PERSONALIZATION IN THE ERA OF COMMERCE
The era of instant gratification is here! And in this era, the merchants are walking a tightrope as they struggle between traditional and an advanced tech world. A world–where they need to be considerate about the demands of baby boomers, GenX, millennials and GenZ.
Merchants are constantly looking for new ways to make their product or service resonate with their buying audience. But the online buying experience that appeals to one group of people may not appeal another set of people. So, is there a possibility to tailor experiences and offerings to specific groups of people, based on their purchase history?
According to Forrester, about 89% of digital businesses are likely to invest in personalization. On the other hand, 72% of retailers claimed that they want personalization to happen in-store too.
As per another research conducted by SalesForce, the desire for personalization has turned into an expectation. About 62% of consumers expect companies to deliver personalized offers or discounts based on items they’ve already purchased.
The need of the hour is a platform that allows merchants to identify and create “buckets” (groups of customers) using a variety of criteria as well as previous purchase and browsing behaviour.
One can track a customer’s shopping behaviour and set up personal recommendations. This helps give customers the feeling that the business is giving them attention. Also, it helps the customers to select the best products with minimal effort –analyse product performance and create a list of most popular products to attract customers. In addition, it increases customer loyalty and make your customer feel important.
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- Content and Experience – B2C / B2B Personalization.
- Sales uplift and Retention Strategies.
- Three stages of maturity in real time Personalization.
- ML Strategies and use cases for predictive personalization.
President & Program Head YES Bank
CEO, Business Blogging
Senior Solution Consultant