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14 Dec 2021 06:59
MAGNIT PJSC (MGNT) Magnit starts implementing AI-powered customer offering personalization 14-Dec-2021 / 09:59 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.    Magnit Starts Implementing AI-Powered Customer Offering Personalization  Krasnodar, Russia (December 14, 2021): Magnit PJSC (MOEX and LSE: MGNT; the Company, Magnit), one of Russia's leading retailers started introducing customer-specific promo offers. Using specially tailored AI-powered algorithms, Magnit will manage thousands of microsegments comprising its audience and provide them with the most relevant promotions through a number of different communication channels. The Company plans to roll out its CVM (Customer Value Management) tools in 2022. With the launch of the new CVM capabilities, Magnit will completely transform the way it creates personalized promo offers and transition from manually managing promo campaigns for each specific segment to an automated system. Right now, the Company is updating its business processes to facilitate a full-scale roll-out in 2022. The project is being implemented together with the Boston Consulting Group (BCG) - a company with a strong expertise and extensive experience in similar projects with global retailers. Hyper-personalized promo offers will be created using the data gathered via Magnit's loyalty program. As of the end of Q3 2021, it had almost 55 million participants and boasted over 65% penetration in sales. Today, the Company develops generalized promo offers for segments of 100,000 or more customers, with a lot of the work on creating and uploading the messages and performing analytics done manually. The new system will automatically establish customer segments based on hundreds of different parameters identified during the entire customer lifecycle, craft special offers for a wide variety of groups, which may range from thousands of people to just one person, and evaluate promo performance on a daily basis. Dynamic segmentation will enable Magnit to create offers for every campaign. Self-learning algorithms will pair customer groups with the right mechanics (e.g., most relevant products, discounts, coupons, bonuses) at the right time, as well as pick the right channels to communicate such mechanics, including Magnit's app, push notifications, SMS, etc. To implement CVM, the Company established three product teams consisting of data scientists, Big Data analysts, marketing specialists, and commercial experts. They will work under agile methodology - a set of flexible collaboration practices that enable teams to adjust processes rapidly on demand. Magnit plans to actively engage its suppliers in creating personalized offers, ensure joint support for their promotions, and increase sales of their products.
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| ISIN: | US55953Q2021 |
| Category Code: | MSCU |
| TIDM: | MGNT |
| LEI Code: | 2534009KKPTVL99W2Y12 |
| OAM Categories: | 3.1. Additional regulated information required to be disclosed under the laws of a Member State |
| Sequence No.: | 129890 |
| EQS News ID: | 1257356 |
| Â | |
| End of Announcement | EQS News Service |
UK Regulatory announcement transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement.
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