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<keyword id="561576" type="General" weightage="20" keywordseo="cloud-technology" source="Orion">Cloud technology</keyword> has brought about a revolutionary shift in the field of marketing. Referred to as the 'MarTech 2.0' revolution, this transformation is facilitated by seamless access and control over customer data, analytics, and AI tools. These technological strides are redefining the approach to enhancing customer experiences and effective marketing. Rajesh Jain, Founder &amp; Managing Director of <keyword id="11096287" type="General" weightage="20" keywordseo="netcore-cloud" source="Orion">Netcore Cloud</keyword> and author of 'Startup to Proficorn,' delved into these insights during a discussion with Tim Barnes, General Manager of Advertising &amp; Marketing Technology Vertical at AWS. This conversation was featured in <keyword id="6395918" type="General" weightage="20" keywordseo="saas" source="Orion">SaaS</keyword> Scions, a web series crafted by Business Insider India and AWS India. Netcore Cloud, is among the few <keyword id="6756963" type="General" weightage="20" keywordseo="saas-companies" source="Orion">SaaS companies</keyword> in India that was born before cloud became mainstream. According to Jain, in the current digital landscape, they are providing a multi-channel approach by bringing all the customer engagement data together into a customer data platform that helps marketers with customer engagement across multiple platforms - simplifying a marketer’s task and enabling a better experience for the customer. Jain emphasized the importance of providing an omnichannel and personalized customer experience. Post-pandemic, there has been a tremendous growth in the digital landscape, which has brought about a big shift where the engagement with the customer is real-time, showing the right product to the right customers at the right time. The key driver for any marketer is to create customized experiences. Another major shift as per Jain is that along with new customer acquisition, companies have started focusing on building deeper relationships with existing customers because the "CAC on new customers has been rising rapidly." Speaking of the solutions that Jain's company is trying to build for marketers, especially merchandisers, Jain highlighted an <keyword id="19262577" type="General" weightage="20" keywordseo="ai-based-catalog" source="Orion">AI-based catalog</keyword> that can help in creating personalized experiences for their customers. He cited the example of UNBXD, which was acquired by Netcore Cloud and specializes in product discovery and catalog enrichment. Combining the enriched catalog data with customer data will be the "holy grail" for marketers. The key problem marketers face today is how to get their data together for the generative AI engines to work their magic, he added. Many companies still have data siloed in so many different places--offline and online--data across various martech platforms. Changing this could transform e-commerce and digital businesses in the future. Answering Barnes' query on data privacy and consent management, Jain said they just work on the data provided by their customers. He further added that marketers should move away from third-party data towards first-party and zero-party data. Giving incentives to marketers to provide their data, what he calls "atomic rewards" can bring a transformation in the data revolution as it will not only be the best and most authentic data, but also reduce concerns about privacy. Talking about recent trends, Jain mentioned that for martech companies, now is a good time to consider buying and merging with other companies. This approach also benefits marketers by reducing the need to handle many different solutions from different vendors, which saves them time and effort. Jain believes that in the future, more companies will combine because managing separate solutions is becoming expensive and challenging. Barnes and Jain concluded their discussion noting how India is now the leading SaaS factory in the world. Jain added that businesses need to figure out the optimal way to establish a profits monopoly since every industry has a finite pool of profits. The conversation between Barnes and Jain highlighted the sea-change that the marketing world is undergoing. With cloud expanding the possibilities of technology and delivering tools to enable deeper impact, martech providers are finding innovative ways to meet the evolving needs of marketers. The concept of acquiring and merging companies, as discussed by Jain, reflects a strategic shift that not only streamlines solutions but also maximizes efficiency for marketers, freeing up valuable time and resources. As the landscape continues to evolve, the emphasis on consolidation and seamless integration is likely to play a pivotal role in shaping the future of martech. The ongoing dialogue and collaboration between industry leaders like Barnes and Jain shed light on the path forward, where the fusion of cloud technology, strategic acquisitions, and a customer-centric approach will drive the next phase of transformative growth in the marketing sector. Disclaimer: This article is generated and published by the Insider Studios team. You can get in touch with them on insiderstudios@businessinsider.in

