Personalized shopping experience takes the customer experience to the next level. However, a large number of businesses struggle to create a business case for implementing hyper personalization due to lack of data on increase in conversion or increase in basket size or increase in average order value.
At Tuzo, our experience is that hyper personalization leads to over 50% increase in conversion and up to 45% increase in basket size. We have seen this across multiple implementations and pilots.
According to a study conducted by BCG and commissioned by Google, customers increasingly prefer a shopping experience that’s easy and fast and that helps them make purchase decisions. The customer survey suggests that personalization done well can result in significant benefits to the retailer. For example, when the shopping experience was highly personalized, customers indicated that they were 110% more likely to add additional items to their baskets and 40% more likely to spend more than they had planned. Moreover, when asked to rate a particular retailer, customers who experienced a high level of personalization provided net promoter scores that were 20% higher than those of customers who experienced a low level of personalization (please refer to the image below)
At Tuzo, we use ML/AI/Computer Vision and advanced analytics to help the traditional Brick and Mortar retailers KNOW and ENGAGE with their customers Online and IN-Stores, leading to an enhanced experience, conversions and loyalty while helping them acquire new customers. The platform not only helps increase revenues for retailers but also generates data that helps in demand planning and gain invaluable shopper insights.