Hyper-Personalization – The new possibilities in the digital era!

Recently BMW launched the first-ever color-changing vehicle by push of a button depending upon the mood preference, redefining personalization into new scope in the vehicle segment!

However, it is not something NOT new!

• Recently BMW launched the first-ever color changing vehicle by push of a button … covering three aspects … the users can change the color & patterns depending on their wish, make the vehicle an information giver by blinking up when the user is near and give functional aspects of changing color to reflect the light, etc., What is NEW is all these can happen by the push of the button …which will push the frontiers of personalization among the competition!
• It is NOT something new
  • Rolls Royce – “Rolls Royce” cars are personalized for every customer, the interior colors, the outer paints, the theme & design of the car are very different for each customer and most importantly the customers choose the options and it is saved for each customer. They claim to provide one of the best bespoke experiences and they say customers commission it!
• Personalized financial services – Bessemer is a financial services company that provides personalized investment management and financial planning services and they manage $106 billion of the wealth of just 2500 clients! Their target segment is high net worth customers and they focus on providing individually customized services for each customer and provide wealth management services. The key element is that their target segment is very distinct + Personalized services for each customer. Hence the way they operate for more than 100 years is very unique.

Hyper-Personalization examples

• $150 Billion revenue through hyper personalization– A Company that did not exist 5 years ago, has become one of the companies worth $150 billion, ANT a Fintech company in China, that provides micro-lending to small businesses who are not eligible to get loans from conventional banks! Services are provided in online/digital mode.  The whole process of applying for loans, and the process of giving loans depending on the credit rating all happens WITHOUT human intervention in an automated way …and the AI (Artificial intelligence) based decision-making engine personalizes the loan sanction amount, approval/disapproval, etc and provides add on value services depending upon the repayment, etc., all happen AUTOMATICALLY with the AI engine….
  • This helped the financial services to tap the untapped market, and scale to 700 million users with only 10,000 employees. !! this is the magic of personalization enabled by technology!
• 60% of the people wear the wrong shoe size!– According to NIKE, a shoe company, it was found that 60% of the people wear the wrong shoe size. By 2018, the company started looking at ways of solving this problem and came out with an app to measure the foot length which could help to get the right shoe size. In this way, the company is solving one of the most personal issues of a person and the shoes are customized/personalized for an individual. NIKE came out with a mobile APP and get about 16 parameters by taking pictures of the foot and identifying the correct shoe size required!

Hyper personalization meaning

Most of us know that digital transformation is creating and disrupting the existing companies and the new values are created in an unprecedented way!  At the core, these companies are investing in the following

• Technology of Big Data and AI
• Platform based
• Finding a business use case of Personalization, a problem that could not be solved earlier.

In the case of ANT, credit scoring is an important criterion to lend the loan, ANT is using their technology and tools to assess the small business credit scoring + speed of delivery of loans + monitoring the collection using technologies, which helps them to reach a large number of people, which is not possible by physical and conventional ways of working. By doing this they have leaped forward in disrupting the micro-lending business.

In the case of NIKE, they came out with a mobile APP, which any user can easily use, but NIKE has employed Computer vision, Big Data, AI, Augmented reality, and so on…

The new market Potential and the new possibilities!

• Personalized health care services – delivering medicine – How about a diabetic medicine with a customized quantity of dosage of medicine instead of the standard dosage available in the market?
• An eCommerce application specifically designed and delivered for a family – just imagine a customized grocery and weekly vegetables automatically suggested with the right quantity and based on automated customized preference?
• The above is only some of the use cases presented to take a look at new directions, the door is open to someone who can think along these lines, which provides opportunities in a couple of simple ways.
• Target niche segments and provide high-value services
• Deliver services with scale – Problems that could not be solved in conventional ways
• A much more disruption, we can even say a tectonic shift – Products + Services + Technology – all are becoming one, we are entering into an interesting era!

More to come … to disrupt the market … exciting times!

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