How the personalisation model will grow your business


The personalisation model is proving to be a crucial element of modern business, particularly for online retailers and service providers. Today, businesses have the opportunity to be a part of a paradigm shift where developments in personalisation, such as product recommendations produced by custom-built algorithms, will become a feature highly sought after by millions of women looking for a more ‘customised experience’.

There are already hundreds of companies with memberships in the 10,000s, and the models of personalisation and membership continue to be refined and innovated across a broad spectrum of consumer goods.

It’s no secret that women today are time-poor, and simply offering access to every product available (as the internet currently does) won’t solve the problem of time needed to shop. Brands are facing increasing pressure to become familiar with customers’ tastes and needs so that they can provide better, faster choices and positioning themselves as a valuable resource for a growing key market.

It’s also more important than ever to collect detailed information to craft an even better product, no matter your industry. Although retailers could always provide macro data to their vendors, the level of detailed information that you are able to collect and share to form more perfect partnerships is a new and exciting development in the world of ecommerce.

Women are dedicating more of their lives to their careers and becoming leaders in their fields, often balancing working full time with raising a family. Understandably, this leaves very little time for shopping around. Not to mention, young women entering the job market have grown up alongside rapid change and innovation in ecommerce and online business solutions, and they are constantly looking for quicker, more tailored products and services.

There is a vastly underserved market that values convenience and efficiency that is not currently being fulfilled through traditional methods. And as such, there is now a real opportunity to address the problem through personalisation and technology, on the path towards converting loyal customers within this demographic.

And this isn’t just important for online retail. For any business to succeed in today’s environment, they must be committed to accumulating as much information as possible to better understand the nuances of consumer behaviour and better predict future outcomes. Doing so enables them to select the right partners and the right products for customers, catering to their demands without necessarily having to ask them directly.

By focussing on creating an active and engaged member community and you can secure a positive synergy where all parties are benefiting from the data you collect. By analysing and responding to this information, you will become more efficient in your supply chain and operations, and cultivate an army of satisfied and dedicated long term customers.

About Monica Phromsavanh

Monica Phromsavanh moved to New York in 2006 with $200 USD in her pocket, a suitcase stuffed with her belongings and a dream to make it on her own. Upon arriving, she used $73 to buy a Metro card, and the rest to eat Dollar Menu every day. But within just years of setting foot in New York she'd not only found her niche - she had built her MODABOX business from the ground up, generating $3 million in revenue by its third year. She is an International Keynote speaker at the 2016 Online Retailer Conference & Expo (OR), hosted on 20-21 July at the Royal Hall of Industries and Hordern Pavilion, Sydney. This year, OR will launch a partnership with Remodista and their global Women2Watch in Retail Disruption Program, offering Australian female Retail leaders the opportunity to be globally recognised for their success. Remodista's annual list of Women2Watch celebrates women who are leading the way in online and brick-and-mortar retailing, experimenting with new ways to solve problems in operations, marketing, commerce, supply chain, logistics and globalization. The 2017 Women2Watch list will be announced at the end of this year.

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