A quick story.
About two decades ago, a relatively small ecommerce company focused on selling books introduced a new feature that allowed customers to see what others had liked and purchased, called collaborative filtering, for product recommendations. This feature became popular with the business guys as the “wisdom of crowds” and very soon, every retailer on the planet was scrambling to implement it.
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?
Listen to Soon Yu, the keynote speaker at the Richrelevance Personalization Summit, speak about how creation of iconic brands is the only way to compete and win in today’s retail market.
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
Digital market leaders from the largest B2B and B2C brands convened at PUBLIC Hotel in New York City last week for the 2019 RichRelevance Personalization Summit: Rethink Personalization. Attendees shared, learned and inspired each other on how to define and deliver signature moments that stand out and make brands memorable.
Leader in AI-driven personalization to host session on Digital Innovation at B2B Online conference in Chicago
San Francisco, CA – April 29, 2019 – RichRelevance, the global leader in Experience Personalization, today announced that brands, manufacturers and wholesalers are increasingly embracing RichRelevance’s AI-driven Hyper-personalization to complement traditional sales channels and drive digital revenue growth. RichRelevance’s comprehensive B2B personalization solution allows B2B leaders to simplify, guide and help their customers navigate complex buying processes as research and purchasing increasingly shifts online. With RichRelevance, B2B leaders can use proven technology to meet and exceed buyer expectations for a self-service, consumerized experience that is both memorable and relevant.
In a time of choice abundance, poorly targeted marketing is not enough to satisfy increasingly demanding shoppers. To earn their loyalty, brands and retailers need hyper-detailed alignment with their needs.
Ask any marketing professional, selling online is getting increasingly challenging. Today’s shopper is rich in options. However, between Amazon and Alibaba alone, shoppers are certain to find exactly what they need, provided they are willing to trawl through page after page of cut-price products. In a world dominated by e-commerce giants, smaller e-tailers are increasingly asking “How can I compete?”