We’ve spent a lot of time this year talking about powering personalization for the new Experience Economy, and the need for companies to rethink their core value in a world where companies compete on the memorable customer experiences they provide, not the products they sell. Now, we can add a new number to the conversation: $800 billion.
Google’s Kiran Mani dropped this stat during her recent Shop.org session on How Machine Learning Can Help You Deliver Better Customer Experiences:
According to a recent IDC report, worldwide spending on AI will exceed $52B US by 2021. Now that AI-driven personalization is mainstream, and its value is understood by any business leader with a pulse, companies are spending an increasing portion of those billions to ramp up their data science departments and leverage any advantage their customer and business inputs can provide them.
Most consumers recognize the potential benefits of AI, and are willing to share their data—as long as brands are up front about how the information is used.
Artificial intelligence, or AI, is a marketing and commerce reality. But thanks to headlines about intelligent devices that eavesdrop on private conversations or order items without customers’ consent, merchants and consumers alike are considering both the full impact of this new technology on the customer experience.
Part 3 of 3
Why Man and Machine Make Digital Marketing Better
In the last blog, we’ve established all the problems machines can solve by themselves, what does that leave for the human marketer?
As it turns out, plenty.
Part 2 of 3
How AI Can Help Solve Three of the Biggest Problems Facing Digital Marketers
In the last blog, we discussed the buzz coming out of martech about AI and took a little trip down memory lane to revisit early interaction optimization tech like heat maps and A/B tests and some of the thrills the related experimentation gave us. What we realized in the process is that we’re still chasing the same problems. It’s just that now we have something better, AI and ML, to help us solve them.
Part 1 of 3
Why Experimentation Is the Past and the Future of Marketing
I’m always amused by the hype that surrounds the introduction of any new technology. Regardless of what it is or does, inevitably, someone will claim that it will invalidate everything that came before it. Or even better yet, that it will eliminate the need for human intervention altogether.
As the global leader in omnichannel personalization, we at RichRelevance take pride in providing the most relevant and innovative customer experience to end users. Every day we deliver over half a billion placement views to more than 50 million unique online shoppers worldwide. A shopper journey in our customers site is recorded as a sequence of Views, Clicks and Purchases which we call a Visit. All this user generated data is recorded in our front-end data centers and saved as Avro logs in HDFS on our backend Hadoop cluster. This valuable user data is used across teams to power our products and services.
Product recommendations, also known as “recs,” are a cornerstone to an effective ecommerce merchandising strategy. When fully optimized, recs typically increase retailer revenues by up to 5%.