Personalised data & AI crucial for brands’ future success

Circana has released a report detailing how brands can use personalisation strategies to enhance customer lifetime value.

The report, titled 'Personalised Commerce', outlines the challenges and opportunities facing brands in a marketplace where competition and consumer expectations are on the rise. It emphasises the importance of investment in data transfer systems, which enable the seamless exchange of information across relevant platforms, facilitating both the collection of customer data and the targeted delivery of content.

The report's findings suggest that such systems are vital for any brand aiming to deliver effective personalisation. The report explains that advances in predictive analytics are making it possible for brands to better anticipate consumer behaviours and preferences. These developments, in turn, are enabling hyperpersonalised experiences that are not only real-time but also context-aware, fostering trust and encouraging customers to make purchases.

Alistair Leathwood, Head of Media Analytics and Insights at Circana, described the significance of these advancements. He said: "Creating authentic one-to-one relationships with customers is crucial for brands looking to stand out; however, achieving this at scale can be difficult without the right data and technology.

"Technology advances have revolutionised brand and retail personalisation strategies, driving stronger performance and better customer outcomes," Leathwood said.

"Circana's proprietary Liquid Data & Liquid AITM technologies deliver cross-industry data, integrated AI capabilities and advanced analytics all within a single platform to empower brands to make decisions quickly," he said.

"To successfully implement personalised commerce, it needs to encompass every customer touchpoint. Brands that do this, and do it well, will reap the rewards with stronger customer relationships, increased loyalty, and ultimately, greater revenue," said Leathwood.

The report goes beyond hyperpersonalisation to identify other emerging trends in retail and marketing. These include the rise of voice commerce, which allows consumers to interact and shop through voice-enabled devices, and the development of augmented and virtual reality technologies that can provide consumers with immersive and interactive shopping experiences.

In its broader outlook, the report highlights the need for brands to invest in new technologies and approaches, while also maintaining compliance with data collection requirements. According to the report, these actions will enable brands to position themselves securely for the future and capitalise on new opportunities in customer engagement.

The report concludes that for brands to secure long-term success, it is essential to adopt a proactive approach to personalisation and innovation, ensuring that every touchpoint across the customer journey is thoughtfully addressed and optimised.