WHAT IS PERSONALIZATION TECH?
Personalization technology tailors products to the needs of each shopper.
WHAT IS PERSONALIZATION TECH?
AI is helping drive personalization in online shopping. More accurate, efficient, and faster than ever before. Several solutions focus specifically on tech-enabled product tagging. Efficient product tagging helps retailers identify the product characteristics on their e-commerce sites. Product tagging is an essential part of any store’s marketing strategy. Search and recommendation engines use those characteristics to offer shoppers the best results so they can find what they looking for. Other solutions will help retailers and brands gather customer data, as well as power their recommendations. Smart retail stores can now keep up to date with their customers’ tastes, thanks to improvements in both online and off-site data tracking. Brands and retailers are also using tools to get consumers to share information, like personal preferences, so they can use that info in their algorithms. They might use this data to customize the shopping experience based on what the customer prefers.
Personalization technology’s advantages
Personalization technology has been touched on at this point, so let’s discuss five key benefits that eCommerce marketers can get through it. Self-service managed or in-house solutions are all just options available to you.
Improved client service
With the advance in technology, customers are now demanding a more granular level of service. It is not uncommon for them to be frustrated when a store or fintech offers generic and irrelevant notifications. 55% of customers surveyed expect to receive personalized content as a standard service. A new age of personalized content is here to help you build trust, make your brand more authentic and make your customers feel like they are having a personalized interaction.
Increased conversion rates
A compelling experience for customers is a key driver of conversion rates. Without a good experience, your customers might decide to go somewhere else. Adopting the best communication strategies can make all the difference between a good and a bad sales performance. Thanks to a recent Monetate report, there have been some fascinating findings and implications for businesses. For example, website personalization produces better conversion rates – on average, once companies implement personalization, they see a 20% increase in sales.
Cart abandonment has decreased.
Around 80% of customers give up on their shopping carts before checking out. If you’re already reducing abandonment rates by 5% or more, great job! But if not, consider implementing a “recent article” section so they can read more. You can greatly improve your customer journey in order to increase cart abandonment rates, increase customer retention, and generate more revenue by combining various strategies. Some great examples of these include dynamic pop-ups, browser retargeting, email remarketing, etc.
Customer loyalty has improved.
Great customer loyalty is a sign of a sustainable business and can lead to 40% sales. Adobe’s report shows that 8% of the loyal customers account for 40% of the sales. Providing a tailored experience that stands out from your competitors makes your customers feel valued. Build brand loyalty by personalizing customer experience using timely data-driven strategies.
The Early Movers and Suggestions will be described in the next blog.