Personalization, at its core, is the idea that as a consumer, you are served exactly what you want, when you want it. AI is being deployed by retailers and brands who understand that this is a “big data” problem and when product catalogs become larger, machines start to perform as good as, if not better than, human merchandisers.
But does this quest for delivering “exactly” hurt consumer choice?
Many personalization companies are tempted to use attributable sales as a metric for measuring the value generated by personalization. While it is important to have a healthy level of attributable sales to ensure your shoppers are engaging sufficiently with personalization, aiming to maximize attributable sales will ultimately result in degraded performance, and even a loss in revenue. That’s because the attributable sales metric does not take into account the impact of the following 3 phenomena:
Last week over 900 commerce, digital and marketing executives from America’s leading manufacturers and distributors came together at B2B Online to develop the tools they need to power innovative, forward thinking, omni-channel experiences for their customers. The event elevated and reinforced the need for B2B companies to act fast and differentiate, as buyers now expect consumerized experiences when making professional purchases.