As India rides the wave of digital transformation, new trends in technology and business growth emerge across all sectors and regions. At the forefront of this transformation are Software as a Service (SaaS) companies that use the power of cloud technology in innovative ways to open up new growth frontiers.
In order to present and understand the changes that the new India is going through, YourStory is organizing Naughty Saturdays, in collaboration with AWS, with experts from across the Indian SaaS ecosystem who will share their unique insights into this digital transformation and how it will shape the ecosystem.
In this edition of Naughty Saturdays, let’s take a look at how Inventa, a leading deep personalization platform developed by Cutting Chai Technologies (CCT), is reinterpreting the communication between people, content and businesses in an online offline (O2O) world.
The omnichannel consumer opportunity
In the past ten years, the widespread acceptance of smartphones and internet-enabled devices has ushered in a golden age for consumption. The tremendous number of products and experiences available anytime, anywhere meant advertisers and marketers needed an edge to grab consumer attention.
Recent consumer surveys have shown that such efforts only have a greater impact on consumers if they address them on a personal level. A Salesforce survey of consumers found that 70 percent believed that a company’s understanding of their personal needs affects their loyalty. In one recently Personalization pulse check Accenture’s study said over 90 percent of consumers were more likely to shop with brands that recognize, remember, and offer relevant offers and recommendations.
Personalization-based marketing is currently a billion dollar and rapidly growing industry where companies are leveraging advanced analytics and technologies like artificial intelligence and machine learning (AI / ML) to uncover deep consumer insights and deliver personalized omnichannel experiences.
Anand Virani and Rohit Kapoor, both former corporate directors at Qualcomm, founded CCT after discovering that while consumers spent a lot of time interacting in both their offline and online worlds, no one gave real-time personalized recommendations that the online and offline footprints.
“I saw a world where people and consumers’ online and offline lives converge on their cell phones and smart devices, and I began to think deeply about the value this could create for both consumers and businesses around the world. This led to the creation of a platform for smart devices that seamlessly connects the online and offline profile of the user and compares it with the world around the user in order to generate relevant and contextual communication on behalf of our customers, ”says Anand Virani, Founder and CEO of CCT.
Bridging the gap between online and offline consumer experiences
Inventa, the company’s flagship product patented technology and proprietary algorithms to create and deliver a dynamic and holistic online-offline (O2O) profile of a user precise, spam-free communication on the user’s mobile and / or IoT device.
Companies can integrate Inventa’s Software Development Kit (SDK) into their mobile apps to communicate with their customer based on their preferences at a convenient time and place. The founders claim that the communication supported by Inventa significantly drives customer loyalty and conversion across multiple industries and segments.
“Digital adoption has accelerated rapidly in recent years and customers can conveniently interact with companies via their mobile applications. This gives companies the opportunity to better understand their customers and offer them highly relevant offers. Inventa enables powerful use cases in consumer-oriented industries such as retail, telecommunications, financial services, hospitality, etc. and offers the end customer and the company tangible added value. ” says Rohit Kapoor, Co-Founder and COO, CCT.
For example, sports stores can use Inventa to send notifications of high-end running shoes sales to experienced runners in the nearby park. The hotel’s concierge services can provide personalized recommendations based on the guest’s preferences to make the vacation even more memorable. Even credit card companies can achieve greater brand loyalty by offering their customers personalized recommendations and offers based on their preferences to really close the gap between online and offline experiences.
Start of a new era of personalization with AWS
From the core infrastructure to the extensive personalization functions, the cloud services from AWS play a central role in supporting the Inventa platform. To name a few, Amazon Simple Storage Service (Amazon S3) helps meet its storage needs, while Inventa’s computing needs are complemented by Amazon Elastic Compute Cloud (Amazon EC2) instances. AWS Lambda, an AWS serverless computing service, helps optimize the use of these computing resources.
Inventa’s O2O profiling, ML-led recommendations, and communications engine, which are critical to its offerings, are also supported by cloud technology. What sets Inventa apart is that it stores and generates data based on users’ online and offline interactions, integrates and analyzes them to create comprehensive, highly personalized profiles that are updated in real time. These extensive personalization functions are supplemented by Amazon Personalize together with Inventa’s own analysis and personalization algorithms. Inventa then shares these profiles with its customers who help them improve the personalization of the user experience.
“AWS has been a great cloud partner on our journey to rethink customer personalization for the online-offline age. The extensive portfolio of AWS services that we have acquired has enabled us to quickly adapt and deploy Inventa to the different needs of our customers. The Amazon Personalize service, with its ability to develop and deploy custom machine learning models, enables us to offer highly customized recommendation capabilities to customers in all industries. The support from the AWS team has been phenomenal, ”says Badal Shah, Product Management at Inventa.
When developing Inventa, the focus is on data protection and the protection of customer data.
Customer communication is triggered via explicit opt-ins and the sharing of preferences. In addition, the Inventa platform uses a modular design to separate customer data and microservices, and offers hosting flexibility to meet the needs of different types of businesses.
These capabilities are delivered with a fully integrated, end-end, and managed SaaS platform that enables organizations to set up and deploy on a large scale in days, not weeks.
With leading payment and retail apps as clients in India and Southeast Asia, Inventa has driven the personalization of the experience of millions of consumers and thousands of physical stores in these regions.
The company plans to do global operations with Inventa and is currently raising funds to serve business opportunities in North America and the EU through strategic partners and direct contracts.
“Deep personalization is the future of customer loyalty. Businesses and brands need to build stronger relationships with their customers by delivering curated and personalized experiences that uniquely address their customers’ ever-changing and evolving preferences. This is critical in the post-COVID era as companies restore customer relationships across their online and offline touchpoints. We look forward to leading this transformation with Inventa for our customers and partners. “ says Anand.