Third-party cookies are on the decline, and the logical next step for marketers is to take advantage of strategies and solutions to meet the demands of digital consumers while in-session on their sites. And the key to providing better customer engagement while onsite is by delivering a personalized shopping experience. However, with the overwhelming majority of online shoppers being anonymous, how can brands maintain a competitive edge and still meet their customers’ demands without enough data on their purchasing behavior for the needed insights?
The personalization challenge
When it comes to personalization, the writing is on the wall with consumer expectations. As much as 45% of consumers will choose to shop elsewhere if a brand does not provide personalization services, and 60% of shoppers will return to shop with a brand that does provide personalization. Now, consumers have a variety of channels to access and shop in the world of e-commerce, making the challenge greater to provide personalization at scale. Naturally, online businesses see this demand, but only 24% of businesses are investing in omnichannel personalization1.
Complicating the challenge for businesses even further, shopping cart abandonment exceeded 80% in 2021, and the majority of those consumers were shopping by mobile channel2.
A common practice to incentivize customers toward conversion is to present offers in-session, acting on the data gleaned from their shopping activity. But how far can this go, and to what level of accuracy, without the right technological level of intelligence to collect and analyze the data while in-session? Discounts and special offers can go to shoppers unlikely to return, exceeding margins, diminishing revenue and the value of loyalty programs.
Artificial intelligence & machine learning
Today’s new and leading digital brands must use today’s technology to gain and maintain their competitive edge. Artificial Intelligence (AI) can no longer be regarded as a tech curiosity or an add-on to your stack. By incorporating AI and machine learning as native technology in your digital consumer sales and services, real-time personalization will be at the forefront of your brand.
Session AI pioneering in-session marketing is the leading AI/ML service for digital properties, applicable to many business segments – online retail, e-commerce, hospitality, grocery/consumer goods, QSR, and more. Providing in-session hyper-personalization that has proven to boost revenue by up to 20%, our patented machine learning modeling and Customer DNA™ profiling enables businesses to deliver better customer experience without exceeding margins or depending on third-party data. Real-Time Marketing Platform can identify shoppers that are likely to buy, unlikely to buy, and incentivize shoppers that are on-the-fence – all within five clicks.
1 State of Personalization 2021, Segment.io.Inc
2 Statista, December 2021