Personalized digital marketing recommender engine Behera, Rajat Kumar; Gunasekaran, Angappa; Gupta, Shivam ...
Journal of retailing and consumer services,
March 2020, 2020-03-00, Letnik:
53
Journal Article
Recenzirano
E-business leverages digital channels to scale its functions and services and operates by connecting and retaining customers using marketing initiatives. To increase the likelihood of a sale, the ...business must recommend additional items that the customers may be unaware of or may find appealing. Recommender Engine (RE) is considered to be the preferred solution in these cases for reasons that include delivering relevant items, hence improving cart value, and boosting customer engagement. The paper describes a model for delivering real-time, personalised marketing information concerning the recommended items for online and offline customers, using a blend of selling strategies: up-selling, cross-selling, best-in-class-selling, needs-satisfaction-selling and consultative-selling. The model further defines the e-marketplace by clustering items, customers and unique selling proposition (USP), and then gathering, storing, and processing transactional data, and displaying personalised marketing information to support the customer in their decision-making process, even when purchasing from large item spaces. An experimental study using a quantitative research methodology was conducted in a mid-size healthcare retailer, based out of India, to determine the tangible benefits. The model was tested with 100 online customers and, with the adoption of the proposed methodology, the results indicated growth in average monthly revenue (33.49%), Average Order Value (AOV) (32.79%) and Items per Order (IPO) (1.93%).
This paper documents the effect of investments in Enterprise Resource Planning (ERP), Supply Chain Management (SCM), and Customer Relationship Management (CRM) systems on a firm's long-term stock ...price performance and profitability measures such as return on assets and return on sales. The results are based on a sample of 186 announcements of ERP implementations, 140 SCM implementations, and 80 CRM implementations. Our analysis of the financial benefits of these implementations yields mixed results. In the case of ERP systems, we observe some evidence of improvements in profitability but not in stock returns. The results for improvements in profitability are stronger in the case of early adopters of ERP systems. On average, adopters of SCM system experience positive stock returns as well as improvements in profitability. There is no evidence of improvements in stock returns or profitability for firms that have invested in CRM. Although our results are not uniformly positive across the different enterprise systems (ES), they are encouraging in the sense that despite the high implementation costs, we do not find persistent evidence of negative performance associated with ES investments. This should help alleviate the concerns that some have expressed about the viability of ES given the highly publicized implementation problems at some firms.
•Digitalization without servitization capabilities can lead to negative returns, i.e., the digitalization paradox.•Digital servitization explains profiting from digitalization requires servitization ...in manufacturing firms.•Emphasizing value of servitization in driving financial performance from digitalization, a call for digital servitization.•The results also emphasize the need for high investments in digitalization.•Further studies are needed on the complex relationship between digitalization, servitization and company performance.
The present study investigates the effect of the interaction between digitalization and servitization on the financial performance of manufacturing companies. We challenge the simple linear assumption between digitalization and financial performance with a sample of 131 manufacturing firms and hypothesize a nonlinear U-shaped interaction effect between digitalization and servitization on financial performance. From low to moderate levels of digitalization, the interaction effect between digitalization and high servitization on company financial performance is negative and significant. From moderate to high levels of digitalization, the interplay between digitalization and high servitization becomes positive and significant, improving companies’ financial performance. The results demonstrate the need for an effective interplay between digitalization and servitization, the digital servitization. Without this interplay, a manufacturing company may face the paradox of digitalization. For managers of manufacturing companies, the study provides insights into the complex relationship between digitalization and financial performance, emphasizing the value of servitization in driving financial performance from digitalization. Thus, the study demonstrates how manufacturing companies can become data-driven by advancing servitization.
Despite substantial investments in customer‐relationship‐management (CRM) systems, companies continue to experience pain rather than profit. Meanwhile, the concept of “adaptive behaviour” of ...frontline employees has received little attention in the literature related to CRM systems in which the frontline employees are the primary users. In this study, we propose that with the aid of CRM systems, individual employees are able to immediately access information about customers and service offerings, thus enabling their adaptive behaviours to provide personalized service to individual customers. Based on coping theory, we develop a CRM system‐driven adaptive behaviour model that explains how CRM systems facilitate individual employees' service performance by enabling adaptive behaviour during their service encounters. Multisourced data from a financial company in China largely support our proposed model, showing that employees' postadoption of CRM systems (routinization and infusion of use) enables interpersonal and offering adaptive behaviours, which in turn enhance employees' service performance. In addition, forming a postadoption behaviour of CRM systems relies on the frequent use. We discuss the theoretical and practical implications of adaptive behaviour in service encounters with the aid of CRM systems.
