Although, retailers base their offerings on segmentation, adding even more personalization based on the customer’s behavior can lead to increased ROI and higher customer satisfaction. Moreover, customers have different needs at each stage of the buyer’s journey. Therefore, applying product recommendation models at each stage can prove to be quite effective and beneficial.
Your challenge:
People are different. They have different needs, wants and desires. Moreover, they make decisions at different stages of the buying process and retailers should be aware of that fact. However, a challenge is present when you want to present the right product to the right person at the right time. It can be quite frustrating for both customers and sellers to get irrelevant recommendations at irrelevant stages of the buyer’s journey. Companies that effectively implement personalization experience a remarkable 40% increase in revenue compared to the average company. It’s hardly surprising, given that a substantial 71% of consumers anticipate personalized experiences from companies. Presently, recommending the most suitable products to customers has become imperative for securing market share and cultivating loyalty
Our Offering:
Achieving this objective can be accomplished through the adoption of a recommendation engine based on collaborative filtering. This approach aims to answer a fundamental question: which items will appeal to customers who share similar preferences? By addressing this crucial question, brands can proactively suggest products that a customer has not yet purchased, leading to several favorable outcomes: product discovery, heightened customer engagement, and enhanced revenue. Our offering presents companies with an opportunity to optimize their customer engagement strategies and recommend the right product to the right customer at the right time.
How Databricks helps you:
Together with Databricks we can build a solution for you that will:
- Understand your customers to appropriately engage with them
- Enhance customer acquisition strategies
- Improve retention to drive growth from existing customers
Contact us for more information on how to create your product recommendation engine!
