[April 03, 2017] |
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Monetate Launches Next-Generation Personalization Engine
Monetate,
the worldwide leader in personalization, today announced the Monetate
Intelligent Personalization Engine™, a groundbreaking new platform
that helps consumer-facing brands celebrate each individual customer by
providing individualized experiences. The Engine is powered by machine
learning capabilities that make real-time decisions on an individual
basis, creating engaging and immersive interactions that enhance the
customer experience and lift conversions.
The Engine solves for the challenges of traditional rules-based
approaches that do not address a customer's expectation for a
meaningful, personal experience with a brand. Before The Engine,
difficulties establishing connectivity with disparate customer data and
constraints around decision making in real time at scale have prevented
marketers from delivering individual experiences.
The Monetate Intelligent Personalization Engine is currently in use by
more than a dozen clients that are part of Monetate's Early Adopter
Program (EAP). JD Williams, an N Brown Group brand, decreased its bounce
rate by 3.3 percent in just one week by deploying the Monetate
Intelligent Personalization Engine's machine learning capabilities to
determine the best homepage experience for each visitor. According to
Finn Christo, Group Ecommerce Conversion Rate Optimization Manager at N
Brown Group, "The Engine's 1-to-1 personalization ensures more customers
remain on our site, increasing our likelihood of converting them to a
purchase. This platform has enabled us to observe, understand and
interact with our customers like never before."
In another example from the EAP, a Monetate client used The Engine to
reorganize its Product Description Pages (PDPs) by effectively
determining when it was advantageous to emphasize customer reviews or
related product reommendations. This content already existed on the
PDP, but it was up to The Engine to determine which to display more
prominently for each visitor. Deployed across two of the client's sites,
The Engine achieved +4.8 percent lift in revenue per session (RPS) on
one site and +1.3 percent lift in RPS on the second site.
Also from the EAP, a client that replaces homepage content weekly used
The Engine to personalize its homepage content. The Engine leveraged the
company's updated content in addition to multiple other variants to
provide more options, allowing The Engine to decide what was the right
option for each visitor. As a result, The Engine drove over $260,000
more revenue.
"Personalization impacts the bottom line in a way targeting segments
just can't," said Lucinda Duncalfe, CEO of Monetate. "The Engine moves
far beyond traditional methods to optimize the experience of each
individual customer. Rather than pointing customer segments at
experiences, each customer is served the exact right experience for
them. It's the rare true win-win: each customer gets the best possible
experience and brands get business results."
Powered by machine learning models, a form of artificial intelligence,
The Engine:
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Optimizes against specific goals: whether it is revenue,
conversion or engagement, the solution will optimize each individual
experience toward the chosen metric
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Makes complex decisions in real time: instantaneous (<20
milliseconds) decisioning capabilities allow marketers to act in the
moment of interaction to ensure each customer gets the most relevant
experience for them
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Aggregates any and all data: The Engine's open architecture
allows customers to leverage all customer data from their existing
technology stack, including in-session data, to ensure
up-to-the-moment precision in decision making
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Personalizes across channels: make the most of customer
interactions by pushing out personalized actions anywhere, even across
different channels
The Monetate Intelligent Personalization Engine is available today and
joins the perennial favorite platform, Monetate Test & Segment, in
Monetate's product portfolio. To learn more about Monetate and its new
product, please visit www.monetate.com.
About Monetate 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.
Monetate's approach to personalization starts with the understanding
that each individual is unique, and instantly chooses the best
interaction for each one. Unlike testing, which identifies the best
choice for everyone, or segmentation, which defines the best choice for
a group of people, Monetate's 1-to-1 personalization engine reflects the
full diversity of human beings and creates an experience for each one,
in each moment.
In order to deliver true 1-to-1 experiences, Monetate's platform is:
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Independent, so you can use any best of breed solution in your
marketing stack and not be tied to one vendor's offerings;
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Open, so marketers can use all of their data wherever it sits, push a
decision to any touchpoint and pull the results back into their
data/analytics infrastructure;
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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; and
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Bionic, giving the creative marketer the power to manage a machine
learning engine and operate at 1-to-1 scale, for real.
Founded in 2008, with offices across the U.S. and Europe, Monetate is
used by leading brands around the world and influences billions of
dollars in revenue every year for The North Face, QVC, J.Crew Group, and
hundreds of other market leaders.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170403005390/en/
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