"Right after subscribing to all three Clova MD product recommendation solutions, our monthly sales more than doubled. Upselling and cross-selling marketing, which I thought could only be done offline, were automatically carried out by Clova MD, allowing us to feel the marketing efficiency without any manual effort. It recommends products that buyers might be interested in on its own." (Lim Ji-hoon, CEO of PadoofSeoul)
It has been revealed that smart store sellers using Naver's artificial intelligence (AI) solutions experienced increased sales amounts. AI also improved work efficiency by recommending products on behalf of sellers or analyzing sales data.
On the 30th, Naver announced these findings through the 'D-Commerce Report 2023.' This year's D-Commerce Report analyzed sellers' growth effects focusing on cases of 'Clova MD product recommendation' and 'Clova message marketing.'
Growth Effects of Using Clova MD Product Recommendation Solution on Smart Store [Image provided by Naver]
First, when subscribing to and using Clova MD product recommendation-related solutions, the average daily product exposure increased by 27%, clicks by 25%, and contributed payment amount improved by 12%. This solution supports AI in analyzing products frequently bought together, similar products, and customized products according to shopping intent, enabling automatic store display.
The Clova message marketing solution had the effect of improving marketing efficiency. This solution generates marketing messages on behalf of sellers and provides targeting functions using AI. Stores using the Clova message marketing solution had a message reading rate 1.68 times higher and a message click-through rate 1.72 times higher than stores that did not use it. When using the AI targeting function, the message reading rate was 1.91 times higher and the message click-through rate was 2.14 times higher compared to days when it was not used.
Jung Ho-yoon, CEO of 'Good Things with Neighbors,' said, "Customer responses from frequent visitors are handled by 'Clova Live Chat,' designers who create banners by selecting good reviews are supported by the 'Review Exposure AI Manager,' and the smart MD who recommends products tailored to customers' tastes is 'Clova MD,' greatly reducing our workload. Especially, just with Clova MD's 'Frequently Bought Together Product Recommendation Solution,' we secure an additional monthly sales of 2 million KRW," he said.
'Good Things Are Shared with Neighbors' Smart Store and 'Clova MD' Applied Screen [Image provided by Naver]
Currently, Naver provides 61 technical solutions through the Commerce Solution Market, ranging from solutions applied with large-scale AI like HyperClova to various automation support tools. This is said to increase accessibility for small and medium-sized enterprises (SMEs) who find technical solutions difficult.
Recently, various consumer survey and data analysis solutions that allow detailed understanding of customers and business have been added. The 'Consumer Survey Solution,' launched in June, is a tool that helps conduct customer surveys targeting smart store users, assisting with the labor-intensive survey tasks and result analysis. It also enables customer targeting and customized response collection, which can be referenced for new product development or service quality improvement. As of September, the number of subscribers has increased by more than 30% on average since the solution's launch. The 'Review Exposure AI Manager,' which highlights products with the latest and positive reviews, also saw subscriber numbers increase by more than 30% compared to the previous month as of September.
Naver plans to accelerate the onboarding of external developers' solutions within the Commerce Solution Market. The Commerce Solution Market provides research space and business opportunities through customer acquisition for technology startups. Currently, out of 61 solutions, 38 are from external developers, accounting for 62% of the total.
Jung Min, Naver's lead responsible, said, "Growth cases of smart stores using AI solutions are being confirmed, especially among SME sellers who lack manpower and sellers who want to grow their brands. We will support sellers to further improve AI literacy and seize growth opportunities based on powerful technology."
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