The golden age of marketing is here with MarTech 2.0

<ul><li>With market saturation and competition, brands need to stand out and stay relevant to the target audience and connect to them more emotionally, encouraging loyalty, word-of-mouth, and a strong bond.</li><li>In this exclusive column, <keyword id="6662744" type="General" weightage="20" keywordseo="girish-chaturvedi" source="Orion">Girish Chaturvedi</keyword>, Chief Business Officer at <keyword id="11096287" type="General" weightage="20" keywordseo="netcore-cloud" source="Orion">Netcore Cloud</keyword> writes how <keyword id="2535292" type="General" weightage="20" keywordseo="omni-channel" source="Orion">omni-channel</keyword> personalization offers a competitive edge to brands, the key to building a successful omnichannel strategy and where is omnichannel expected to diversify with the growing popularity of <keyword id="12977778" type="General" weightage="20" keywordseo="gamification-mobile-commerce" source="Orion">gamification &amp; mobile commerce</keyword>.</li></ul> In today’s hyperconnected world, customers constantly seek a unique, personalized experience, irrespective of how they interact with a brand. The rapid penetration of mobile and connected devices has allowed marketers to access customer data and provide a seamless brand experience across various channels. With market saturation and competition, brands need to stand out and stay relevant to the target audience and connect to them more emotionally, encouraging loyalty, word-of-mouth, and a strong bond. According to a <keyword id="1132603" type="General" weightage="20" keywordseo="zendesk" source="Orion">ZenDesk</keyword> report, brands that prioritized customer experience pre-pandemic are already at an advantage. Companies with a mature customer experience strategy are over six times more likely to exceed customer retention targets than those that failed to prioritize the customer experience. How does omni-channel personalization offer a competitive edge to brands? An omnichannel strategy helps build customer experience, loyalty, and brand recall. Let's look at why: ● According to a recent study, omni-channel personalization has shown 90% higher customer retention rates than a single channel. Hence, this strategy is core to long-term business viability. ● Brands get the added advantage of profound insight into their customer's actions, allowing them to serve one-to-one contextually relevant products, content, or offers. ● A unified personalization strategy at scale provides brands with an opportunity to amplify their customer's shopping cart activity. In such cases, brands can engage customers on the purchase journey to increase the average order value through targeted offers and intelligent product recommendations. ● Personalization can lead to higher ROI on a brand's marketing spend. Brands can significantly boost their overall conversion rates with dynamic content based on customer behavior, clickstream data, context, product recommendation, and exclusive personalized offers. Enhancing the customer experience Capturing, engaging, and delivering a consistent experience across all channels is crucial for most brands. Brands must enhance their data-driven marketing efforts and personalize for customers at all touchpoints. For instance, a customer who browses an online store for a pair of jeans leaves without purchasing. So the brand now retargets the customer at various touch points like SMS, email, and social media, offering the product at a discounted rate, which intrigues them to buy. Knowing the customer and enhancing the buying experience will help brands retain customers and build loyalty. Building a successful omnichannel strategy Omni-channel personalization for brands in the current scenario has become an essential part to provide consistent and unparalleled service across all touchpoints. Therefore, brands need to prepare a successful omnichannel strategy to opt for a personalized experience. Define a clear strategy and build a feedback loop for learning: It is essential to have a clear vision of the critical moments in a customer's journey. In most cases, the journey can be broken into three stages: ● generating awareness pre-visit ● conversion during the visit ● customer engagement post-visit Insights derived from each stage can be leveraged to develop user journeys that meet defined objectives and bring value to the customer and profitability to the brand. Connect multiple digital touchpoints The most crucial step in building omni-channel strategies is to connect with the customers' digital footprint. For instance, an e-commerce brand would need to focus on all five customer touchpoints where potential convergence happens: mobile app, website, digital ads, social media, chatbot platform, and point of sale. To achieve the best of these touchpoints, brands must consider delivering a great personalized customer experience consistently. Think automation Automation opens new opportunities for brands to provide personalized experiences across all the touchpoints at scale. By deploying AI-powered automation, brands can leverage omni channel orchestration based on customers' channel preferences. Future of omnichannel personalization In the era of digital disruption, brands must adopt newer strategies to engage with customers. Some of them include: Gamification: Gamification along with personalization can make the entire shopping experience fun. Whether it is the e-commerce or the insurance sector, the platform becomes more attractive to end-users when it is gamified. Gamification coupled with omnichannel personalization can redefine user engagement for brands. <keyword id="757624" type="General" weightage="20" keywordseo="mobile-commerce" source="Orion">Mobile Commerce</keyword>: With greater adoption of mobile phones, mobile commerce will see massive traction in the coming years. Chatbots have been estimated to be vital to pushing transactions and conversions, and a major part of these transactions in India are expected to take place through the mobile-channel in days to come. Customers expect deeper connections with brands, and omni-channel provides a quick and efficient way to deliver superior shopping experiences. Hence, companies need to look at how this technology can automate their workflow, help them drive sales and build competitive advantages in their markets.

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The golden age of marketing is here with MarTech 2.0

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Omni-channel personalization is the future of marketing: The onset of a new era

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