Consumer expectations around their dealings with companies are changing, and businesses must improve and personalize their marketing.
To that end, customer engagement and retention platform CleverTap has raised $105 million in a Series D funding round and says it will use it to expand globally, grow its teams and develop its technology, according to a Wednesday (Aug. 10) press release issued by CDPQ, which led the funding round.
CleverTap’s subscription-as-a-service (SaaS) platform leverages artificial intelligence (AI) and machine learning (ML) to help brands build long-term relationships with their customers, according to the release.
“Our vision has been to reshape the way businesses engage with their consumers and bring the tech to MarTech,” CleverTap Co-Founder and Executive Chairman Sunil Thomas said in the statement.
With the platform, brands can perform user analytics, understand user journeys across channels, engage with customers in a personalized way and enhance the customer experience, per the press release.
“The paradigms of user engagement are changing, and as industry leaders we are best positioned to help businesses adapt to this ever-evolving consumer landscape,” CleverTap CEO Sidharth Malik said in the statement. “Our recent acquisitions helped us expand our foothold in North America and Europe, and enhance our leadership in verticals such as on-demand and subscription.”
Other companies have responded to this trend as well. PYMNTS reported in April that Mastercard closed on its acquisition of personalized engagement platform Dynamic Yield from McDonald’s, adding the decision engine company to boost Mastercard’s customer engagement and loyalty services.
Read more: Mastercard Closes Acquisition of Customer Engagement Platform Dynamic Yield From McDonald’s
“Together with Mastercard, we can put the notion of one-size-fits-all marketing in the rearview for good,” Dynamic Yield CEO Ori Bauer said in an April 4 press release announcing that acquisition. “Consumers are seeking truly personalized experiences, and brands that don’t adapt risk being left behind.”
PYMNTS research, too, has found that personalizing the customer experience is a way to reduce churn.
Read more: PYMNTS Intelligence: How to Avoid Becoming a Consumer’s Unwanted Subscription
Companies should reevaluate their offerings and devise ways to provide customized consumer experiences.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More