The giants as Amazon have set the bar of what personalization can be. The consumers have been accustomed to expect personalized experienced from all the businesses they interact with.
Machine learning obviously has changed the game in the recent years. Its usage here is mushrooming. It seems to be the most satisfactory approach, and it impact on customer relationships is immense.
The data speaks for itself: *
- 40% of companies use it in 2019, compared to the percentage in 2018 (mere 26%)
- almost half (42%) of the marketers currently not using machine-learning personalization plans to begin – within the next year
- compared to companies running other personalization methods, these leveraging algorithmic approaches are marked with the largest jump (57%) in predicted budget
Marketing with machine learning is only possible with data. Successful personalization relies on good data, and the marketers across industries make painful attempts at bringing the right sources together. Sufficient data and insights to drive effective personalization seem to remain a challenge. Nevertheless, the democratization of machine learning technology is inevitable.
* Evergage and Researchscape International online survey 2019 Trends in Personalization which involved 314 marketing professionals from mostly three industries: technology (16%), finance & insurance (13%) and retail (11%).