Umair Mohammed Personalization Role of Data and AI in · MOVING BEYOND Personalization saw a boost...

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