RichRelevance couples sophisticated Deep Learning with Natural Language Processing technology, with Real-time Shopper intent to realise true 1:1 personalisation
LONDON 8th MARCH 2019 - RichRelevance, the global leader in Experience Personalisation, today announced the Winter ’19 Release of enhancements to its Personalization Cloud, which harnesses new Deep Learning AI technology to help retailers and brands achieve long-lasting engagement and attention from customers, through Hyper-Personalization.
The new features of the RichRelevance Personalization Cloud help brands and retailers focus on developing stronger and more personal relationship with their customers, surpassing the ability of traditional marketing clouds, which focus on providing basic personalisation campaigns, one-way push interactions, probabilistic segments and rudimentary, rules-based personalisation activity management. The Winter ‘19 Release of the RichRelevance Personalization Cloud goes one step further and solves the issues traditional marketing and commerce clouds both fail to reach. Now, by making use of behavioural data combined with product graphs generated using advanced Natural Language Processing, Retailers and Brands can create truly Hyper-Personalized experiences that help:
• Recognise the customer as an individual.
● Understand the reasons behind consumer choices in real-time.
● Inspire customers with personally tailored products and content.
“The industry-first functionality that we unveiled today is resolving the biggest challenge our customers face: delivering a truly personal experience that engages and inspires the shopper,” said Carl Theobald, President and CEO of RichRelevance. “Vague, rules-based segmentation results in irrelevant shopping experiences that drive shoppers away. To succeed, digital marketers need to enable the programmatic execution of experiences that happen in real-time, ensuring that the signature moments of the brand are memorable for all the right reasons.”
Tailoring to individual interests
The powerful Deep Learning engine which underpins the Winter 19’ Release of the RichRelevance Personalization Cloud is able to provide real-time individualisation based on swathes of previously unlinked data points. New Natural Language Processing (NLP) technology, part of Xen AI™, uses a Deep Learning Neural Net to identify and extract insights taken from unstructured text, product descriptions, user reviews, partner data, user generated content, shopper activity and behavioural data, resulting in the most accurate picture of the customer purchase intent and interests. With a sophisticated multi-dimensional product features at their fingertips, Xen AI can learn from in-session signals to select the most relevant products, in real-time, to drive increased conversion and brand engagement.
“The RichRelevance Suite helps us show our customers products we know they will love,” said Andreas Augustin, Head of Web Development at Blue Tomato, retailer for snowboarding, freeskiing, surfing and skateboarding equipment as well as Streetstyle. The results are incontrovertible; we are seeing +7.3% lift in revenue from NLP recommendations and the team is delighted with the efficiency and time-saving it has brought so far. Hyper-Personalization allows us to give our customers the perfect experience online. We are proud to count ourselves among the early adopters of Hyper-Personalization and are convinced that brands and retailers who want to grow in the future will need to get on board.”
Understand the consumer’s intent
In a departure from traditional customer analysis used to drive personalisation that relied on demographic and psychographic models, the deep learning enhancements to the RichRelevance Xen AI engine can now auto-discover meaningful customer behavioural trends and patterns. This surfaces new customer audiences enabling marketers to not only target new campaigns, but to better understand not just what customers are buying, but why, to better leverage data to inform the creative side of marketing.
Now, marketers can waste less effort in generating segments and focus instead on creating actionable insights that lead to shoppable moments, where the end result is more relevant and personalised to targets. Using real-time engagement data, RichRelevance optimisation algorithms drive better conversion rates and create real revenue.
Inspire customers with a curated experience
The latest innovations from RichRelevance introduces Experience Designer, which builds upon the Experience Browser, which debuted last summer. The Experience Browser gives brands and retailers transparency and insight into how AI is impacting their business and why specific decisions are being made by the engine. The newly released Experience Designer builds on the AI transparency insights from Experience Browser and makes it actionable for the brand and retailer. Experience Designer enables marketers to quickly introduce new dynamic experiences into the customer journey by leveraging Xen AI to take all creative variants and test and optimise what gets show to whom, at scale, without having to wait for IT or setup expensive A/B tests.
To learn more about Hyper-Personalization, please visit richrelevance.com/hyper.
Driving digital growth and brand loyalty for 200 of the world’s largest B2C and B2B brands and retailers, RichRelevance leverages advanced AI technologies to bridge the experience gap between marketing and commerce to help digital marketing leaders stage memorable experiences that speak to individuals – at scale, in real time, and across the customer lifecycle. Headquartered in San Francisco, RichRelevance serves clients in 44 countries from nine offices around the globe. For more information, visit www.richrelevance.com
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