Note from DSA Editor
This is the next wave of Big Data. Hot on the heels of the announcement by IBM of the first Watson customer in Malaysia, we are starting to see Big Data being used to "think" in this case online stores will start to look different based on your own profile and behaviours. Data is used to personlise each visitors experience and view of an online retailer.
full press release follows:
NEW YORK – January 18, 2016 – Since expanding into Retail last year, CognitiveScale®, the Cognitive Cloud Company, has achieved significant momentum with its CognitiveCommerce™ cloud. Global retailers in apparel, department store, grocery, and drug verticals are adopting this revolutionary and patented technology to disrupt traditional models of engagement with shoppers.
“Brand loyalty is a huge problem for retailers who struggle to power game changing, ‘wow me’ experiences for their customers. CognitiveCommerce gives retailers a ‘Digital Brain,’ which when plugged behind their existing eCommerce sites or Mobile apps delivers transformative capabilities to increase conversion, engagement, and brand loyalty, while providing an intimate, delightful, serendipitous, and expert shopping experiences for their consumers—even when anonymous. No one does this today,” said Nij (Neeraj) Chawla, Chief Product Officer at CognitiveScale.
RETAILERS EMBARK ON A COGNITIVE JOURNEY
CogntiveScale is powering a CognitiveCommerce cloud for one of the largest omni-channel department store retailers in the world. As a first step towards becoming a Cognitive business, this retailer will roll out a new generation of transformative shopping experiences. Some of the largest global retailers across apparel, grocery, and department stores are also beginning their cognitive journey with CognitiveCommerce.
With CognitiveCommerce, consumers will start seeing entire shopping departments hyper-personalized to their preferences that include color, fit, style, brand, pricing, diet, and even allergy indicators. They will be able to shop based on context and occasion. Existing retailer web and mobile sites will wow them with micro-experiences that are powered by a deep understanding of their profile allowing the retailer to market to them as an individual rather than as a broad market segment.
PLUGGING IN A ‘DIGITAL BRAIN’
With fast changing catalogs and tons of unstructured data, retailers don’t know how to process new products, multiple reviews, images, and social signals. They also struggle to create a 360 view of a consumer. CognitiveScale’s CognitiveCommerce cloud acts like a digital brain that plugs into a retailer’s existing digital commerce infrastructure, enabling the retailer to actively discover, learn, and act from complex, multi-structured “Dark Data,” i.e., data that is uncollected, neglected, or under-utilized.
CognitiveCommerce aggregates consumers’ digital exhaust, purchase history, and social signals to create a holistic view of a customer’s style, preferences, and shopping behavior. The cloud is composed of “learning agents,” or machine learning algorithms that anonymously and securely build an understanding of each consumer. It correlates their digital interactions and purchase history with contextual information like intent, catalog changes, enterprise data, reviews, trends, weather, diet, and even allergies.
As a result, CognitiveCommerce is able to provide retailers with accurate and timely insights that account for individual customer intent and context and help the buyer or omni-channel executive understand shopper behavior at a massive scale to drive better assortment and merchandising decisions. With CognitiveCommerce, apparel, department stores, or grocery chains can accurately capture what a customer likes or dislikes, what they will want next, and deliver new micro-experiences throughout the shopping journey.
According to a Forrester Research report written by Sucharita Mulpuru, Adam Silverman, Brendan Witcher, and Martin Gill, “while most retailers continue to define personalization as collaborative filtering and product recommendations, eBusinesses today are challenging both themselves and their vendor partners to redefine personalization as individualization—the ability to deliver real-time, relevant, contextual, digital experiences in each customer’s moment of need.”*
COGNITIVESCALE AT NRF 2016
CognitiveScale is participating at NRF 2016 “Retail’s BIG Show.” Attendees of Retail’s BIG Show can visit CognitiveScale at Booth 720 on Level One of the expo floor. As CognitiveScale is a strategic IBM Watson partner, its CognitiveCommerce solution will also be demonstrated at IBM Booth 1720.