It might not be long until our entire web experience is personalized. With 46% of companies who responded to a recent eConsultancy study considering website personalization to be a ‘highly valuable’ method of improving conversion rates, it’s important that the various personalization models currently on the table are carefully considered. This will help to ensure that consumer, as well as business, expectations are met.
Personalized web experiences, when properly executed, can be hugely profitable. Look at Spotify, for example. In July they launched ‘Discover Weekly’, a service that provides each of its 20m+ subscribers with an algorithm-generated playlist that the platform thinks the user will enjoy. By October, 1bn tracks had been streamed through ‘Discover Weekly’. This represents royalties of over $7m.
When visiting Amazon, you are presented with personalized recommendations at almost every point in the purchasing process. On other sites, such a high degree of personalization might seem bullish. We welcome it on Amazon because of how we use the site; we don’t necessarily browse the site with a clear idea of the exact product that we’re looking for. We’re looking for recommendations.
Consumers love personalization
We also know that consumers respond well to personalized websites. Here are a couple of stats that reflect this:
- 73% of consumers prefer to do business with brands that use personal information to make their shopping experiences more relevant (Digital Trends)
- 80% of consumers like it when retailers’ emails contain recommended products based on previous purchases (Listvah)
With consumers on-board, it makes perfect sense for businesses to increase personalization on their sites. Still, 36% of companies who responded to eConsultancy’s survey said that they find it ‘very difficult’ to implement improvements to conversion rates with personalization. Why?
One of the main reasons for this is because businesses don’t necessarily understand the level of personalization that the user is comfortable with.
You’ve probably heard someone complain about web personalization being ‘creepy’, others who find it disingenuous. You will know people who like to anonymize their time on the web. Businesses need to be able to understand how, when and to whom they should ‘be personal’
With an increasing number of consumers going online to make important purchases it’s crucial that businesses fully understand the intentions, behaviors and actions of their visitors. It’s also crucial that they offer leverage this information both to offer each visitor the support they need in order provide the best possible customer experience and to maximize returns.
Now Interact uses Predictive Intelligence to bridge the gap between online and contact center channels to improve the customer experience. Our algorithms personalize the web experience for each user depending on their need state and how likely they are to convert, offering them the right channel at the right time to help them complete their journey. Personalization can be a powerful asset for your online artillery – it’s time to assess what that means for your business.