Personalization traditionally works best when you have tons of behavioral data for each product. But how do you personalize for new products or ones that are considered “long-tail”? How do you ensure that this inventory is immediately visible and recommended to your customers? Well, you couldn’t until recently .. not without NLP.
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?
Holiday season is fast creeping up upon us and retailers are gearing up for it with new catalogs, seasonal promotions, refreshed website, new content and more. But how do you prevent the dreaded “abandoned cart” which threatens to destroy all of our hard work, causing prospects and customers to leave mid-way through the purchase? Studies place cart abandonment as high as 80%! Reducing it by even a few percentage points can mean massive recovered revenue.
RichRelevance Dynamic eXperiences with Engage has you covered. Read on for more.
A McKinsey survey of senior marketing leaders found that only 15 percent of CMOs believe their company is on the right track with personalization. In this recent article, they summarize 3 trends in the future of personalization:
- Digitization of Physical Spaces
- Scaled Empathy
- Usage of Ecosystems by Brands
This week in the UK, Amazon’s devoted team of observers will note its continuing dominance over everything from groceries to yoga mats; and, as it ties Morrisons into extending its same day delivery partnership.
The grocery giant is now wholly reliant on Amazon if it is to continue to compete on the delivery front. Morrisons will become a retailer on Amazon’s Prime Now website and app and continues as a wholesaler to Amazon’s other UK grocery customers as per the “Morrisons at Amazon” agreement three years ago.
The message is clear: Trying to beat Amazon at its own game is futile. Brands need to play differently to survive now that it has captured the minds and wallets, if not the hearts, of such a significant chunk of the market.
In the three months to March 2019, figures from the Office for National Statistics showed in its retail sales index that the quantity bought in retail sales increased by 1.6% when compared with Q4 in 2018, following sustained growth throughout the first three months of the year.
Read more: http://www.diyweek.net/retail-online-sales-see-slight-growth
First thought.
“Would you like fries with that?”
Just kidding!
Retailers have been interested in acquisitions for a long time to help fill gaps in their customer segmentation, supply chain and yes, also in technology. Here are a few notable ones in the last couple of years, summarized:
https://www.ns-businesshub.com/technology/hyper-personalisation-in-shopping//