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Umair MohammedFounder & CEO, Wigzo Technologies
Role of Data and AI in Personalization
AGENDA
• Who Are We?• Story of Personalization• Barriers to Personalization• Visitor Segmentation• Real Personalization• Questions
WIGZO
Growth Platform for Ecommerce
WHO ARE WE?
Wigzo is a SaaS-based solution for real-time personalization and automated conversion optimization.
We leverage automation and advanced machine learning to provide personalized user experiences, tailored for individual users.
Over the next 5 years, Personalization will drive an $800B revenue shift to the 5-15% of companies that get it right
Boston Consulting Group
“
Personalization through the Numbers
50% Chart Title here
91% Consumers will Buy more with personalized experience
62%Consumer expect companiesto send personalized discounts
85% Marketers agree their audience segment is way too broad
5-8XBoost to ROIthrough personalization
30% Consumers want shopping experience personalized
PERSONALIZATION
MOVINGBEYOND
● Personalization saw a boost from 2013
to 2015.
● After that period there is a decrease in
the number of businesses using
personalization.
● The reasons are poor data management,
Insufficient segment insights, lack of
access to AI and Stability.
PERSONALIZATION
Expectations
Early stages of adoption
Less than 15% adoption today; opportunity to lead
Opportunity Window
Initial excitement creates inflated expectations
Disillusionment because of disjointed
tools, processes & data
Personalization Engines Today
[2013] Personalization Enters The Hype Cycle
TIME TO ACT IS NOW
Brand Relevance Under Fire, Automation
on the Rise, Gartner estimates that “by 2025, organizations that have fully
invested in all types of online personalization will outsell companies that have not by more than 30%.
PERSONALIZATION
PERSONALIZATIONIN ECOMMERCE
- Type of device
- Time of day, location
- Referral source
Context
- Recently viewed products
- Recently viewed categories
- Items from abandoned carts
Behaviour
- Past purchases
- Loyalty program member
- Past email interactions
History
To begin the journey to advanced
ecommerce personalization, any company
with a transactional ecommerce site should
be able to capture data and personalize experiences based on:
Needs of an eCommerce Marketeer
ECOMMERCE MARKETERS
Higher Lifetime value of the
customer
LTV
A way to integrate marketing
data to transactional data
Data
Making sense of larger sets of
customer data through key
analytics
Analytics
Increase in Revenue Per User
Revenue
Personalization at a larger scale
with increased efficiency &
speed
Personalization
Way to push customer retention
Retention
Barriers toPersonalization
PERSONALIZATION
While 80% of consumers are more
likely to purchase from a brand that
offers a personalized experience, only
2% of marketers report their company
has all their channels personalized.
46% Companies Complain of legacy technology
32% Reported relevant tools to personalize as a challenge
17% Know-how to accomplish
23%Challenges around data segregation
30% Top retailers say they lack capability to personalize
YOURAPPROACH?
While 80% of consumers are more likely to
purchase from a brand that offers a personalized
experience, only 2% of companies have all their channels personalized, thus are unable to
provide a cohesive, personalized experience.
OMNICHANNEL PERSONALIZATION
Marketing data is not
properly targeted due to lack
of smart analytics
There is no way to leverage &
marry Transactional data to
Marketing data
Transactional Data
Cluttered Data available in
silos with no proper
Aggregation
Data Aggregation
WHAT ISMISSING
Marketing data is not properly
targeted due to lack of smart
analytics
Integrated Analytics
The average enterprise is doubling its data volume exponentially, but the
data is stuck in silos and not being leveraged properly.
CRM
Ecommerce Platforms
Website
Google Analytics
Ad Platforms
Online Marketplaces
Getting Web Analytics Right
• Ensure a high level of confidence in the data• Focus on trends• Don't assume anything you can’t prove• Storytelling means everything to your data• Focus on actionable insights
Signs You’re Doing Web Analytics All Wrong
Accepting your data at face value
Not focusing on meaningful metrics
Focusing on absolute numbers instead of trends
Assuming arbitrary correlation between data sets
Ignoring segments
Getting seduced by vanity metrics
Forgetting your data tells a story
Not visualizing actionable insights
Ignoring statistical significance
Segmenting Your Data
• Develop a customer centricity approach• Differentiate between behaviors and intent of visitor groups• Uncover the truths behind the numbers• See “what” and “who” is driving the end-result• Act accordingly
For instance, let’s say we’re looking at a report for the last 7 days with the following metrics:
• Unique users: 13,020,403• Revenue impact: $260,408• Average revenue per user: $0.02
Segmentation Example
Let’s have another look at the data:
Segmentation Example
Persona-based Segments
eCommerce personas:
1. Product-focused shoppers – Highly-focused, goal-driven shoppers.2. Browsers – Leisurely shoppers who are killing time.3. Researchers – Highly motivated, looking to learn about a specific product.4. Bargain hunters – Customers who are on the lookout for the best deals.5. One-time shoppers – Customers who are not entirely familiar with your
site.
Advanced Ways to Group Visitors into Segments
• Revenue impact• Engagement or action taken• Type of content consumed• Visitors with past conversions vs. no conversions• Session count / Depth of visit• Visitors with cart abandonments• Customer intent
Effective one-to-one personalization can only be achieved
if you have the right data,if you know who your audience is
and what your most valuable segments are
The Benefits of Personalization
Personalization increases user engagementShow users what they’re looking for and they’ll be more likely to take action.
Personalization increases conversionsIf more users engage with your website, your conversions will be higher.
Personalization keeps your website freshReturning to a website and seeing the same offers will not keep users coming back.
Segmentation is NOT Personalization
Segmentation vs Personalization
DemographicsAge, gender, income, occupation, geo
InterestsSports, cars, politics, Caribbean holidays
IntentIn the market for…
BehavioraliPhone user, frequent visitor, registered
Personalization Data Types