International Journal of Management and Commerce Innovations ISSN 2348-7585 (Online) Vol. 7, Issue 2, pp: (1162-1165), Month: October 2019 - March 2020, Available at: www.researchpublish.com
Hyper Personalization using AI in Marketing Henna Shareef1, Keerthi Reddy2 Christ University, Bangalore, India
Abstract: The use of hyper personalization in marketing is increasingly adopted by organizations as consumer behavior is dynamic towards the existing products and techniques. It also changed the way people compare and buy products. This can lead to a huge competition among the companies as the world and technologies are under dynamic changes. Hence the companies had to constantly create innovation in their businesses by upgrading to better use of advanced technologies. The best strategy in the upcoming era is to understand the behavioral pattern of every single customer and provide the best user experience, so that they can retain their market share. The personalized experiences created by the organizations for each and every customer may enable the companies to stand out as well as wealth maximization of shareholders. Since the marketers gives more focus on achieving high level of personalization to meet the consumer demand and expectation for more relevant customer engagement, companies are adopting emerging technologies and automation tools. This paper is a detailed analysis of how personalized experiences and products influence the customers. This paper also gives insight about how technology has changed over the past few years and consequently the face of marketing in this new age. Keywords: Hyper personalization, Artificial Intelligence, Marketing, Analytics.
I. INTRODUCTION In today‟s world, the point of contact with the customers have been increased in such a unique way that organizations are creating an individualized experience for each and every customer so that they can meet their existing objectives. This is how hyper personalization comes into play. It can be simply stated as modifying the strategic decisions of an organisation keeping in mind the wants and expectations of the customers. Hyper personalization uses real time data like artificial intelligence to provide information to the customers. Hyper personalization is an efficient technique that can help companies gain profits along with giving tough competition to their rivals. “Segmenting the market in a bulk manner has become an old technique as everyone has their own individualized experiences. Adapting this modern technique of personalization according to the data of every individual leads to profit maximization. For example, 74 percent online consumers get frustrated with websites when shown promotional or advertising content that has nothing to do with their interests” sodhi (2018). The main important thing that a company need to keep in mind is that what the consumer need and the experience they are actually providing them thus, it creates a line between competitors so there should be a new way of understanding about the situation and the hyper personalization to solve it. This kind of personalisation is based on AI technologies. Being able to react quickly at critical conditions and detect the problem within a short time analytically is an important requirement because the consumer behaviour is not stable; it changes accordingly as the time flows. According to research by Ascend2, only about 9 percent of marketers say they have developed an approach to hyper personalization. Garcia (2020), says “The majority of marketers, totalling 62 percent, are either just discussing it or haven‟t acted on hyper personalization yet”. Offering a tailor-made service to a consumer can be done by any company but providing them a personalized experience by fulfilling the consumers demand and making them experience something unique is what defines themselves from the rival company. To implement hyper sensualisation companies generally modify their targeting strategies in order to enhance their investments in marketing. The products which are known by their brand name are no longer in competition with rivals as the customers want their brands to be considered as their equal that is specially made and personalized only for them. For example, in London a shopping complex has cameras attached to billboards around the mall where they scan the people according to their gender, age and mood while they are passing by and customize the advertisements according to the mood so that they can lure them towards their products. You should make them feel as if you are reading their minds.
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