RichRelevance Winter ’19 Delivers on Hyper-Personalization to Individualize Shopping Experiences at Scale
New NLP for Recommend™ extracts textual insights to help promote new and long tail products immediately, and learns from in-session signals to increase relevance in real-time
Xen AI auto-discovers meaningful customer segments and affinities to rapidly identify under-performing and hidden segments and detect opportunities for increased revenue
Shoptalk 2019 – Las Vegas, NV – March 6, 2019 – RichRelevance, the leader in Experience Personalization, today announced innovations that allow digital leaders to apply Deep Learning (DL) and Natural Language Processing (NLP) to create the industry’s most memorable, relevant shopping experiences at scale. These latest enhancements to the Personalization Cloud, Hyper-Personalization, advance the industry beyond basic segment-based personalization to engage every customer as an individual with inspiring content, offers and promotions in real-time and at scale. The result is that digital marketing leaders understand each shopper’s unique goals throughout the customer lifecycle, and can deliver consistent, branded experiences across all channels to drive digital growth.
“The industry-first functionality that we unveiled today is resolving the biggest challenge our customers face: delivering a truly personal experience that engages and inspires the shopper,” said Carl Theobald, President and CEO of RichRelevance.“Vague, rules-based segmentation results in irrelevant shopping experiences that drive shoppers away. To succeed, digital marketers need to enable the programmatic execution of experiences that happen in real-time, ensuring that the signature moments of the brand are memorable for all the right reasons.”
Individuals vs. Segments
The RichRelevance Personalization Cloud helps brands and retailers develop stronger and more personal relationships with their customers. Traditional personalization focuses on basic segments where groups of shoppers receive content and offers based on static, pre-determined rules. This doesn’t speak to individuals or their unique and changing shopping goals, resulting in irrelevant and impersonal shopping experiences. Today’s enhancements to the RichRelevance Personalization Cloud uniquely make use of behavioral data in conjunction with product graphs generated using advanced Natural Language Processing (NLP) and Deep Learning Neural Nets to create truly Hyper-Personalized profiles that:
- Recognize the customer as an individual
- Understand the reasons behind consumer choices in real-time
- Inspire customers with personally tailored products and content
Tailoring to individual interests
The powerful Xen AI™ Deep Learning engine which underpins this latest release provides insight based on massive, previously unlinked data points. New Natural Language Processing (NLP) technology uses a Deep Learning Neural Net to identify and extract insights from unstructured text, product descriptions, user reviews, partner data, user-generated content, shopper activity and behavioral data, resulting in a more accurate picture of the purchase intent and interests of any given customer. With a sophisticated multi-dimensional product graph at their fingertips, digital marketers can re-rank the most relevant products in real-time, in-session for higher engagement and conversion. Such apt, compelling experiences help make brands memorable in shoppers’ moments of need.
Listen to what SwimOutlet.com, the largest online specialty retailer for swimming, fashion, beach and surf products in the US has to say:
“Shopping for bathing suits online is tricky because people are looking for very specific attributes, such as whether a suit is slimming in the waist or if it’s appropriate for athletic use,” said Alexander Sienkiewicz, CMO of SwimOutlet.com. “These are very important to shoppers when selecting merchandise, but are not captured by today’s commerce systems. RichRelevance is helping us solve this problem with NLP technology that captures these complex nuances and surfaces products that are much more relevant to shoppers. This is a game changer in digital commerce, and RichRelevance is a key partner in helping us advance the online customer experience.”
Understand the consumer’s intent
In a departure from traditional customer analysis used to drive personalization that relied on demographic and psychographic models, the newly updated RichRelevance Xen AI™ platform can now auto-discover meaningful customer behavioral trends and patterns. This not only surfaces new customer audiences for campaigns, but helps marketers understand what customers are buying, and why, so they can better leverage data to inform the creative side of marketing.
Now, marketers can waste less effort on generating segments and focus instead on creating actionable insights that lead to shoppable moments. Using real-time engagement data, RichRelevance optimization algorithms deliver more relevant and personalized content and offers to individuals, driving higher conversion rates and revenue.
Inspire customers with a curated experience
The latest innovations from RichRelevance introduces Experience Designer, which builds upon the Experience Browser, which debuted last summer. The Experience Browser gives brands and retailers transparency and insight into how AI is impacting their business and why specific decisions are being made by the engine. The newly released Experience Designer builds on the AI transparency insights from Experience Browser and makes it actionable for the brand and retailer. Experience Designer enables marketers to quickly introduce new dynamic experiences into the customer journey by leveraging Xen AI™ to take all creative variants and test and optimize what gets show to whom, at scale, without having to wait for IT or setup expensive A/B tests.
To learn more about Hyper-Personalization, please visit richrelevance.com/hyper.