Personalization Will Make or Break Holiday Season Campaigns

Customers demand respect from retailers. They ask simply for organizations to remember who they are as an individual consumer from a transaction and a behavioral perspective — otherwise, they are likely to purchase less frequently, or, more than likely, churn to a competitor who does understand them and communicate with them better at that individual level.

Personalize, personalize, personalize!

This has been the mantra of marketers looking to communicate with their customers at a highly relevant and engaging way. According to the latest report by Accenture covered by MediaPost:

  • 56% of respondents acknowledged they were more likely to shop at a retailer that recognized them by name
  • 65% of consumers expressed a preference for retailers that remembered their purchase history
  • 58% of respondents were more likely to shop at stores that offered relevant recommendations based on past purchases or preferences

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The need for smarter cross-channel personalization…

It’s important to point out that marketers are being asked to personalize across all channels, not just one or two. In fact, as the Accenture report highlighted, less than 50% of consumers completed a purchased based on an on-site product recommendation. The perpetually connected consumer now enters the buying cycle from a number of channels and touch points: email, Facebook, SMS, mobile push notifications, in-app personalizations, and numerous others.

And forget about flooding a consumer with a higher number of product recommendations. The “Quantity over Quality” tactic is similar to annoying batch and blast techniques used within emails by out-of-touch marketers. Filling a page or a communication with a dizzying number of recommendations only annoys and splits the buyers attention away from products that they are more likely to purchase. According to the report, almost 40% of respondents admitted to abandoning an online shopping experience altogether because of an overwhelming choice of recommendations

The “Burden of Choice” is in the hands of the brand. Brands must serve only the best recommendations to the right person built through predictive algorithms that sift through the dozens or even hundreds of “best products” that could be delivered to the consumer and transform that into the best few.

Read the full article on MediaPost.

 

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Obama on Technology, AI and an Optimistic Future

“This year, Artificial Intelligence will become more than just a computer science problem. Everybody need to understand how A.I. behaves.”

Recent advances in computer science and AI (more specifically advances in building and running large convolutional neural networks) have given a fresh fodder to the age old debate on how technology is replacing workers and making us all obsolete. The current political climate only amplifies the anxiety and generates FUD (Fear, Uncertainty, and Doubt) about our collective future. So it’s very refreshing to see President Obama re-framing the discussion in this Wired article and talking about common humanity and a confidence in our ability to solve problems. If one can ignore the media hype and peek below the surface there are real opportunities to build solutions to many seemingly intractable problems.

Machine learning, data mining and deep learning techniques can nudge us to lead healthier lives, change our habits and build stronger communities. Imagine AI powered tools that remind us in context of whatever we are doing in our daily lives to consider factors that we may have missed, overcome biases in thinking fast and slow, present information in ways that helps us build better financial portfolios that are in our long term interests, prevents us from being defrauded or phished or scammed online, helps us communicate with every one one the planet crossing language boundaries and more. That’s the optimistic future we can aspire to and it’s refreshing to see this possibility being talked about.

President Obama chatting with Ito and Scott Dadich

President Obama chatting with Ito and Scott Dadich

Read the full article on Wired.com