Personalization in e-commerce is crucial for driving growth and customer loyalty, with businesses able to capture significant market share through tailored experiences. Research suggests that firms excelling in personalization could gain over $2 trillion in revenue in the next five years. However, many e-commerce brands face challenges in implementing effective personalization strategies due to a lack of cohesive organization-wide approaches. A four-dimensional framework by Dynamic Yield helps assess personalization maturity, revealing deficiencies in culture, resources, processes, and effectiveness within the industry.
In a world chock-full of brands competing for customers' attention and spend, AI-driven personalization is helping mature brands capture more market share.
E-commerce brands can use a 4-dimensional framework to assess their personalization maturity and here's how Dynamic Yield by Mastercard found the industry shakes out.
Only 50% of organizations have established a personalization team with business, technical and creative expertise, while the other half relies on ad-hoc support or goes without it completely.
Despite the global opportunity personalization presents for retail and e-commerce brands, firms are struggling to build cohesive, organization-wide strategies.
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