Imagine this situation. You are looking to buy that 55 inch 3D LED TV. After going through your online research, comparing features and several demos later, you go to your favorite electronics retailer to buy it. You finalize the best one that suits your need and are about to make the payment using your phone at the PoS terminal. On your phone, you will be presented with a choice of personalized offers from the 2 banks you bank with, based on your purchase history and credit record. You are tempted on the one which gives you a 5% off on the final price, along with a $100 rebate on that dream Home Theater system that you have been looking to buy. You end up buying your Home theater system too!
This is a good example of Real-Time personalization which can be delivered through the ubiquitous mobile phone. Basic personalization, such as name and account personalization, interest or product content no longer serves customers’ demand. Things have started to move forward from the usual coupons and brochure promotions, which are very generic, with no real personalization. Today, marketers have taken it to the next level, based on real-time behavior, context, location and relevance. Technology that supports such a personalization is already here with real-time data, analytics, and consumer connectivity. Systems and algorithms are available today to:
- Understand consumer needs and behavior
- Collect and analyze Real-Time data like location and context
- Optimizing customer experiences
With this, we can build brand loyalty and create a unique customer experience with strong relevancy – increasing customer engagement and driving sales.
To be able to deliver such a personalization, there needs to be a strong collaboration between ecosystem players who might have not interacted before. Like Banks, Card companies and Retailers in our example. With consumer data and spending pattern that is available among them, they can go that extra mile to get “True” personalization experience to their customers.
There is another critical factor for the Real-Time personalization to become a reality soon. Consumers like me and you. Are we ready to allow our personal data to be used for the benefit of banks, card companies and retailers, in return for providing a good experience along with monetary benefit? With the recent breaches of security on personal data, it presents a scary thought. But, I am sure there is definitely a way out. Customer adoption is always the crucial part of any technology advancement.
Enterprises need to work towards allaying customer fears on security, at the same time, promising them the best experience when they go shopping. Looking forward to promising and “True” personalization ahead!