Segmentify: Bridging the indecision gap in the world of choice
It was in 2014 when an idea to personalise customer journey was born, marking the beginning of a successful personalisation suite business. The next five years saw Segmentify expanding their offering to tailor customer experience for 200 businesses across the globe. Today, Segmentify is an honoree of ‘the top 25 machine learning startups to watch‘ by Forbes.
“Segmentify aims to support merchants to understand their customers better,” says Murat Soysal, co-founder of Segmentify in conversation with Tamebay.
The Segmentify team entered the Ecommerce Cup 2019 which bought them to our attention and we found their back story and the importance of the personalised journey – delivering a service that both a first-time prospect and a loyal shopper is guaranteed to enjoy – interesting and wanted to share it.
This philosophy has seen Segmentify developing a product that would have a dual USP. First, standing the test of time as customer needs evolve but the need for personalisation remains. Second, translating personalisation into the language of financial revenue.
Segmentify works by generating new algorithms monthly using machine learning (ML), providing full control of the customisation journey. Its processing power stretches to digest 20,000 customer engagements per second. The benefit of the technology behind Segmentify is that as machine learning acquires new knowledge about customer purchasing habits, their journey can transform from personalised to tailor-made.
Murat says that the pressure to justify an investment into service is high. The pressure to get the right service for the business is even greater. Getting on board a new service is akin to entering a foreign territory. That is, companies can’t just test the waters. It’s either a full integration or the decision to stay stagnant.
Murat says that businesses want to match investment to their KPIs. We aimed to make it crystal-clear how Segmentify generates ROI, says Murat. This saw the creation of Segmentify Contribution Rate, which aims to highlight the success of personalised recommendations based on the level of conversions. The average contribution rate from Segmentify is about 10%. That’s the highest ROI rate in the market.
“Our customer success team holds a meeting with every single client to ensure this target is met,” says Murat. He attributes the set-up of the customer success team to need to deliver customised service to their business clientele. Each company requires an individual approach based on their business nature, target customers, KPIs and vision. A tailor-made business strategy means a honed customer-centric approach.