Improved Customer Experiences with Affinity-Based Personalization

Dynamic YieldAffinity-Based Personalization is an AI-powered personalization platform that recently introduced their new Affinity Tool. This tool allows brands to use automatically generated user profiles to create new user segments and deliver highly targeted experiences across multiple channels. This capability scores important interactions and profiles individual preferences for use in targeting or experience delivery.

To remain competitive and relevant in a highly dynamic corporate environmentRetailers all over the world are using Artificial Intelligence (AI) and Machine Learning technologies. Traditional marketing can still be useful in a physical space but AI will make it easier to sell products and services again.

Dynamic Yield, an AI-powered Personalization Anywhere(tm), platform, delivers personalized experiences at all customer touchpoints: web, apps and email. Data management capabilities allow for a single view of customers, which allows for the creation of highly targeted digital interactions.

Real Time Tracking All in One Place

Retailers track their purchases but have missed out on valuable information such as product browsing history over time. Dynamic Yield claims that this structured data can be used to create more relevant and personalized marketing campaigns. However, it often goes unrecovered.

Dynamic Yield’s program is unique in that it can match visitors’ browsing habits with attributes of products they have viewed online. This allows Dynamic Yield to create an individual affinity profile using the data. This allows for automated creation of sophisticated user segments that can then be used across all channels, including email, web, mobile, and app, as well external third-party platforms such as Data Management Platforms and Business Intelligence Tools and Digital Signal Processing.

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Ultimate Customer Experience

Every interaction provides unique insight into the user’s affinity profiles, which are constantly updated. This gives them unique insights into their preferences for specific brands, colors, sizes, categories and price ranges. Dynamic Yield has provided examples of how brands have used Affinity Based Personalization.

  • One clothing retailer provided highly personalized product recommendations based upon user-affinity towards specific categories of products.
  • One travel site created an audience that was only interested in one type of vacation and used all banners & offers on the site to promote that vacation category.
  • Multi-brand retailer identified customers who had affinity to certain brands and promoted aggressively deals that featured the brand.
  • A retailer modified the layout of its top navigation to highlight the on-sale product categories based on the user’s affinity.

Massive Improvements in Marketing Strategies

Dynamic Yield CEO Liad Agmon stated that product metadata is an important asset for marketers, but has been largely underutilized. This new capability can be used to discover meaningful correlations between the product that a user interacts with and its attributes, allowing for highly segmented experiences across channels.

One GainA business’s marketing strategy and initiatives will be greatly improved if it is able to continually access relevant insights from rapidly growing data volumes. AI is a proven method that can improve customer experience.

Black Friday Cyber Security for Retailers

Cyberattacks are most likely to target the retail sector. A report by Business in the Community suggests that 43% of retailers have the least amount of cyber security in place. The retail industry is set to experience its busiest season with Black Friday just around the corner.

Cyber safety advice is primarily directed at the consumer. However, businesses have an increasing responsibility for online security. They must ensure that client data is secure and provide a safe shopping experience. The GDPR has been fully implemented in the EU. The US Federal Trade Commission (FTC), on the other hand, is focusing its efforts to crack down on businesses that mistreat client data and trust. This is making it more important for customers to be aware of their data privacy. Cybercrime is also a common type of personal data breach, which has increased by more than 60% in 2018.

However, there have been fewer reports of identity theft and cyber credit card fraud, with both rates at a 4-year low. Online shoppers are more aware of scams and pitfalls, but businesses continue to leave confidential information open for cybercriminals.

Understanding common cyber threats and how you can prevent them from causing problems is the best way to keep customers happy over the holidays.

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The Most Common Cyber Security Problems Retailers Face

Questions about staff

Personal data breaches account for 90% of all incidents. People are the weakest link in any business, whether they do it accidentally or maliciously. To prevent major problems from occurring, cyber security is everyone’s responsibility.

Unauthorized access/theft

Cybercriminals operate in many ways. Unauthorized access to computers or devices could result in personal data being stolen and/or transferred. Companies could be fined, reprimanded and even lose their reputation if they leave data exposed on unencrypted devices.

Phishing

Social engineering is a common cybercrime strategy. It involves tricking staff into clicking on compromised hyperlinks, giving out sensitive data, or authorizing fraudulent payments. These types of criminal acts can be avoided by training staff on how to identify phishing emails, and how to implement two-factor authentication for payments.

DOS/Ransomware

Cybercriminals can make computers unusable by denial of service (DOS). Usually, they cause machines to crash. Ransomware is a malicious program that locks areas of a computer and promises to release it again once the ransom has been paid. This can cause data loss or interrupt the work day.

Cybercrime Prevention Tips

Training staff

Because each employee has the potential to make it easier for attackers, staff will always be the weakest link in your security chain. Businesses of all sizes can reduce the threat by providing continuous and thorough training and ensure that everyone is working together to combat cyber risk.

Cyber insurance

Although this may seem like an unnecessary expense for small business owners it is often a matter of ‘when’ and not ‘if’. Cyber insurance can cover you and your customers for lost revenue, fines and damages.

Follow Cyber Essentials/Basics

The UK’s National Cyber Security Centre (NCSC), has created a Cyber Essentials guide that small businesses can use to improve their cyber security, regardless of how large or small they are. For businesses that want to improve their security, the NCSC has a 10-step follow-up program. The FTC in the USA provides guidance on Cybersecurity Basics and key advice for small businesses when it comes to keeping their data safe.

Monitor and test

Cyber health is all about monitoring and regularly testing your company’s cybersecurity measures. Cybercriminals are getting more sophisticated every day. Therefore, it is important to keep up with industry developments. Small businesses may want to outsource security measures, or just keep an eye on security on a daily basis.

Businesses have the best chance to increase sales and attract new customers during the holiday season. Businesses should keep data security top of mind and ensure that their customers have the best experience this holiday season.

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