For todayβs online retailers, attracting and retaining customers in a competitive and dynamic market is challenging.
You need to provide relevant, accurate, and engaging product information that meets the needs and expectations of your target audience. You also need to optimize your website for search engines, personal assistants, and other platforms that can drive traffic and conversions.
But how can you achieve all this without spending too much time and resources on data management, content creation, and SEO?
AI-powered Knowledge Graphs can solve this problem for you!
A product knowledge graph is a powerful tool that can help you organize, enrich, and leverage your product data to improve your online presence, user experience, and business performance.
Whatβs a knowledge graph and how it works
Knowledge graphs organize and connect data from different sources, such as product catalogs, customer profiles, reviews, social media, etc. They use natural language processing and machine learning to understand the meaning and context of the data and to create rich and dynamic relationships between them.
This figure is a 3-dimensional graph visually representing the relationship between customers, products, and their attributes. It shows how User 1 and User 2 are related to Product 3 even though they have not interacted and why it makes sense to recommend Product 3 to them.
A product knowledge graph is not just a static database of facts. It is a dynamic and semantic model that can infer new information from existing data, link to external sources of knowledge, and provide context-aware answers to complex queries.
For example, a product knowledge graph can answer questions like:
– What are the best-selling products in my category?
– Which products have the highest customer satisfaction ratings?
– What are the common features of my competitors’ products?
– How can I improve my product descriptions and titles?
– What are the most relevant keywords for my products?
How a knowledge graph can boost your eCommerce sales
A knowledge graph can help you achieve three key objectives:
1. Increase your visibility
A knowledge graph can help you rank higher on search engines and other platforms by providing rich snippets and structured data that showcase your products’ features, ratings, availability, prices, etc. These snippets can increase your click-through rate (CTR) and drive more organic traffic to your website. According to a study by Searchmetrics , websites with rich snippets have an average CTR of 25%, compared to 18% for websites without them.
2. Improve your user experience
A knowledge graph can help you provide a better user experience by offering personalized recommendations, cross-selling opportunities, and natural language answers to your customers’ questions. These features can increase your conversion rate (CVR) and customer loyalty by providing relevant, accurate, and engaging product information that meets their needs and expectations. According to a study by McKinsey, personalization can increase sales by 10% or more and improve customer satisfaction by 20% or more.
3. Optimize your business performance
A product knowledge graph can help you optimize your business performance by enabling you to analyze your customer behavior and preferences, identify gaps and opportunities in your product catalog, and create dynamic and engaging content for your website and social media. These actions can increase your average order value (AOV) and customer lifetime value (CLV) by providing more value and variety to your customers and encouraging them to buy more and come back. According to a study by Bain & Company, increasing customer retention by 5% can increase profits by 25% to 95%.
Need more inspiration? Ask some leading eCommerce brands using knowledge graphs to power their online stores.
Amazon uses knowledge graphs to provide its customers with accurate and diverse product suggestions based on their browsing history, purchase history, ratings, reviews, etc. This helps Amazon increase its sales by 35%.
Walmart uses knowledge graphs to optimize its inventory management and supply chain. By analyzing the demand and availability of products across different locations, Walmart can reduce its costs by 10% and improve its customer satisfaction by 15%.
eBay uses the tool to match buyers and sellers based on their preferences and behavior.
How can you get started with a knowledge graph?
You don’t have to start from scratch. Some tools and services can help you build and maintain your own product knowledge graph without any coding or technical skills.
Tools like WordLift can help you easily create, manage, and publish your product knowledge graph.
These tools help you:
– Analyze your product catalog and extract relevant entities, attributes, and relationships
– Enrich your product pages with structured data
– Connect your products with other sources of knowledge, such as Wikidata, DBpedia, and more
– Publish your knowledge graph on the web and make it accessible via APIs
– Monitor your performance and get insights on how to improve your SEO and conversions
Conclusion
A knowledge graph is a powerful tool that can help you organize, enrich, and leverage your product data in a way that improves your online presence, user experience, and business performance.
You can either build it yourself using open-source tools and frameworks or use a service that provides a ready-made product knowledge graph for you. Either way, a knowledge graph can help you take your eCommerce business to the next level.
