Nearly 28 percent of online retailers now offer personalized product recommendations, according to a recent survey.
Personalized recommendations like those offered on the popular Netflix video site help customers engage. Typically, these recommendation systems use historical customer data and algorithms based on overall customer behavior patterns to offer customers similar or related products.
According to Internet marketing research firm eMarketer, “Until recently only large retailers had the money, expertise and time to develop the complex algorithms that drive personalized product recommendation systems. But the market has advanced and a number of vendors have proven they can deliver real customer value. Now the technology is affordable to even small retailers.”
eMarketer also pointed to research from Vovici, indicating that some 27.6 online retailers already offered some form of personalized product recommendations.