Precision Personalization for Retail personalization Personalization is not a one-and-done effort...

Precision Personalization for Retail personalization Personalization is not a one-and-done effort ¢â‚¬â€‌
Precision Personalization for Retail personalization Personalization is not a one-and-done effort ¢â‚¬â€‌
Precision Personalization for Retail personalization Personalization is not a one-and-done effort ¢â‚¬â€‌
Precision Personalization for Retail personalization Personalization is not a one-and-done effort ¢â‚¬â€‌
Precision Personalization for Retail personalization Personalization is not a one-and-done effort ¢â‚¬â€‌
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Transcript of Precision Personalization for Retail personalization Personalization is not a one-and-done effort...

  • © 2019 Fair Isaac Corporation. All rights reserved.

    Customer Development Customer Engagement

    P R O D U C T OV

    ERVIE W

    Powered by FICO® Decision Management Platform Streaming

    Precision Personalization for Retail

    The transition of retail from a predominantly brick-and-mortar to a brick-and-click business has left retailers with siloed channels and sizeable investments in technologies without measurable uplift. Today’s retailers need a flexible platform that allows them to tailor personalization to the dynamic behavior of the customer across multiple channels as well as evolve with the requirements of the brand. FICO® Decision Management Platform Streaming is a platform that allows retailers to easily operationalize personalization that is data-agnostic and AI/ML-enabled to determine the next best action in a customer journey.

    1. Adaptable personalization platform to meet evolving needs of the brand

    2. Data source agnostic

    3. Contextual profiles for connected, consistent experiences in all channels

    4. AI/ML-enabled predictive personalization

    5. High performance and scale

    6. Intuitive user experience

  • © 2019 Fair Isaac Corporation. All rights reserved. 2

    Customer Engagement Customer DevelopmentPrecision Personalization for Retail

    Oracle Cloud Running FICO® Decision Management Platform Streaming from the Oracle Cloud allows retailers to integrate their personalization efforts with customer data in warehouses, point-of-sale, supply chain, and merchandising systems as well as in systems of engagement. Oracle is an established cloud-based retail solution provider, serving numerous companies around the globe. Oracle cloud services combine performance, reliability, security, cost cost savings, and seamless interoperability to help retailers shift focus from maintaining custom personalization systems that may be disconnected to designing connected omni- channel journeys of the future.

    Retailers struggle to meet the needs of the “always-on” customer Offering customers convenience, choice, and omni-channel capabilities is no longer just a nice-to-have for retailers to survive in the digital era. To adapt to the “anytime, anywhere” habits of shoppers, retailers have adopted individual custom applications — sometimes hundreds of them across a single enterprise — making it impossible to manage and expand personalization while delivering a unified experience to the consumer.

    Operationalizing personalization needs more than data While personalization has been a priority for many brands, execution has been missing the relevance that is based on the behavior of their customers. Capturing data from these behaviors has resulted in a variety of data infrastructure — big data technologies, data lakes, and data streaming infrastructures. Yet, operationalizing all this data to provide a seamless, connected experience that increases engagement with the brand remains elusive, or to the extent it is executed upon, the costs are significantly beyond what can be sustained.

    Realizing the benefits of personalization Personalization is not a one-and-done effort — it is a dynamic process that must evolve in response to both the behaviors of customers and the goals of the brand. At the end of the day, data is only one of the enablers of personalization experiences. Data is simply raw material that must be operationalized and turned into compelling experiences for retailers to reap the benefits they have envisioned. Contextualizing both real-time and historical behaviors and using AI/ML to improve relevance are key to the success of personalization. And above all, it is essential to adopt a platform approach to building, adapting, and evolving customer experiences to meet the needs of the customer anytime and anywhere in their journey with the brand.

