NEW YORK--(BUSINESS WIRE)--Monetate, the worldwide leader in personalization solutions, today announced Monetate Intelligent Recommendations, a next-generation recommendation tool that incorporates real-time customer data and works across every channel, delivering personalized product recommendations that match each customer’s need in the moment.
Product recommendation tools forever changed the way brands interact with customers by taking the intuitive skill of a rockstar sales clerk and scaling the ability to match shoppers with preferred products online. Product recommendations are a proven method for driving purchase conversions by up to 150 percent, increasing revenue by up to 300 percent, boosting average order value by 50 percent, and creating a better overall customer experience.
However, current product recommendation tools have not kept up with the level of personalization customers have come to expect. Tools that support limited data feeds that lack structure and are uploaded in batch processes, or rely on a limited set of algorithms that fail to consider everything known about a customer, do not deliver on the promise of personalization. A second challenge is cross-channel communication, with difficulty pushing recommendations across all customer touchpoints. The end result is a disjointed customer journey that risks recommending products that do not appeal to the customer or are not available in the sizes, colors, or locations that buyers prefer.
"Jansport's use of Monetate Product Recommendations has led to a 5.5 percent increase in revenue,” said Hayley Beauchamp, e-commerce manager, Jansport. “We are thrilled with the results and are honored to be part of the Monetate Intelligent Recommendations early adopter program.”
"We're pleased with the results we've gotten with Monetate's recommendations to date and we are excited to be included in their innovation,” said Jennifer Waddell, director, e-commerce, Timberland.
Monetate Intelligent Recommendations eliminates costly failings by allowing marketers to:
- Use real-time behavioral context from all channels to inform recommendations in the moment
- Infuse recommendation algorithms with everything known about an individual, including historical data and real-time visitor behavior
- Infuse recommendation algorithms with important business context like product profitability and inventory
- Automatically push recommendations to customers across all channels (in-store, online, email, call center, and mobile applications)
- Empower the entire team with a powerful, marketer-friendly interface
"Monetate is constantly innovating so brands can deliver delightful customer experiences,” said Maribeth Ross, senior vice president of marketing at Monetate. "Product recommendations have changed the game for brands in the past but have become commonplace and fallen behind in sophistication. By applying Monetate’s advanced AI capabilities and omnichannel connectivity to Monetate Intelligent Recommendations, brands can maximize the proven benefits of these tools by using more context that supports increased relevance to the customer and better outcomes for the business. That means no more weakening credibility by recommending items a customer just purchased.”
The tool will be commercially available to all Monetate clients in April. To learn more about Monetate's products and services, including Monetate Intelligent Recommendations, visit https://www.monetate.com/.
Monetate, the global leader in personalization software for consumer-facing brands, enables marketers to create truly individual experiences that surprise and delight every customer, increasing engagement and improving performance.
The Monetate Intelligent Personalization Engine makes it easy to test and optimize, segment and target, recommend, and even create true 1-to-1 experiences. With all this in one personalization solution, marketers have the flexibility to leverage proven approaches to improve the customer experience across web, email, mobile apps, in-store, and other touch points. The Engine covers all aspects of the customer’s experience with your brand, from content and creative to product recommendations, promotional offers, and more.
The most complete, powerful, and easiest solution for optimizing and personalizing your customers’ experiences, Monetate’s platform is:
- Open, so you can use all of your data wherever it sits, push a decision to any touchpoint, and pull the results back into your data/analytics infrastructure
- Real-time, to enable interactions based on a customer’s in-session behavioral and event data that get their attention in increasingly narrow buying windows
- Simple, making it easy to increase the relevance of offers, creative, and products you put in front of your customers
- Powered by artificial intelligence, giving you the power to operate at 1-to-1 scale, for real
Founded in 2008, with offices in the U.S. and Europe, Monetate is used by leading brands around the world and influences billions of dollars in revenue every year for QVC, Newegg, Timberland, Carnival, The North Face, and hundreds of other market leaders.