Buyers of all sorts — including B2C and B2B — are looking for personalized, custom shopping experiences online. The data collected from AI is what makes it possible for a buyer to get personalized product recommendations and detailed customer service.
Implementing personalized experiences on-site or in marketing efforts has been shown to have a strong effect on revenue, with one study finding it had a 25% revenue lift for retailers scaling advanced personalization capabilities.
For further context, this accounted for 19% of participating companies while retailers that were "building basic personalization capabilities" achieved "a revenue lift of 10% or more; the retailers in this tier account for 40% of the participating companies.
Kaleigh Moore, freelance writer and ecommerce specialist, sees AI-powered personalization becoming increasingly relevant in 2020:
“As brands harness and leverage more data, they’ll be able to create incredibly relevant experiences for shoppers that feel tailor-made.”