I had an informative chat with Pratik Bhadra, who is CEO, North America, at Netcore Cloud and Unbxd. Our conversation underscores the importance of hyper-personalization, using data to predict and recommend products, and the role of AI in automating these processes. Pratik highlights Netcore’s capabilities in enhancing site search and browsing experiences, leveraging strong data foundations to improve shopper engagement and conversion rates. He also notes the challenges traditional retailers face in adopting modern tech stacks and the necessity of unifying data for better decision-making.
Discussion topics include:
- The role of technology in increasing LTV and AOV by leveraging CRM segments and targeting repeat buyers.
- The concept of an “attention recession” where brands need to stand out with unique content to engage loyal customers.
- How technology can be used to create frictionless environments that enable in-channel conversions.
- The debate between “segmentation of one” versus many and the importance of having enough data to personalize effectively.
- The importance of using data to cross-sell and provide relevant recommendations.
- The challenges of traditional retailers in adopting modern commerce practices.
- The need for unified tech stacks and the difficulty of changing legacy systems.
- How emotional gratification can be achieved through offers, loyalty programs, and immediate feedback.
- The importance of not making shoppers click beyond the initial engagement point to maintain their attention.
- The potential of AI and vector databases in improving product recommendations.
- The need for short, impactful content that can drive immediate actions from shoppers.
