AI technology has now stepped into the retail sphere with a new system that focuses on the individual’s personal needs, consigning the old-world construct of categorizing customers to history.
Thanks to a deal retail giant Endeavour Drinks Group has signed with Artificial Intelligence tech company OpenDNA, the Group’s online customers could soon experience a very personalized form of marketing.
Endeavour Drinks Group, which is operated by Woolworths and takes in Dan Murphy’s, Cellarmasters, and BWS, will use OpenDNA’s Artificial Intelligence (AI) technology to tailor a more personalized experience for online shoppers.
OpenDNA listed on the ASX in November. OpenDNA’s proprietary AI technology differs markedly from traditional consumer data systems by doing away with group segmenting and targeting based on comparative data to instead deliver individualized and personalized marketing based on a single customer’s unique interest profile.
The technology is all about the single customer view – a concept that hugely benefits the business and its consumers.
By using machine learning, natural language processing, and neural networks, OpenDNA’s AI engine generates deep real-time psychographic insights about a user’s behavior. For businesses, it means more accurately predicting customers’ needs and delivering a targeted shopping experience for each individual in real-time and automatically. For consumers, it providers for a more personalized, more relevant and better targeted experience.
“People are not categories, people are individuals,” said Jay Shah, OpenDNA CEO. “Obtaining a single customer view has been a huge challenge for marketers, despite the ever-improving capabilities of digital technology. OpenDNA’s technology considers each individual user separately, which provides an incredibly powerful solution for many business scenarios. We’ve created technology that allows marketers to quickly build the single customer view, together with an automated delivery system that allows marketers to take action on this data.
“Let’s face it, all of us are unique individuals in our own way, our interests and habits are unique to us, and, in turn why should we not have a unique and more personalized experience? People should not be treated as categories.
“We are delighted to partner with a household name and trusted brand in the form of Endeavour Drinks Group to deliver an innovative and personalized app that will give consumers the ultimate in personalized marketing, and greater control of their online experience.”
According to a recent report from Accenture, 75% of consumers are more likely to buy from a retailer that recognizes them by name, recommends options based on past purchases, or knows their purchase history. Consumers are willing to shop more with retailers that show that they recognize each individual and can provide appropriate recommendations based on their unique needs.*
OpenDNA also recently struck an agreement with Netsurfer, an Android powered mobile handset soon to launch in European and African markets. With the initial phase of the partnership integrating an AI-powered news aggregator app to the devices, offering a personalized news experience for each user. This partnership paves the way forward for the “Internet of Me” experience, whereby eventually users will be able to have a more personalized experience of the internet.