TargetOne Recommendation Engine Overview
TargetOne’s Recommendation Engine automates the selection of offers based on individual customer preferences.
The quickest way to increase revenue is to motivate all your customers to add an extra item to their shopping cart, or buy a supplementary service. But this is easier said than done. To make this happen in the real world, you will need to know each customer’s purchase history, product preferences, how long they have been a customer, how loyal they are, and why they like your brand. You will also need to know what is in their shopping cart today.
This is impossible to do manually if you have hundreds of 1000s of customers and multiple channels, and if you have to do it instantly. To overcome this challenge, you need the technology to analyze customer data to understand preferences and basket context and then deliver personalized recommendations for each individual customer. You will need Manthans(now Algonomy) Target one.
Target one automates the recommendation process, from analysis of customer data, listening to customer triggers and delivering product or offer recommendations instantly.
Target one embeds a recommendation engine which uses sophisticated machine learning algorithms to identify unique recommendations for each customer from sparse and dense data. It uses ensemble modeling to run multiple analytical models and then synthesizes the results to decide the best recommendations for every customer.
Target one can be used automatically to recommend products and offers instantly for E commerce and point of sale use cases or for personalized email and mobile promotions.
Marketers have the flexibility of choosing the most suitable algorithm based on their marketing objectives. They can use algorithms to recommend either hot selling items, or items that are usually bought along with the item in the shopping cart, or accessories for the item in the shopping cart, or items similar to those in the shopping cart. Presenting the right products and offers in front of the customers at the right time has proven to be a highly effective marketing tactic for large online retailers.
Target one delivers the power of automated analytics driven personalization to online and brick and mortar businesses of all sizes.
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