Bolt, a checkout technology firm, has teamed up with AI tech company Palantir to launch an AI tool giving online retail businesses a checkout page that is customized according to the habits of an individual shopper.
The new software is geared at revolutionizing the way online retailers manage checkout processes. The new system is designed to replace the old static forms so that retailers reap the benefits accruing from dynamic and adaptive pages that are customized to the preferences and behaviors of each customer.
The customized page will include, among other features, the customer’s preferred payment method and recommendations of other products that they may be interested in based on their purchase history.
For merchants, this new checkout software can help in boosting conversion rates while also reducing the costs associated with processing transactions. The process will become smarter, faster and intuitive. Payment options will be more flexible and crypto payments are now possible for those customers who prefer these digital currency payments.
Ted Mabrey, who heads Palantir’s global commercial solutions division, described Checkout 2.0 as a product that combines the best from Palantir’s AI technology with the extensive shopper intelligence data accumulated by Bolt over the years that it has been operating. The checkout product represents the future of personalizing e-commerce, he added.
Having been in operation for more than a decade, Bolt prides itself in possessing shopper data on at least 80 million buyers throughout America. This data is the basis upon which detailed customer profiles have been drawn and Palantir’s technology will crunch that data and come up with real-time customizations for each shopper.
The software will instantly convert the huge volume of data into actionable intelligence in real-time. For example, a client with a history of purchasing cosmetics using their smartphone can be given recommendations of beauty products that are related to what they previously bought. They will also receive suggestions of payment methods that they have previously used.
The system is intended to first be rolled out to enterprise retail operators but has the capability of being scaled to help all retailers, including smaller online retail firms. Over time, the adoption of this system will help to change the online retail landscape and bring it in line with the realities of current AI use across the business landscape.
The features being introduced by Checkout 2.0 resemble what major e-commerce companies like Amazon.com Inc. (NASDAQ: AMZN) have for long been leveraging to deliver customized shopping experiences for the users of their platform.
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