Shops would like to be inside costumer’s minds and know their tastes and preferences. It sounds I am talking about the glass magic ball in that fairytale but I am not. The technology is step by step reaching new horizons. In this context, it is possible to predict the next step the customer will take, making him or her recommendations based on different data with the aim of providing an excellent and tailored customer service. Retail and manufacturing companies can progress to higher revenues and higher conversion rates with the implementation of personalization solutions.
In a recent interview, Jan Lippert, from prudsys has shared some first approaches, on how shops can implement personalization software to offer customers the perfect recommendation for the right product. He will host a session on this topic at our Handelskraft Conference 2016, so you can get the whole insights on Thursday the 18th of February.
What are the challenges of personalization overall and how can we deal with it in the mobile area?
The adjustment of the algorithm is, of course, one of the most exciting challenges in personalization. The algorithm shall be adjusted in that way that the customer receives a product recommendation for the right product, at the right price, at the right time, at the right place and via the right sales channel. Because the mobile channel is the everywhere channel it offers the highest barriers but also the best and most continuous access.
What do you think are the main benefits of implementing personalization solutions?
In my opinion the main argument is to provide the customer the perfect shopping advice. By predicting the customers next actions and recommending the right products our business clients are able to offer an excellent service. They only need one employee to assist each customer on a first-class level: the personalization software. It knows all customer actions at all sales channels and calculates the most relevant recommendations on that knowledge base.
By applying our software our business clients benefit from higher conversion rates and of course an increase of revenues. The objective of the recommendations can be diverse: the maximization of the revenues, the profit or the contribution margin.
Do personalization solutions only help retail brands and is there any growing niche?
We are highly focused on retailers and manufacturers. A field which is strongly developing is content personalization. Also Business-to-Business shops start to personalize their sales channels. We carry out a secret project in the industry at the moment so all in all there are many playgrounds for personalization technologies.
Could you give us an overview about the session for the Handelskraft 2016?
I don’t want to say too much. I can reveal that I will introduce many ideas and proposals how 98 % of all customer interaction channels can be personalized. Also I’m going to explain why it is necessary to combine personalization strategies with the pricing and other concepts which aim at customer satisfaction and a low churn rate.
What are the latest trends in this sector?
From my point of view it is the merge of real-time pricing, automated marketing decisions and personalization.
Finally, we would like to know what are your expectations for the Handelskraft Conference 2016?
I’m absolutely excited to see the historical cars in the classic remise Berlin ;-). This is really an amazing location. And of course I’m interested to take a deep dive in the Handelstrends 2016 and dotSource customer stories.
If you don’t want to miss Jan’s session “The power of personalization” as well as many other interesting presentations on topics like Enterprise Search and Design Thinking , you can book your ticket to the Handelskraft 2016 here!