As consumers grow more tech-savvy and informed, retailers have begun the shift from traditional mass-market approaches to targeted strategies built upon insights gained from consumer data, says a new report by Deloitte India.
The report states that ‘tribetailing’ is now becoming popular, a trend in which retailers use artificial intelligence (AI), machine learning and social media analytics to gather data about consumers’ shopping preferences, behaviour and online activities.
The information is being used to deploy bespoke solutions, personalization of the shopping experience as well as develop loyalty programs and discounts that are tailor made for the consumers based on their data.
E-commerce platforms are now using a plethora of API-based cloud platforms to collect and analyze user engagement data, which allows for personalization and customization on scale, all at the same time, to drive maximum retention and transactions.
It is estimated that digital ad spend will see the highest growth rate ahead of television and print, expected to grow at a CAGR of 32 percent.