Symphony RetailAI, the leading global provider of Artificial Intelligence-enabled decision platforms, solutions and customer-centric insights that drive validated growth for retailers and CPG manufacturers, today announced the availability of its SR Personalized MarketingAI solution for fast-moving consumer goods retailers. The solution makes it easy for retailers to deliver customized messages and offers to each shopper in real time by incorporating a 360-degree view of customer data using an intelligent, predictive analytics engine. In initial pilot deployments, retailers report significant improvements in participation rate, redemption rate and sales lift.
Symphony RetailAI is an established leader in providing personalized marketing solutions to leading retailers. Until now, the optimal way to personalize offers and messages based on unique customer data was to leverage rules-based algorithms, which delivered significant benefits but required a heavy manual involvement by personnel. By deploying the new AI-enabled capabilities, retailers can now automate the process, rapidly increasing the scale, accuracy, timeliness and variety of offers they share with their customers. Ultimately, the increased relevance and value to the customer is producing far greater customer-redemption rates resulting in sales lift for the retailer.
“AI-enabled personalized marketing solutions built on machine learning concepts are poised to have a tremendous impact on the retail industry,” said Mike Bristol, vice president personalized marketing, Symphony RetailAI. “Now that our customers have seen the early results from our initial pilot program, there is a unanimous excitement about taking advantage of the automated, continuously optimizing approach that AI-enabled personalized marketing promises.”
In Symphony RetailAI’s first pilot campaign, a grocery retailer integrated the SR Personalized MarketingAI solution into its email program to optimize personalized offer allocation to 20% of its customer base, with the other 80% receiving rules-based personalized offers. After only three weeks, the retailer realized a 34% increase in the number of customers redeeming one or more offers using SR Personalized MarketingAI, which resulted in a spike in overall campaign performance.
What’s more, customers with whom the retailer had some prior purchase history redeemed offers at a 25% greater rate, and customers with lengthy relationships generated 34% redemption improvements. Overall, SR Personalized MarketingAI yielded a 50% increase in overall redemption when compared with an already highly successful rules-based personalized marketing approach.
“As we explored in our recent Personalizing the Path to Purchase survey, leveraging omni-channel consumer data to create a real-time personalized marketing strategy is rapidly becoming a priority for retailers,” said Sy Fahimi, SVP product strategy, Symphony RetailAI. “Having seen first-hand the impact that continuously optimizing personalized marketing can have, we’re excited to bring this solution to our entire customer base.”