Leveraging AI to Drive Lifetime Value for Customers
Today, retailers experiencing strong, sustainable growth are investing in technologies that help them stay ahead of consumer preferences and competitive forces. Specifically, many are focusing on solutions that turn raw data into digestible and actionable insights quickly and cost-effectively.
To this end, artificial intelligence (AI) enables the real-time analysis required to take advantage of each diverse factor that determines a profitable customer relationship. The actionability of your data makes all the difference, offering in-the-moment recommendations for improvement. Machine learning, then, extends the life of those insights by connecting the dots between predictions and outcomes, applying those learnings to future events as well.
The Power of AI to Improve Customer Relationships
We could speak at length about why building bigger in-house teams isn’t the remedy to data limitations, but to really put things into perspective, you ought to consider the speed and scale at which retailers today must compete.
In the personalized offer example above, we can see how AI-enabled solutions can make this pipe dream a reality. By employing an offer allocation engine driven by AI-powered insights, the system can continuously look at all data from all households, including that of the actual shopper, and recommend the best offers for that precise context. AI automates the process of understanding all contextual and historical data, using its computing power to crunch massive amounts of data to extract the real-time value it contains – decision recommendations based on real-time insights. This provides more prescriptive analytics than retailers have ever had before and makes personalized mass retail a reality.
Your data holds tremendous potential for improving both customer relationships and business outcomes – but not if you can’t make sense of it. By incorporating AI and machine learning, you can drive better decisions at scale, and in turn, take meaningful steps to establish sustaining and rewarding relationships.