RichRelevance, the global leader in experience personalization, and leading cloud analytics provider Manthan Software, today announced they have completed their merger to form a new, rebranded company Algonomy, which allows companies to rapidly unify all customer data in a single platform for real-time AI-based decisioning. With Algonomy, retailers of all sizes can finally place ‘digital’ at the core of their business to orchestrate, personalize and activate customer journeys, designed to drive immediate engagement, lift and ROI across the lifecycle.
The new company uniquely brings together a proven real-time customer data and analytics platform, an intelligent ensemble-based algorithmic decisioning engine, and deep expertise in global retail to help brands engage customers with contextually relevant personalized experiences. More than 400 leading retailers, consumer brands, quick serve restaurant chains, convenience stores and more rely on Algonomy to eliminate the imprecision of manual decision-making and gain organization-wide agility in a digitally shifting retail environment.
“As we saw during the pandemic, our customers have seen the importance of being able to quickly pivot to become digital-first, and leverage AI to make quick decisions,” said Algonomy CEO Atul Jalan, who previously served as Manthan Software’s CEO. “Our Algorithmic Customer Engagement (ACE) platform has the power to transform retailers into algorithmic businesses that are responsive to individual consumers, delivering the hyper-personalized experiences that drive sales and loyalty.”
Origin of Algonomy
The retail industry has been forced to evolve rapidly, and digitally savvy retailers are pulling ahead thanks to their agility to respond to changing customer behaviors, while traditional retailers struggle to overcome legacy systems and operational silos that thwart innovation.
Algonomy was founded with the mission of using AI to power digital as the “new normal” for consumer brands across the globe. A combination of “algorithms” (algo) and “knowledge” (nomy), the name Algonomy illustrates that the future of retail is algorithmic – and the brands who are ‘digital-first’ and able to respond in real-time to changing market dynamics are poised to succeed.
“The industry today is desperately looking for a digital first AI solution,” said CMO Raj Badarinath. “The future of analytics is algorithms that not only aggregate data and report, but which are also capable of making decisions in real-time. Algonomy as a brand represents this shift along with the depth of knowledge in the Retail value chain.”
An ACE Platform Built for Retail
Marketing clouds tend to be generic and horizontal, which is why Algonomy’s out-of-the-box algorithms are actionable and designed specifically for retailers. And unlike startups and point solutions which solve small pockets of problems, Algonomy has a proven real-time customer data and analytics platform that is built to deliver immediate results at scale. By eliminating the fragmentation of decisioning, Algonomy ensures that there’s a unified customer journey and smooth experience across both stores and digital touchpoints. In addition, Algonomy provides a single platform for marketers, merchandisers, commerce, and buyers/planners, with specific vertical solutions for QSRs, Grocery, Fashion/Apparel, and Specialty.
Algonomy can help drive double digit increases in digital revenue, and immediate time to value across acquisition, conversion, growth and loyalty.
“With more than 300 pre-built algorithms for the retail industry, plus the ability to add custom algorithms and decisioning criteria, along with deep learning AI capabilities, Algonomy offers the most robust, real-time machine learning solution built for the retail industry,” said Chief Product Officer, Sarath Jarugula, who previously served as the CEO of RichRelevance. “Rather than sifting through piles of data, retailers can harness machine learning to derive actionable insights, set strategies, and achieve goals, while retaining granular control of algorithmic behavior.”
Algonomy solves foundational business challenges algorithmically using AI-driven analytics in combination with industry-leading personalization tools, unified in a single end-to-end platform that is built specifically for retail and that streamlines implementation. Guided by the strategies and desired outcomes retailers define, Algonomy maximizes operational agility and delivers hyper-personalized experiences throughout the customer lifecycle. Using Algonomy, retailers can:
- Activate: An integrated, cloud-based, real-time customer data platform with pre-built connectors allows companies to easily centralize all customer data, whether it be structured or unstructured, online or stores, and create a “living” golden customer record.
- Engage: Allows marketers to digitally reinforce their brand story and act in real-time to engage each customer with contextually relevant inbound and outbound campaigns that accelerates acquisition and amplifies loyalty.
- Align: Merchandise analytics and supply chain solutions help retailers align supply with demand, automate key merchandise processes, provide prescriptive recommendations for timely course corrections to price and inventory, and transform vendor relationships through data monetization.
- Convert: Commerce leaders can turn every digital interaction across web, mobile, call center, kiosks, point-of-sale and more, into a personal experience with Xen AI Experience Optimizer, a patented, contextually sensitive and continuous algorithmic testing engine which ensures that the right decisions are being made automatically with every interaction in real time.=
This article originally appeared in MarTech Series.
