Today's customers expect personalized experiences that fulfill their specific needs and preferences. To deliver such experiences, businesses must leverage recommendation systems to drive contextual campaigns with the right offerings.
What Are Recommendations?
The recommendation engine is a potent personalization tool to ease out the product discovery process of your customers. It can help improve user engagement and conversion rates on the platform and in marketing campaigns.
You can use recommendations to suggest products, content, or other items likely to interest the user based on their past behavior and interactions with your brand.
The 'Recommendations' engine of MoEngage can deliver diverse experiences ranging from promoting the same items to all users to identifying unexplored, relevant items tailored to individual preferences inspired by similar users' behavior or item similarities.
Benefits of Using Recommendations
Using recommendations can provide several benefits for your business, including:
- Increased customer engagement: Recommendations help keep your customers engaged with your brand by providing personalized suggestions relevant to their interests.
- Higher conversion rates: Relevant recommendations increase the likelihood of customers purchasing, leading to higher conversion rates and revenue for businesses.
- Improved customer experience: By offering personalized recommendations, businesses can provide a more tailored experience to their customers, making them feel valued and understood.
- Reduced churn: By offering the right items at the right touch point, businesses can reduce customer churn and keep customers engaged and interested in their products or services.
- Enhanced cross-selling and upselling: Contextual recommendations help businesses cross-sell and upsell their products or services, increasing revenue and profitability.
- Improved customer loyalty: By providing personalized recommendations, you can help build stronger relationships with your customers and increase their loyalty to your brand.
Recommendations Across Industries
Recommendations can be used in various industries and scenarios, including E-commerce, media, travel, and more. Here are some examples:
| Industry | Example Use Case |
|---|---|
| Retail | Recommend complementary or related products based on a customer's purchase history and item properties. |
| Retail | Suggest accessories, add-ons, or upgrades on purchased products. |
| Retail | Notify users about abandoned carts or wishlist items. |
| Retail | Personalize the most relevant product recommendations based on historical item interaction patterns of users. |
| Banking and Finance | Recommend financial products such as loans, insurance policies, or investments based on a customer's profile. |
| Banking and Finance | Recommend third-party offers, for example, relevant credit card coupons for users. |
| Banking and Finance | Recommend other similar cryptocurrencies based on a customer's previous investments or interests. |
| Classifieds and Real Estate | Recommend job postings based on a job seeker's skills, experience, or interests. |
| Classifieds and Real Estate | Recommend listings within a certain range from the user's location. |
| Ed-Tech | Recommend online courses, certifications, or training programs based on student career goals and interests. |
| Entertainment and Media | Recommend movies, shows, documentaries, articles, or videos based on similar users' viewing history, preferences, or previous engagement. |
|
News and Articles |
Provide personalized news or articles from the categories of readers' interests and previous engagement. |
| Travel | Recommend vacation packages or destinations based on traveler preferences and previous trips. |
| Gaming | Suggest new games to players based on their previous game genres and titles played. |
Understanding the different types of recommendations is crucial for creating a pertinent experience for customers at the correct delivery point.