Consumer expectations of their relationships with businesses are changing and businesses need to improve and personalize their marketing.
To this end, the Customer Engagement and Retention Platform CleverTap raised $105 million in a Series D funding round and says it will use it to expand globally, grow its teams and grow its technology, according to a Wednesday, Aug. 10 press release Release issued by the CDPQ, which led the financing round.
CleverTap’s subscription-as-a-service (SaaS) platform leverages artificial intelligence (AI) and machine learning (ML) to help brands build long-term relationships with their customers, according to the communicated.
“Our vision has been to reshape the way businesses interact with their consumers and bring technology to MarTech,” co-founder and executive chairman of CleverTap Sunil Thomas said in the press release.
With the platform, brands can perform user analytics, understand user journeys across channels, engage with customers in personalized ways, and improve customer experience, according to the press release.
“User engagement paradigms are changing, and as industry leaders, we are uniquely positioned to help businesses adapt to this ever-changing consumer landscape,” said CleverTap CEO . Sidharth Malik said in the press release. “Our recent acquisitions have helped us expand our presence in North America and Europe, and strengthen our leadership in verticals such as on-demand and subscription services.”
Other companies have also reacted to this trend. PYMNTS announced in April that Mastercard had completed its acquisition of the Dynamic Yield personalized engagement platform from McDonald’s, adding the decision engine company to strengthen Mastercard’s customer engagement and loyalty services.
Read more: Mastercard Completes Acquisition of McDonald’s Dynamic Yield Customer Engagement Platform
“Together with Mastercard, we can put the notion of one-size-fits-all marketing in the rearview mirror for good,” CEO of Dynamic Yield Ori Bauer said in an April 4 press release announcing the acquisition. “Consumers are looking for truly personalized experiences, and brands that don’t adapt risk being left behind.”
PYMNTS research also found that personalizing the customer experience is a way to reduce churn.
Read more: PYMNTS Intelligence: How to avoid becoming a consumer’s unwanted subscription
Businesses should re-evaluate their offerings and find ways to deliver personalized customer experiences.