State of Personalization in the Middle East

How Enterprise Retail and Banking Drive Higher Results

State of Personalization: How Enterprise Retail and Banking Brands Drive Higher Business Results

  • How customer expectations and interactions have evolved in the last couple of years
  • How brands have responded to the change in customer expectations and interactions
  • Use-case of Retail and BFSI brands building insights-led engagement with personalization efforts
  • Steps for creating engagement methods that provide personalized experiences today

Learn how retail and BFSI brands are improving engagement metrics with personalization

What Investments Are Brands Doing to Provide Personalized Customer Experiences

Compared to 2021, to what extent is your business investing in marketing technology and programs to help you personalize your customers experience and campaigns?

In the physical era, brick and mortar stores dominated interaction, while in the digital era, online channels took center stage.
Today, in the phygital era, customers interact with both offline and online channels.

What kinds of marketing technology are you currently investing in to drive personalization efforts?

Both preferred online engagement channels in the physical era. However, a shift to digital channels became inevitable in the digital era. Today, the phygital era sees Gen X preferring traditional channels for a few activities while millennials digital channels for majority of the activities.

Discover the different use cases of personalization across
retail and banking brands.

How Can Brands Deliver an Insights-led Personalized Customer Experience

While insights help brands connect disparate customer data points and convert them into actionable items, modern engagement platforms go one step further and help you gain the desired engagement by:

Analyzing Customers Behaviour at Every Stage Across Platforms

MoEngage lets you analyze, segment, personalize, engage and optimize all your campaigns with its omnichannel engagement solution. Using the engagement platform, brands can leverage multiple channels for specific customer segments and provide personalized recommendations based on the analysis of personalization trends.

Build a Path to Delightful Experience With User Paths

With MoEngage User Path Analysis, you can get a bird’s-eye view of customers’ different paths, dig deep into the steps they take from one activity to another, and all gaps in the customer journey. This way your brand can develop personalization strategies to win loyal customers.

Personalizing Messages with Dynamic Content

Using dynamically personalized content in your campaigns helps each email or push notification to feel like a personalized 1:1 engagement with your end customer. As a result, for every single customer, your brand can create a segment of one and provide personalized marketing to existing customers.

Frequently Asked Questions

According to Gartner, personalization is “a process that creates a relevant, individualized interaction between two parties designed to enhance the experience of the recipient.”

Different types of personalization include:

  • Basic personalization – includes campaigns with first name.
  • Event based personalization that is triggered in any event
  • Personalized customer segments based on affinity cohort which is also called user personalization

  • Event + user personalization – based on a specific customer segment with specific event trigger.

  • Personalization boosts revenue by increasing conversion rates across the board. Brands that invested in personalization are likely to see their investments pay off.
  • Personalization driven through insights leads to a 45 percent increase in engagement rates.
  • Personalization can lead to building a brand loyalty. This way, your brand is able to build a customer base with a long-term horizon.

The state of personalization report will help you understand the benefits of personalization strategy across a customer journey across different industries. Download the personalization report here.

This State of Personalization report provides an in-depth analysis of how personalization campaigns can help companies improve their digital customer experience across desktop and mobile devices. From relevant messaging that delight customers, the state of personalization report help balance personalization across customer journeys. The report also gives actionable insights into what most consumers want as digital experiences across their purchase journey.

Using personalization capabilities, consumer brands can understand the behavior of a customer in terms of their affinities and activities.

With the assistance of this information, brands can craft a better customer journey that is specific and relevant. This can lead to better customer engagement and in turn, help in retention.

No longer an option, a personalization strategy carries on as a core expectation for the customers. Brands not following the personalization trends risk losing revenues or customers.

Mckinsey through its report found that personalization boosted performance, improved customer experiences and increased loyal customers base during its analysis. In addition, companies whose growth rate is faster generate 40% more revenue through personalized messages and services compared to slower-oriented rivals.

Leveraging personalized insights from customer data platforms helps establish customer loyalty and customer relationships.

  • In order to create a personalized experience for your customers, you need to have access to their data. Customer data is the key to understanding what each individual user wants and needs. And it’s essential for powering marketing personalized service.

    Some of the biggest challenges in personalization today are:

  • Quality of data

    • In many cases, brands will have plethora of data points. However, some may not be relevant or some of the data may not outdated or incorrect. This often leads to a bad or incorrect personalization solution.

  • Privacy and regulations

    • As companies strive to create a more personalized experience for their customers, they are also facing new challenges when it comes to data privacy and regulations. The cookie less features will definitely give sleepless nights to many brands especially whose end-users expect personalization throughout their customer journey.

  • Non-Unified Customer Profiles
    • Understanding customer behavior is not easy. Having a unified profile helps brands analyze data and accordingly personalize messaging. However, without a unified view of the customer, you cannot create relevant and timely experiences for your customers across all channels.

Omnichannel personalization is the practice of creating personalized experiences that are informed by real-time data from all channels and extending them across every touchpoint, to build consistent relationships everywhere they interact with the brand. This allows the brand to build customer loyalty.

If you want your marketing efforts to offer a seamless experience to your new customers and existing ones, an engagement platform like MoEngage that helps to identify personalization opportunities, increase engagement, and also help increase conversions is a much better bet!

MoEngage currently has empowered more than 1200+ businessses and marketers via segmentation, customization, web and push notifications tailored to the customer’s personal needs, and analytics.