AI is real. Now with help of algorithms organizations are able to achieve greater focus and customer centricity.
With the help of AI, companies collect as much data as they can about their customers’ wants, needs, and preferences, and then apply it to customize their offerings, create personalized shopping experiences, and make the purchase process simpler and more convenient. This helps companies differentiate between their most loyal, revenue-driving customers (high value) and those who tend to buy the least expensive products or products with the smallest margins (low value), and then create targeted approaches for each. Asos, the U.K.-based online fashion and cosmetics retailer, applies a machine learning algorithm to predict a customer’s future worth. Asos, for instance, might nurture the high-value customers by targeting them with increased advertising or promotions, and spend less time and marketing resources on the low-value customers. Chatbots, simple AI-powered apps that interact with users via text, are some of the most ubiquitous forms of AI in retail marketing.
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