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Machine Learning Capabilities Enable True 1-to-1 Interactions, Delivering Powerful Business Results
New York (Apr. 3, 2017) – 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 recommendation. 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:
Optimizes against specific goals: whether it is revenue, conversion or engagement, the solution will optimize each individual experience toward the chosen metric
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
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;
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.
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:
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 Inc., J. Crew Group Inc., The North Face, and hundreds of other market leaders.