (or “repeat something long enough and it will become true”).

  2. Bandwagon effect
    This refers to the human understanding when it has once adopted an opinion (either as being the received opinion or as being agreeable to itself), it draws all things else to support and agree with it.

  3. Confirmation bias
    This represents the people’s tendency to search for, interpret or recall information in a way that confirms one’s beliefs or hypotheses.

  4. Fear of missing out
    FOMO is a common concern that others might be having rewarding experiences from which one is absent. This social anxiety is characterized by “a desire to stay continually connected”.

  5. Herd mentality
    This refers to people’s tendency to follow and copy what most of them are doing. They are largely influenced by emotion and instinct, rather than by their own independent analysis. 

  6. Anchoring 
    This makes reference to people’s tendency to rely too heavily, or “anchor’, on one trait or piece of information when making decisions (usually the first piece of information that we acquire on that subject).

  7. Framing
    People draw different conclusions from the same information depending on how that information is presented.

  8. Zeigarnik effect
    People remember incomplete or interrupted tasks better than completed tasks. Otherwise stated, a desire to complete a task can cause a person to remember it until it has been completed, because its full execution leads to forgetting it altogether.

  9. Authority bias
    This is people’s tendency to attribute greater accuracy to the opinion of an authority figure (unrelated to the content) and be more influenced by that opinion.

  10. Loss aversion
    This represents the disutility of giving up an object is greater than the utility associated with acquiring it (“save 20% if you buy now” has higher chances to convert than “get 20%”).

  11. Reciprocity bias
    In reciprocation tendency, people tend to want to return the favor when someone helps them or give them a small favor. 

  12. Hyperbolic discounting bias
    This is the tendency for people to have a stronger preference for more immediate payoffs relative to later payoffs.

Conversion Rate Optimization on autopilot – the digital revolution

However, manual web experiments are hard to run, since there are a lot of people involved in the process, the experiments demand highly skilled experts and are very expensive. Therefore, we decided to put Conversion Rate Optimization on autopilot and we are ready to shift our energy towards something really disruptive.

This is how ADAPT by Omniconvert was born.

proiect cofinantat UE