  • © 2019 Fair Isaac Corporation. All rights reserved. 3

    Customer Engagement Customer DevelopmentPrecision Personalization for Retail

    A range of solutions that facilitate increased engagement as needs grow

    FICO® Decision Management Platform Streaming grows with the brand

    Features Description Functionality Essentials Choice Zenith

    Core Personalization Sources

    These data are the key sources that will be consumed by the personalization solution

    Customer Data — this is usually available in customer databases X X X

    Transaction Data — from point of sale and e-commerce X X X

    Product Master — this data comes from a merchandising system database or data lake X X X

    Promotion Data — this data is usually stored by organizations in a database or data lake X X X

    Response Data — this data is usually stored by organizations in a database or data lake X X

    Store Level Data — this is data that may be exposed via an API X

    Website Data — this is data that may be exposed via an API X

    Inventory Data — this is data that may be in a database or exposed via an API X

    Contextual Profiles

    These profiles will enable connected, consistent decisions across all channels

    Customer Purchase Profiles X X X

    Eligibility and Suppression Profile X X X

    Offer Uptake Profile X X

    Digital Profile: Custom First-Party Sources X

    AI/ML These machine learning and AI are used to achieve precision in personalization

    Machine Learning and AI X X X

    Self-Service Integration with Other Systems

    These systems are often external to the personalization solution that is used to send messaging, load content, etc.

    Integration with Marketing Automation Systems X X X

    Marketing Cloud Content Management (CMS) X X

    Marketing Cloud Digital Asset Management (DAM) X X

    Integration with Data Management Platforms — DMP (e.g., Oracle DaaS, etc.) X X

  • © 2019 Fair Isaac Corporation. All rights reserved. 4

    Customer Engagement Customer DevelopmentPrecision Personalization for Retail

    A tiered approach Retailers can easily deploy personalization solutions across the customer journey within a single platform to deliver enduring relationships. Retailers are now in the driver’s seat to build, adapt, and evolve the solution to fit the needs of their brand and their consumers. Deployment is simplified and accelerated via a three-tier solution to meet retailers where they are and deliver impact quickly, without months or years of implementation delay. Retailers can begin in one tier and advance to the next as their needs evolve and opportunities emerge.

    European Retailer

    Challenge: Create a platform that leverages all customer interaction data and external sources to deliver real-time, personal offers in-store that recognize and reward each customer’s loyalty.

    Solution: FICO® Decision Management Platform Streaming and FICO® Xpress Optimization

    Results: The retailer proved in three weeks that its vision for the real-time offers platform was achievable at the massive scale and low latency it requires.

    Even with a sophisticated marketing approach leveraging big data and analytics, this retailer was losing customers and profits to new entrants in the market. The retailer decided to focus on personalization, delivering highly relevant real-time offers to its customer base in order to drive loyalty. Using FICO Decision Management Platform Streaming, the retailer was able to build a precise personalization platform that consumed data from real-time interactions as well as historical behaviors, and apply predictive as well as prescriptive analytics to determine the optimal action for that customer. The retailer is now able to make the most relevant action at the moment it will be most appreciated and accepted. With data that tells the whole story, along with advanced analytics, the retailer can derive customer insight in real time and anticipate future consumer behavior on a massive scale.

    Key capabilities to meet the needs of retailers Retailers need the ability to create innovative and differentiated applications with greatly reduced time to market. Decision Management Platform Streaming meets these needs with key capabilities:

    1. Data-agnostic, out-of-the-box connectivity for online and offline channels

    2. Contextual profiles to marry online and offline behaviors in real time for the most updated consistent actions

    3. Native AI/ML enablement, eliminating the need to stand up separate execution frameworks

    4. Easy-to-use, drag-and-drop user interface for click-of-a-button changes

    5. Data-driven experimentation capabilities

    6. API-enabled interfaces with internal and external applications

    7. Templatized approach offering a QuickStart for online and offline channels

    8. Automated deployment and visually monitored performance

    9. High performance and scale

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    Precision Personalization for Retail

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