Reflektion, an AI-powered Personalization sphere of the retail industry, has released a statement of their findings from their Survey of ‘Reflektion e-commerce Personalization Industry 2019’ commissioned by WBR Insights (one of the top research firms in the retail market). On the basis of insights from the marketing & digital commerce giants the confines of IR500 along North America, this research identifies those brands and retailers who are raising their initiatives of pursuing e-commerce personalization as their primary target to trigger growth in the peak market competitions to engage, attract and retain more customers.
“True real-time, 1:1 personalization continues to be a little tricky but rewarding as it is the aim of all retailers,” as said by Amede Hungerford, the CMO of Reflektion. He also added that “The e-commerce Personalization Report 2019 demonstrates the prime challenges & opportunities. As the digital commerce professionals estimate, navigate and use personalization methods on their business.”
The giants of e-commerce are investing massively on Retail Tech business
As 63 percent of the marketers is extensively applying e-commerce personalization in their technology, survey results also find out the significant investments on their interrelated initiatives. Actually improving the quality of the data, in turn, would enhance the quality in decision-making capabilities because of the available analytics. They are continually delivering a real-time experience by personalizing various channels which in turn gives a flywheel effect which triggers the performance of the business. So, the retailers would invest more in personalization to attain all digital touchpoints and channels by working in synch to improve the overall predictable outcomes and shopper’s experiences.
The survey findings are as follows…
- E-commerce giants are pacing up while talking about personalization.
More 78 percent of respondents have been confirmed to realize the essence of personalizing. And from their point of view, every individual should have incorporated into their systems for better results. The findings reflect a high level of understanding from the marketers as well as the e-commerce giants for thinking beyond the legacy of first-generation, targeting the segment-based to the real-time and 1:1 personalization solutions.
- Bundled solutions must be included.Today the e-commerce Giants craves for more powers for bundled personalization solution for more flexibility in business and lower total cost of ownership, and ease of managing the vendors. A majority of 62 percent of the e-commerce giants surveyed emphasized getting a single view of the customer on their personalization solution. Above that, the capacity will be such as artificial intelligence/machine learning, merchandising controls, omnichannel targeting, and advanced analytics which are again very important.
- Importance of the platform.Around 80% of the respondents have assured the importance of a single unified platform for e-commerce personalization to maintain the experience in all the stages of the customer’s shopping journey. Survey respondents also believe in a single platform for e-commerce personalization which would improve their customer focus, achieve higher productivity and drive faster business growth.
- Conversion rate is the supreme.When asked to choose anyone one the prime metric of e-commerce personalization, the top metric was none other than conversion rate, which is at 37 percent. While the Customer Lifetime Value (CLV) metric was close enough at 26 percent. It reflects the balance of the long-term and short-term success which retailers are looking for today.Conversion rate is a serious short-run metric which solely focuses on the revenue growth by the product and the entire business. At the same time, CLV brings out the importance of building brand reputation and customer needs in a better way.