Jivox, the personalized digital marketing technology leader, today announced Kairos, a newly patented purchase prediction technology for the eCommerce market. Powered by Jivox’s artificial intelligence and machine learning technology, Kairos will enable brands to increase the performance of eCommerce marketing campaigns by using sophisticated user scoring and product affinity ranking algorithms based on their interests, exhibited purchase intent and immediacy indicators.
Research from eMarketer predicts that consumers in the US will spend $709 billion on eCommerce purchases in 2020, for a total increase of 18% from last year, the highest spike since 2008. As social distancing measures stay in effect around the country, more and more consumers are turning to online shopping and services rather than visiting brick-and-mortar locations to make purchases. Forrester’s ForecastView: COVID-19 Retail Scenario Planner, April 2020 (Global) projects that global online retail sales will continue to grow in 2020 despite the pandemic, from $2.5 trillion in the current year to $3.4 trillion in 2023.
“As most brands experience a significant shift in consumer behavior to online shopping, 1:1 personalized and product specific advertising and communications have become critical,” said Diaz Nesamoney, CEO of Jivox. “The key to success in engaging consumers online is scalable creative, data, and smart algorithms applied in real time to tailored ad creative. Creative needs to be tailored based on products and the various sizes, colors, models specific to the brand they’ve browsed just now; products they’ve just purchased or bought in the past and recency indicators. Kairos means ‘opportune moment’ in Greek, and that’s exactly what this technology is meant to do – capture the attention of a consumer at the right time with the right message – and convert those moments into sales.”
Jivox uses its in-memory clustered Personalization Hub technology and first-party identity solution IQiD to identify, store and process consented consumer data used to generate predictions of the likelihood of a consumer to purchase along with predictions of the products they are likely to purchase. Personalization hub processes trillions of data signals to make data available to Kairos for real-time decisions in less than seven milliseconds, allowing for real-time decisions on products, pricing and offers.
Most eCommerce marketing platforms in use by brands today rely on very simplified re-targeting algorithms that are one-dimensional–in other words, the last product browsed or clicked on by the consumer. As a result, the consumer is often bombarded with ads showing that product again and again, very often well after it has been purchased from the brand. Others use highly aggregated data from many similar brands to determine purchase intent. Such algorithms often fail to show relevant products as they use category level data (such as running shoes across many brands) as opposed to a specific brand’s product data.
Additionally, Kairos allows brands to engage with consumers using consented data that consumers provide to brands in a privacy compliant manner. This, coupled with real-time contextual data to signal the right place and moment, generates engagement and purchase.
Kairos is currently available to a limited set of brands as part of an early access program and will be generally available in Q3 2020.