Since personalization, customer experience, eCommerce and omnichannel have been featured extensively in the past few issues of Asian eMarketing last year, we believe acardo and prudsys’ new solution for real-time coupon optimization, and personalization at all touchpoints, is the more interesting.
The increasing digitization of coupon media makes it possible to record and process transaction data at every touchpoint on the customer journey - in real time - so that retailers can tell at any time which customer redeemed what coupon and where. They can now link coupon data with their own data from cash register receipts and even collect unique knowledge about customer purchasing patterns, which can then be used to make a profit. Thanks to the acardo big data engine, retailers can better evaluate this data and use it for customized coupon offers with maximum personal relevance. In the past this had only been possible for online retailers or brick and mortar retailers with customer loyalty cards.
To develop the big data engine, acardo entered into a partnership with prudsys AG, the leading provider of real time solutions in dynamic omnichannel personalization for retail and expert in intelligent data analysis and the development of self-learning algorithms.
acardo and prudsys worked out the optimization potential for all coupon media and converted it into corresponding algorithms to take advantage of the multifaceted possibilities offered by machine learning algorithms. To no surprise, users of the prudsys RDE, short for prudsys Realtime Decisioning Engine, include already over 200 online shops in 34 countries, as well as brick and mortar retailers.
The advantages for retailers at a glance include:
• Better targeting: Coupon offers are increasingly relevant, which increases customer loyalty;
• Response rates increase and scattering losses are avoided;
• Coupon values (face values) optimized, depending on customer affinity;
• Profit margins optimized/maximized for retailers and industry partners;
• Data from cash register receipts remain exclusively with the retailer (not forwarded to technology providers or the cloud).
“Nowadays every retailer has a lot of data in his data warehouse. The problem is how to use this data to his advantage. With the help of prudsys’ experience we have been able to come up with concrete optimization goals and mathematical processes for all coupon media, including check-out couponing, mobile couponing and couponing in conjunction with customer loyalty cards", explains Christoph Thye, CEO of acardo group AG.
“An important advantage of this solution is that the engine works in the customer’s computer center, which means that the data from cash register receipts remain with the retailer. Many retailers have a problem outsourcing such an important asset, even when its use is clearly regulated in contracts", Christoph Thye concludes.