There’s been an overwhelming amount of chatter about the emergence of Artificial Intelligence (AI) this past year. If we take a closer look at the payments industry, the mantra is clear: personalize or perish. Hyper-personalization is upon us and driven by innovative technologies that promise to reshape how brands interact with consumers. Go Studio’s parent company, InComm Payments, is a key financial player with access to diverse data channels to navigate the complex terrain of hyper-personalization and work together to unlock new possibilities. In the coming years, hyper-personalization will grow into more than just a buzzword – becoming a strategic imperative in the world of commerce.
InComm Payments and Go Studio: How Data Can Reshape the Future
Go Studio has been experimenting with various ways that InComm Payments could use its data, including the requirements and ramifications. This is because the company has access to a large number of first-party, zero-party, and third-party data from the financial and healthcare industries. Data will be the fuel of hyper-personalization. Go Studio is focused on being at the forefront of exploring how this data can be used to improve marketing and sales efforts, as well as consumer targeting.
At its most basic level, consumer targeting data is meant to provide color to the shopping experience. By going beyond generalized “buyer personas” that are traditionally characterized by demographic groups, job descriptions, or geographic information, companies can shift their focus to all of the data that can be collected at an individual level. Individual data may include traditional contact information like email addresses, but does a better job at tracking the individual’s behavior and shopping activity in order to craft a logical follow-up offer.
This is not a new approach, but as we’ve seen with the use of third-party cookies coming to an end, brands are forced to reevaluate how they acquire certain types of data. In the world of hyper-personalization, Go Studio believes, “The word ‘hyper’ is used for a reason. AI and other innovations present opportunities to evolve and adapt quickly to your customers’ changing preferences and expectations, based on the data available to you.”
What’s the hyper-personalization advantage? Better customer experience, the ability to more efficiently convert one-time customers into loyal customers, and more strategic use of client data are all potential benefits of hyper-personalization.
Challenges in Hyper-Personalized Data Collection
Some potential worries around the use, acquisition, and collection of consumer data look at concerns around privacy and transparency. While these concerns must be taken into consideration, tech companies continue to search for ways to provide hyper-personalization without compromising integrity. It’s important to offer real value to the consumer, whether saving them time and money or even just giving them relevant options for repurchasing or staying connected with relevant product information.
Let’s look at Starbucks for example, the coffee company leverages AI to provide users personalized offers based on their prior purchases, activity, and preferences by using real-time data from their extensive user base. With over 400,000 possible hyper-personalized message combinations, coffee enthusiasts always feel they can communicate with the brand in a way that’s always unique to them.
In order to address data privacy concerns while still offering superior insights, Go Studio emphasizes the importance of a robust personalization strategy – including the use of emerging technology like machine learning and artificial intelligence to help evaluate extensive amounts of data and identify correlations that traditional data analysis methods might miss. Artificial intelligence presents an interesting opportunity to make logical leaps without human intervention on data sets that would be difficult to boil down into a few key takeaways.
The Lifecycle of Hyper-Personalization
A staggering 80% of customers express a heightened inclination to make a purchase when a brand offers a personalized experience. 91% of surveyed individuals express a greater likelihood to engage in business with brands that demonstrate the ability to remember, recognize, and provide them with tailored recommendations and offers. Because consumers expect their interactions to have some level of personalization, companies must ensure they consider every possible interaction a consumer has with their brand in order to provide the hyper-personalization they are looking for.
The website of the travel agency Secret Escapes changes depending on the keyword a user enters and the paid advertisement they select. For instance, if someone searches for “spa retreats” on Google and selects the corresponding ad from Secret Escapes, they will be directed to a customized landing page. Their intention is reflected in the updated page text and images. This instance of hyper-personalization resulted in a 26% rise in brand sign-ups.
Interactions and opportunities for personalization don’t begin and end with a purchase. Companies must consider how customers are engaged prior to a purchase as they research and explore products, as well as after a purchase. Could hyper-personalization strategies identify common questions that could be answered in an e-newsletter sent to the customer? Or perhaps content offering tips on getting the most out of their products? Hyper-personalization is a true step up from plain-old personalization, and it extends beyond the sales funnel, presenting many opportunities to strengthen consumer interactions and perhaps possess the power to repeatedly turn one-time shoppers into long-term customers.
How AI Can Help Companies Offer Hyper-Personalization
What’s the dynamic trio of artificial intelligence? AI, ML, and generative AI will be the powerhouse technologies driving customer experiences. The use of this technology will enable businesses to analyze vast datasets, learning intricacies to help craft predictions and decisions quicker and more effectively.
This was the case for MandM Direct, an online discount clothing retailer, who used to direct website users through the shopping journey through conventional rules-based recommendations. After AI-powered product suggestions were put into practice,
Learn the Best Way to Apply New Tech for Your Business
Looking to find opportunities for hyper-personalization in your industry? Our innovation studio is highly involved in leveraging emerging technologies to improve and increase business growth and innovation. Engage the Go Studio team to determine what questions you should be asking… and whether AI or other specific innovations are even right for your specific circumstances. Get started today.
- Hyper-personalization is upon us and driven by innovative technologies that promise to reshape how brands interact with consumers.
- Go Studio has been experimenting with various ways that InComm Payments could use its data, including the requirements and ramifications. This is because the company has access to a large number of first-party, zero-party, and third-party data from the financial and healthcare industries.
- Brands must ensure minimal bias in data collection and provide consistent personalization experiences not just focused on a buyer persona, but also on the individual.
- Interactions and opportunities for personalization don’t begin and end with a purchase. Companies must consider how customers are engaged prior to a purchase as they research and explore products, as well as after a purchase.
- AI, ML, and generative AI will be the powerhouse technologies driving customer experiences.