The enhanced recommendation engine provides retailers an edge, to further grow sales, arrest churn and boost engagement
SANTA CLARA, Calif.–(BUSINESS WIRE)–#AI–Manthan, a leading AI and analytics solutions provider, today announced an upgrade to its Customer Marketing offering which has a pre-packaged Customer Data Platform at the core. With this powerhouse, marketers and customer insights professionals benefit from a single view of a customer, and can easily predict their needs with greater precision.
With the new recommendation engine, B2C businesses can help customers discover products they’d love, and propose next best purchases that go beyond ‘people who bought this also bought’.
The upgrade will take businesses to the next level of customer-obsessed marketing, and impact three major business objectives:
Grow sales. Drive new product or category adoption, and reduce category voids which are particularly useful for formats with higher potential for cross-category penetration, such as hypermarkets and multi-brand fashion retailers. Other tactics include up-selling by recommending premium products to targeted segments.
Control churn. The recommendation engine identifies customers who are likely to disengage or are missing their re-buy periods. The algorithm automatically generates targeted product and offer recommendations to re-engage and win them back.
Boost engagement. Orchestrate personalized recommendations across channels, in a consistent manner. To maximize response rates and keep customers engaged, the engine can also sequence and suggest the top channels for each customer, instead of using a standard set for everyone.
“There is a shift in how B2C enterprises are leveraging customer insights. While the present focus is on marketing and enabling next-best experiences, our clients are also leveraging insights for key decisions around new launches, assessing category potential and strategies, as well as operations planning. The recommendation engine, therefore, has to accommodate a wider breadth of use cases, and we’re using hybrid approaches for higher accuracy,” said Amit Rohatgi, VP, Product Consulting at Manthan.
“Brands are increasingly seeing value in orchestrating omnichannel customer journeys in a manner that creates a seamless experience. Today’s informed customer expects relevance on every touchpoint, and doing this consistently drives conversion and long-term engagement for the brand. In fact, top retailers are taking this one step further by bringing together a customer’s long-term preferences with in-journey intent signals. This is where a strong customer data management strategy becomes essential to deliver business outcomes through advanced personalization,” said Sivakumar Hariharaiyer, SVP and Head, Americas at Manthan.
Manthan is a leading AI and analytics company pioneering applications for consumer-facing businesses. Manthan excels in the application of decision sciences and AI; its suite of products has been recognized for enabling the shortest path to profit. Manthan’s products use machine intelligence to process decision contexts and respond automatically with actions. Headquartered in Bangalore with offices in Santa Clara, London, Dubai, Mexico City, Singapore and Manila, Manthan’s footprint spans 22 countries.