The more eCommerce businesses invest in hyper-personalization, the greater the return, Adam Gunther, SVP of Product at Kount, an Equifax Company, asserts in the new PYMNTS eBook, “What’s Your Plan? Payments Strategies for a Strong 2022 Finish.”
As the race to the end of 2022 begins, more consumers and businesses are feeling the effects of the rising inflation rate. With the distractions of the holiday shopping season fast approaching, we may see some respite from those inflation-related worries.
Even good, loyal customers will watch what they spend in the coming months. Keeping them engaged will make all the difference to businesses facing the same rising costs. That’s why the team at Kount, an Equifax Company, is putting hyper-personalization out in front in Q4. We want to help our merchants not only prevent the bad actors but promote and increase good interactions.
When we talk about hyper-personalization, we’re talking about targeting and getting to know customers beyond their name and email address. For us, hyper-personalization is knowing who a consumer is as soon as they’ve landed on your site — not only validating that they are who they say they are, but gaining insight into their buying history and power, purchasing behaviors, customer lifetime value, etc. — anticipating their needs, and delivering the best experience.
The more a business knows about a consumer before they’ve made a purchase or logged into their account, the better equipped it is to introduce that customer to the right products, solutions and payment options at the right time.
We’re working tirelessly to bring digital enablement and hyper-personalization tools to the businesses that need them most. Staying ahead of criminal fraud and chargebacks is essential and will continue to be our focus while also investing Q4 efforts in helping businesses engage with good customers better while continuing to block bad actors.
Studies show that the more eCommerce businesses invest in hyper-personalization, the greater the return — in some cases, $20 earned for every $1 invested, according to eCommerce personalization statistics. Meanwhile, separate studies have confirmed that over a third of consumers want more personalized experiences, and over half agree that retailers don’t really know them. With these new capabilities, merchants will be able to deliver frictionless logins, tailored product recommendations at the point of login, and customized buy now, pay later (BNPL) offerings earlier in the buying experience. Additionally, merchants will have access to cohort analysis data to better understand where they are winning and losing business based on demographics and financial insights — ultimately helping retailers bridge the gap of knowing and understanding their consumers.
When we stack up the benefits of hyper-personalization (high returns, more repeat customers, greater influence on purchasing decisions), we know we’re on the right path. At Kount, we’re focused on enabling businesses across industries with the necessary tools to understand their customers’ needs and preferences to keep them engaged and make every transaction count in the face of higher costs.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
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