current
Retail Personalization Imperative
Retailers are prioritizing personalization to improve conversions and customer loyalty, leveraging generative AI for 1:1 experiences.
Timeframe
near-term
Impact areas
Detailed Analysis
Personalized retail is proving essential for improving conversion rates, with Target reporting a 3x lift from personalized promotions. "Personalized retail proves essential to improving conversions," the report highlights. Generative AI is enabling retailers to create 1:1 experiences across various touchpoints, from intelligent search and dynamic content to smart recommendations. This includes personalized search results, product recommendations, and tailored marketing campaigns.
Context Signals
Target's success with personalized promotions
Walmart's plans to personalize Walmart.com
Examples of generative AI applications in e-commerce (e.g., Google Shopping, Instacart)
Edge
Personalization will become omnipresent, with retailers leveraging consumer data and AI to tailor experiences across all channels.
Generative AI will enable the creation of hyper-personalized ads and product recommendations at scale.
The ethical use of consumer data for personalization will become increasingly important.
