The world has become increasingly saturated with millions of options available to consumers. So, it has become extremely important for enterprises to limit the choices they offer their customers. The best way to do this is to provide customized and catered offers which are specific to individuals. Personalization engines make that process easier for enterprises. Organizations in this niche provide technological solutions that help create customized digital experiences for individual consumers.
Moreover, by collecting and analyzing customer information, personalization engines also help in communicating with individual consumers. Thus, any form of communication, be it messages, emails, or newsletters, can all be personalized to an extent for specific customers. Thereby provoking an open dialogue and subsequently ensuring customer loyalty.
Organizations today are successfully expanding this niche field. With evolving innovation and expertise in the field of Big Data, AI and Machin Learning, they have made it easier for enterprises to provide customized services for to their consumers. And while most them are from North American or European soil, the personalization bug has spread to the other side of the world too. In fact, study reports have revealed that APAC marketers and consumers are more inclined to personalized marketing than their Western counterparts.
Adobe and Econsultancy released a joint report earlier this year, the “Digital Intelligence Briefing: 2018 Digital Trends.” It mentions that APAC marketers are more open to digital personalization and are willing to invest in the skills and technology required for it. About 34% of marketers from APAC are ready to utilize personalization engines for better customer engagement. On the other hand, only about 16% of North American marketers feel the same way.
Quite obviously, there is a lot of potential for personalization engine platforms to grow in the APAC region. With many MNCs and newer start-ups investing in the power of digital personalization, it no longer seems like a niche field.
Below are five key-players in the APAC region, who are changing the way enterprises interact with their consumers. By the looks of how things are going, the playing field will only get bigger.
(The organizations are listed in alphabetical order.)
1. Crayon Data: Based in Singapore, Crayon Data is a big data and AI startup, with an ambitious vision to ‘simplify the world’s choices’. Crayon’s flagship product MayaTM is the world’s only choice engine, delivering digital personal experiences centred around taste. Maya enables enterprises to link their behaviour data to Crayon’s Tastegraph to create massive Personalised Taste FingerPrints for millions of their customers. Crayon currently works with leading banks, card issuers, Airlines and Hotels in APAC, India, ME and the US.
2. Dynamic Yield: Dynamic Yield is an American MNC, whose omnichannel personalization technology stack helps marketers increase revenue by automatically personalizing each consumer interaction across digital devices. It uses an advanced machine learning engine to build actionable customer segments in real-time, enabling marketers to take instant action via personalization, recommendations, automatic optimization & real-time messaging – in a single platform. The company has more than 100 customers, primarily in ecommerce and media.
3. Flytxt: Flytxt is an independent market leader in intelligent customer engagement technology. Their flagship product NEON-dX allows enterprises to drive personalized and contextual customer engagement across digital touch points using analytics and artificial intelligence. Headquartered in Amsterdam, the company has since expanded to West Asia, with offices in Singapore and India.
4. IgnitionOne: IgnitionOne is a global leader in cloud-based digital marketing technology. The IgnitionOne Marketing Platform is built on a data-driven foundation that delivers the tools marketers need to build audiences, score individuals within those audiences while optimizing results across paid and owned channels and different devices. IgnitionOne currently scores over 300 million users monthly in 75 countries and powers more than $60 billion in revenue each year for leading brands and advertising agencies. They have offices around the world, including India and Sri Lanka
5. Infosys AssistEdge: One of India’s biggest MNCs, Infosys launched AssistEdge a couple of years back. It is an “Enterprise Ready” Robotic Process Automation (RPA) product. Using the power of RPA, AssistEdge now has over 50,000 live bots in 50+ countries. Being a customer service platform, it enhances customer experience and boosts contact center agent productivity by providing an intuitive dashboard.