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Personalization Could Add 30 Percent to Profits by 2018

In one year, retailers that are all in with personalization will outsell companies that aren’t by more than 30 percent.

That single Gartner Research stat should be enough to make retailers realize personalization isn’t just a cool thing they could do—it’s necessary for today’s consumer.

“Personalized shopping experiences have drastically changed the way consumers want to shop and engage with retailers,” a new whitepaper by personalized experience management firm Certona noted. “Consumers now expect individualized experiences at each phase of their shopping journey, which is why you now need to rethink your approach to digital commerce.”

Shoppers are expected to spend as much as 12 percent more, or $440 billion, on online retail buys this year, and personalization will further fuel that growth.

According to Certona, there are six levels of personalization capabilities companies should be considering: collaborative filtering, customer segmentation, rules based, real-time profiling, predictive modeling and data integration.

Read more at Sourcing Journal.