Personalization presents a set of unique challenges for B2B companies, particularly because B2B customers tend to ‘procure’ rather than ‘shop’ for goods.
A recent news item just placed Amazon.com Inc.’s revenue above the gross domestic products of oil-rich Algeria and Qatar. And Amazon’s footprint is set to grow even larger as the largest U.S. online retailer makes a big push into B2B commerce. In addition to its “Back to Business” campaign, Amazon just announced its own delivery service for businesses that seeks to undercut UPS and FedEx on price.
RichRelevance has announced that The Works, the UK’s leading discount retailer, has become one of the first retailers in the country to implement a personalised search functionality on its website, powered by RichRelevance Find™.
Leading UK Discount Retailer Selects RichRelevance’s Find™ to Deliver Personalised Online Search that Harnesses the Power of AI
RichRelevance, the global leader in experience personalisation, today announced that The Works, the UK’s leading discount retailer, has become one of the first retailers in the country to implement a personalised search functionality on its website, powered by RichRelevance Find™, the Artificial Intelligence (AI) search solution.
UK discount retailer The Works saw a 37 per cent uplift in e-commerce sales after implementing an AI-powered personalised online search from RichRelevance.
Previously, The Works employees lacked visibility into their site search performance due to their black-box solution. After implementing the new Find™ platform, the retailer was able to highly relevant on-site search results, using real-time saw 36 per cent of online sales directly attributed to the personalised site search solution over the peak Christmas period.
Consumers around the world get frustrated when brands fail to deliver relevant, tailored experiences, something they are increasingly demanding. They’re also concerned about giving companies too much personal information, which paradoxically is what brands need in order to deliver such experiences in the first place. Meanwhile, poor personalization resulting from a lack of trust costs companies trillions of dollars annually, according to new research from Accenture Strategy, which surveyed 24,877 consumers across 33 countries.
The tail end of the Millennial generation (born in 1995) is now entering the workplace and with that comes an associated disposable income. Given our understanding of how many younger people are prioritising experiences over ‘stuff’ – what are the implications on the way retailers invest in technology as they clamour for a portion of pay packets and brand loyalty in a retail environment characterised by choice?