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The Rise of Choice Engines
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The Rise of Choice Engines

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Today’s defining problem is simplifying choice. Research proves that with limited but relevant options, people make easier, more satisfying decisions. Choice Engines make this happen by using the …

Today’s defining problem is simplifying choice. Research proves that with limited but relevant options, people make easier, more satisfying decisions. Choice Engines make this happen by using the power of data...

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  • 1. 8 March 2014 1 The Rise of Choice Engines Crayon – Big Data. Made Simple.
  • 2. We live in the Age of More
  • 3. We live in the Age of More Information Influences Devices Choices
  • 4. More is less Decision paralysis Postponed decisions Less satisfaction Barry Schwartz, “The Paradox of Choice - Why More Is Less”, TED 2006, Swarthmore College
  • 5. The paradox of More We have more and more choices, but less and less time to navigate them.
  • 6. Solving the paradox of more With a moderate number of options (4 to 6), people are more likely to choose, more confident in their decision, and happier with their choice. Sheena Iyengar, The Art of Choosing, Columbia Business School, TED 2010
  • 7. Can we simplify the world’s choices ? Taste From review sites, social networks Behaviour From internal enterprise data Influence From Social Networks Context From public data, location-based data
  • 8. Can we simplify the world’s choices ? Taste From review sites, social networks Behaviour From internal enterprise data Influence From Social Networks Context Data exists in different silos & enterprises. The only integrator is the customer From public data, location-based data
  • 9. The Rise of Choice Engines
  • 10. Rise of Choice Engine 10 All the world’s stores are in every iConsumer’s pocket ~15% of sales for companies (like Amazon, Gilt, Qoo10) are mobile-based 21% of consumers, across categories, use mobile for product research 50% of customers use mobile phones to check prices – up from 13% two years ago* 60% of smart phone users are buying products using mobile Information does not come only from the retailer or brand
  • 11. 11 Rise of Choice Engine iConsumers travel seamlessly across channels and devices in a “converged shopping” journey 85 % of people shop for a gift on one device and then make their purchase on another 80 % of smartphone owners want more mobile optimized product information while shopping in store* 47 % of consumers use their smartphone to search for local information. 46% look up prices, 42% check inventory prior to shopping in the store.** Source: McKinsey & Company, “How retailers can keep up with consumers”, October 2013; IBM–Frost & Sullivan Global Hotel Survey Jan-2011 *Moosylvania, 2013 **Local and the e-tailing group, 2012
  • 12. Rise of Choice Engine 12 iConsumers travel seamlessly across channels and devices in a “converged shopping” journey “…mobile drives a dramatic influence on total sales in stores as well. All the channels are being used in unison every shopping journey” Casey Carl, President Multichannel Target Corporation
  • 13. 13 Rise of Choice Engine Search is giving way to guided choice Peer recommendations are ten times more trusted than sales people of sales on Amazon are driven by recommendations 10X 35% 75% Guided Choice 27% of what people watch on Netflix are recommendations 353% Shoppers engaging with recommendations convert to purchase 353% more frequently than those who don't of all hotel bookings determined by recommendations on review sites Source: McKinsey & Company, “How retailers can keep up with consumers”, October 2013; IBM–Frost & Sullivan Global Hotel Survey Jan-2011
  • 14. Rise of Choice Engine 14 HBR: Get ready for the rise of the choice engine “If choice engines succeed, consumers will be able to search for credit cards, cell phone plans, or even mortgages as easily and effectively as they search today for airplane tickets.”
  • 15. Crayon brings the power of choice engines to Enterprises Using vast external data; help enterprises get out of ‘data cocoon’ Enable Discovery SimplerChoices™ Balance Privacy with Personalization Ultra Personalize Using deep enterprise data create personalization that is unique to each enterprise’s customer base through identity-neutral taste graph + anonymized customer data from enterprise
  • 16. 16 Thank you For more information, please visit: www.crayondata.com

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