Personalization Tech Gets a Boost as Kibo Acquires the Two Leading Platforms
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Kibo is the latest cloud commerce company to invest in its personalization offerings, with the acquisition of platform Monetate. The merger will enhance Kibo’s existing personalization suite with features like site-wide A/B testing and will allow its retail customers to introduce individualized communications both online and in-store.
Monetate is the second personalization platform that Kibo has acquired in 2019; in February, the company purchased Certona, a solution powered by AI (artificial intelligence). Certona and Monetate were named the best and second-best personalization providers respectively in 2019, according to the Internet Retailer Top 1000. Kibo described this second acquisition as a complementary addition to the platform, one that would consolidate its position in the market.
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“Monetate’s capabilities can offer Kibo and Certona clients more options, such as A/B, MVT and audience targeting for retailers looking to curate customer experiences across all their sales channels,” said Meyar Sheik, president and chief commerce officer at Kibo.
Services like A/B testing can help retailers determine which strategies are proving most effective, with real-time results that inform future flows and decrease risk. Monetate’s solution takes into account immediate impact on conversion sales and revenue, in addition to long-term influence on customer loyalty and repeat buys, in order to select the most rewarding strategy.
“The goal, in customer journey orchestration, is that when one shopping journey ends, another should begin,” said Sheik. “However, the second journey will only begin if the retailer or brand is good at engaging and re-engaging its shoppers.”
This announcement comes as personalization continues to dominate discussions about how retailers can connect with shoppers. As consumers come to expect a more curated customer experience, retailers have to keep up in order to compete. Experts have emphasized personalized communications as an opportunity to connect with shoppers and drive future sales, particularly as part of an omnichannel customer journey.
“The future of retail is personalization,” said Sheik. “And the future of personalization lies in empowering retailers and brands to go beyond product recommendations. That means curating customer experiences wherever they occur — online, in store, in mobile apps, via AI assistants, call centers and more.”
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