Personalizing will be the Next Big Thing
Date: Monday , January 02, 2012
Moving ahead from Social Networking and Web 2.0, the next big thing will be personalization. Everyone is looking for personalization and the consumer market seems to be ready and is eagerly and aggressively adapting it. Similar to the recently launched Siri on iPhone 4s, is our application, myBantu. It helps users get personalized recommendations for movies, shopping, dining, and neighborhood services.
The benefits personalized applications can provide to retail and media industry are enormous. By providing a personalized experience to visitors, they can increase conversion rates, average order values, gain faster buying decisions, reduce abandonment and increase cross selling. By understanding the userís intent based on the requirement, past behavior, tastes, location, and other aspects, our product helps businesses provide the most relevant suggestions to their businesses at different stages of the shopping lifecycle.
Similarly, in the E-commerce industry, the businesses are facing challenges in new customer acquisition, customer retention, and transaction ability. The users are becoming smart and they make their decisions are now based on many factors like reviews, friendís opinions, ratings, deals and discounts, and others. The companies need to enable businesses to understand what their visitors need, recommend relevant products and information, and help them quickly make decisions by getting reviews from their friends and experts.
The expanding popularity of smartphones and tablets has given another major arena for personalization technologies. Our OEM solution Ė a mobile assistant, is addressing this. It accepts userís requests and provides assistance through personalized actionable recommendations and fulfills the userís request. Users can ask what they want by speaking or texting in their own natural language. An advanced natural language processing and intent analyzer interprets the request, find possible suggestions and helps the user execute the request. The solutions can easily integrate with the native mobile applications as well.
In order to take our offerings to the market, we needed to partner with other companies.
Finding the right partner was challenging and we often had to spend much time and resource in it. Similarly, finding the right investor was also not easy, as many of them were looking for an already proven business model. Yet, we did not let go and as a result we successfully managed to tackle these issues and set the company on the express way of growth.
The author is Bhaskar Enaganti, CEO and Founder, GloMantra, Inc