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:
Even as transparent pricing and rising B2B buyer expectations compress business margins, leading B2B sellers are leveraging eCommerce to complement traditional channels and drive digital revenue growth. At the same time, most B2B digital experiences struggle to match B2C experiences. Endless catalogs, nuanced contractual requirements, multiple buyers, integrated account managers and complex buying processes increase complexity to both buyers, as well as sellers. B2B leaders are turning to personalization to simplify, guide, and differentiate.
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.
The grocery sector presents some unique challenges for digital marketers impacting their ability to build profitable and sustainable online growth. From complex and expensive logistics, to an exploding ecosystem of ‘direct to customer’ competitors, already thin margins are being squeezed even further. However, with a wealth of customer data and insights, there is an enormous opportunity for grocery retailers to utilize technology and AI to strengthen the level of service they offer to their customers.
With the holiday season fast approaching, are you prepared for the biggest holiday season in more than a decade?
eMarketer predicts that the 2018 holiday season will be even bigger than the last given that according to some measures, consumer confidence in the US is at its highest level since 2000. With more money to spend due to rising wages, tax reform, and low unemployment, you should be doubling down on your efforts to deliver on the customer demands of seamless, shopping experiences.
Leading fashion brand, GANT has seen online sales improve by 15% since putting their trust in personalization.
GANT wanted to move away from a manual, time-consuming recommendations platform to improve their overall site experience as well as enhance their navigation.