Although research continues to debate the future of the marketing concept, practitioners have taken the lead, appraising customer experience management (CEM) as one of the most promising marketing ...approaches in consumer industries. In research, however, the notion of CEM is not well understood, is fragmented across a variety of contexts, and is insufficiently demarcated from other marketing management concepts. By integrating field-based insights of 52 managers engaging in CEM with supplementary literature, this study provides an empirically and theoretically solid conceptualization. Specifically, it introduces CEM as a higher-order resource of cultural mindsets toward customer experiences (CEs), strategic directions for designing CEs, and firm capabilities for continually renewing CEs, with the goals of achieving and sustaining long-term customer loyalty. We disclose a typology of four distinct CEM patterns, with firm size and exchange continuity delineating the pertinent contingency factors of this generalized understanding. Finally, we discuss the findings in relation to recent theoretical research, proposing that CEM can comprehensively systemize and serve the implementation of an evolving marketing concept.
Text mining has found a variety of applications in diverse domains. Of late, prolific work is reported in using text mining techniques to solve problems in financial domain. The objective of this ...paper is to provide a state-of-the-art survey of various applications of Text mining to finance. These applications are categorized broadly into FOREX rate prediction, stock market prediction, customer relationship management (CRM) and cyber security. Since finance is a service industry, these problems are paramount in operational and customer growth aspects. We reviewed 89 research papers that appeared during the period 2000–2016, highlighted some of the issues, gaps, key challenges in this area and proposed some future research directions. Finally, this review can be extremely useful to budding researchers in this area, as many open problems are highlighted.
Customer relationship management (CRM) became one of the marketing practices that is assumed to bring success to companies in recent years. Therefore, the present research aims to identify the level ...of development of CRM in the top ten consumer goods companies as ranked at world level in 2021. Different models describe components of the CRM and the present research uses the theoretical framework proposed by Sin et al. (2005) that comprises four CRM dimensions: key customer focus, CRM organization, knowledge management and technology-based CRM. The methodology employed includes documentary research based on the public information available on the websites of the selected companies. Two types of analyses are conducted, descriptive analysis and comparative analysis. On overall, the dimension that is the most visible is the key customer focus, while the dimension that is the least visible is CRM organization. The results reveal that CRM is present in all top ten companies, but at different levels of development. US companies are more oriented towards CRM than companies originating from other countries. Companies that have a more developed CRM act in the direction of all four CRM dimensions.
A recommender system aims to provide users with personalized online product or service recommendations to handle the increasing online information overload problem and improve customer relationship ...management. Various recommender system techniques have been proposed since the mid-1990s, and many sorts of recommender system software have been developed recently for a variety of applications. Researchers and managers recognize that recommender systems offer great opportunities and challenges for business, government, education, and other domains, with more recent successful developments of recommender systems for real-world applications becoming apparent. It is thus vital that a high quality, instructive review of current trends should be conducted, not only of the theoretical research results but more importantly of the practical developments in recommender systems. This paper therefore reviews up-to-date application developments of recommender systems, clusters their applications into eight main categories: e-government, e-business, e-commerce/e-shopping, e-library, e-learning, e-tourism, e-resource services and e-group activities, and summarizes the related recommendation techniques used in each category. It systematically examines the reported recommender systems through four dimensions: recommendation methods (such as CF), recommender systems software (such as BizSeeker), real-world application domains (such as e-business) and application platforms (such as mobile-based platforms). Some significant new topics are identified and listed as new directions. By providing a state-of-the-art knowledge, this survey will directly support researchers and practical professionals in their understanding of developments in recommender system applications.
•Research papers on various recommender system applications are summarized.•The recommender systems are examined systematically through four dimensions.•The recommender system applications are classified into eight categories.•Related recommendation techniques in each category are identified.•Several new recommendation techniques and application areas are uncovered.
Given the unprecedented reach of social media, firms are increasingly relying on it as a channel for marketing communication. The objective of this study is to examine the effect of firm-generated ...content (FGC) in social media on three key customer metrics: spending, cross-buying, and customer profitability. The authors further investigate the synergistic effects of FGC with television advertising and e-mail communication. To accomplish their objectives, the authors assemble a novel data set comprising customers' social media participation data, transaction data, and attitudinal data obtained through surveys. The results indicate that after the authors account for the effects of television advertising and e-mail marketing, FGC has a positive and significant effect on customers' behavior. The authors show that FGC works synergistically with both television advertising and e-mail marketing and also find that the effect of FGC is greater for more experienced, tech-savvy, and social media-prone customers. They propose and examine the effect of three characteristics of FGC: valence, receptivity, and customer susceptibility. The authors find that whereas all three components of FGC have a positive impact, the effect of FGC receptivity is the largest. The study offers critical managerial insights regarding how to leverage social media for better returns.
Loyalty in tourism is one of the main concerns for tourist organizations and researchers alike. Recently, technology in general and CRM and social networks in particular have been identified as ...important enablers for loyalty in tourism. This paper presents POST-VIA 360, a platform devoted to support the whole life-cycle of tourism loyalty after the first visit. The system is designed to collect data from the initial visit by means of pervasive approaches. Once data is analysed, POST-VIA 360 produces accurate after visit data and, once returned, is able to offer relevant recommendations based on positioning and bio-inspired recommender systems. To validate the system, a case study comparing recommendations from the POST-VIA 360 and a group of experts was conducted. Results show that the accuracy of system’s recommendations is remarkable compared to previous efforts in the field.
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