Open and Scalable Personalization Solutions
Personalization Drives Conversion
eCommerce sites used to live with a 3% conversion rate. 97 out of 100 potential customers walk away because they don’t find what they want. If the seller understands the buyer’s circumstances, interests and intents, it can promote the right products at the right time. 80% of customers prefer personalized offers over generic ones. Personalization helps drive the conversion and increase revenue up to 90%.
Personalization Is the Monetization of the Customer Relationship
The more you know about the customer – who they are, where they live, what they do, and especially their circumstances at any particular time – the better you can tailor your products and services. You can connect them at the right time through the right channel, and deliver immediate actionable information when they need it most. A customer stuck in the airport for 5 hours might really appreciate knowing that his favorite restaurant is in Terminal B and get a coupon for 25% off.
Personalization has many applications, and companies are coming up with new ones all the time. Most common forms of personalization include:
- Personalized offers/promotions/discounts
- Recommendation of related products or product substitutes
- Customized presentation of the site with vastly smaller catalog for ease of navigation
- Customized search results and product relevance within them
Personalization is used all across customer relationship channels including: site experience, in-store experience, mobile, social, email and advertisement. Personalized user experience between the customer and the company leads to more purchases, higher margins and stronger brand loyalty.
Technology of Personalization
Effective personalization capabilities depend on the company’s ability to
- Collect massive amounts of data about the customers
- Identify relevant patterns in customer behavior
- Determine how these patterns can be exploited through applications and channels
- Integrate personalization in every facet of customer relations
To enable personalization, the company needs to be able to acquire massive quantities of data, arriving in streams or in bulk. The data is processed at the point of entry and then stored, indexed, aggregated and prepared for further processing. Enormous quantities of data are stored raw and accumulated over time so that is can be processed and explored later. Different systems mine the data, build models and find patterns that can be applied to personalize customer experience. Then, customer-facing system,s including online store, mobile and social apps, POS devices, targeted ads, in-store displays, systems aiding customer-facing sales and service associates are enhanced through personalization capabilities.
How Can Grid Dynamics Help?
Personalization requires a powerful data processing infrastructure, smart algorithms, highly scalable and performant application platform. We have years of experience in BigData, realtime analytics, machine learning, click processing, trend analysis, behavioral and intention-based targeting, audience optimization and related technical infrastructure. We have architects, data scientists, performance engineers and business analysts to be a true technology partner to the large-scale eCommerce companies in the development of creative and powerful analytics solutions. Specifically, we have extensive expertise in:
- Rule, content and collaborative filtering
- A/B/n and multivariate testing
- Associations mining
- Click-stream analysis
- Data management: Hadoop, Hbase, Cassandra, MongoDB, Pig, Hive, EMC Greenplum
- Indexing and NPL: Solr/Lucene, Sphinx
If You Have A New Personalization Project, You Just Have to Talk to Us!
We are the only independent company of its kind, focused on functionality and performance of large-scale eCommerce personalization platforms and highly regarded in the industry for our deep expertise and engineering excellence. Our engagement model is so simple that it makes even the initial exploration valuable to you. Contact us today for more information.