Monetate, a worldwide leader in personalisation, has announced the Monetate Intelligent Personalisation Engine, a new platform that helps consumer-facing brands and marketers to provide their customers with individualised experiences, using everything known about them to determine the best experience for them in the moment of interaction. The Engine gives consumers the experience they want and retailers the competitive edge they are looking for.
The Monetate Intelligent Personalisation Engine is currently in use by more than a dozen clients that are part of Monetate’s Early Adopter Program (EAP). JD Williams, an N Brown Group brand, decreased its bounce rate by 3.3 per cent in just one week by deploying the Engine’s machine learning capabilities to determine the best homepage experience for each visitor. According to Finn Christo, group e-commerce conversion rate optimisation manager at N Brown Group: “The Engine’s one to to ne personalisation ensures more customers remain on our site, increasing our likelihood of converting them to a purchase. This platform has enabled us to observe, understand and interact with our customers like never before.”
In another example from the EAP, a Monetate client used The Engine to reorganise its Product Description Pages (PDPs) by effectively determining when it was advantageous to emphasize customer reviews or related product recommendations. This content already existed on the PDP, but it was up to The Engine to determine which to display more prominently for each visitor. Deployed across two of the client’s sites, The Engine achieved 4.8 per cent lift in revenue per session (RPS) on one site and a 1.3 per cent lift in RPS on the second site.
Also from the EAP, a client that replaces homepage content weekly used The Engine to personalise this content. The Engine leveraged the company’s updated content in addition to multiple other variants to provide more options, allowing The Engine to decide what was the right option for each visitor. As a result, The Engine drove over $260,000 more revenue.
“Personalisation impacts the bottom line in a way targeting segments just can’t,” said Lucinda Duncalfe, CEO of Monetate. “The Engine moves far beyond traditional methods to optimise the experience of each individual customer. Rather than pointing customer segments at experiences, each customer is served the exact right experience for them. It’s the rare true win-win: each customer gets the best possible experience and brands get business results.”
Powered by machine learning models, a form of artificial intelligence, The Engine:
- Optimises against specific goals: Whether it is revenue, conversion or engagement, the solution will optimise each individual experience toward the chosen metric
- Makes complex decisions in real-time: Instantaneous (<20 milliseconds) decision making capabilities allow marketers to act in the moment of interaction to ensure each customer gets the most relevant experience for them
- Aggregates any and all data: The Engine’s open architecture allows customers to leverage all customer data from their existing technology stack, including in-session data, to ensure up-to-the-moment precision in decision-making;
- Personalises across channels: Make the most of customer interactions by pushing out personalised actions anywhere, even across different channels