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Mobile commerce is and has always been a dynamic and fast-moving sector. But It’s ever more apparent that it’s now driven almost exclusively by the end-customer and what they demand from the brand seeking to engage and retain them.
Customers are no longer satisfied by a simple, largely anonymous transactional exchange. They want their shopping experience to be ongoing and enriching, and they want brands to recognize them as the unique individuals they are, with specific and increasingly fluid needs and desires.
This extreme personalization, done in real time, is simply the new normal, and brands that want to grow, compete, and succeed are sitting up and paying attention. They’ve seen the opportunity this new reality presents, and teams across these organizations are actively and consistently working to create even loftier levels of customer individualization—or what we at CleverTap call hyper–personalization.
When it comes to mobile, the average user will download and try out many different apps. Unfortunately, studies have shown that most apps will lose as many as 95% of their daily active users within the first 90 days. Compounding this depressing fact is that these losses result in a huge increase in net customer acquisition cost.
Fortunately, there are direct and effective ways to mitigate these losses. Through hyper-personalization, brands can meet the needs of today’s most-demanding customer. In today’s fiercely customer-centric world, succeeding in this endeavor is truly the only way to achieve healthy and sustained engagement and retention, while also lowering customer acquisition costs and increasing revenue. The three things that any company needs in order to create hyper-personalized campaigns are:
Rachel King of Bloomberg’s Business Reporter recently sat down with Abhishek Gupta — our very own Chief Customer Officer and one of the people driving CleverTap’s solutions to the challenge of hyper-personalization.
They discussed this new paradigm in customer experience and how he’s seen it impacting brands—both established players and feisty upstarts alike.
Covered in the interview are the three core pillars of hyper-personalization:
He also discusses how to achieve a 50% reduction in the cost of every retained user and outlines how hyper-personalization is at the core of the CleverTap platform and what we’re continuing to build.
Read the companion blog on the Business Reporter site for more on the core tenets of a successful hyper-personalization effort, including some of the results our own customers have seen, along with a link to a recent report from Gartner which lays out some solid customer experience strategies in detail.