4 January 2019
Author: Richard Potter
For an example of this in practice, we can look at Peak’s recent work with clicks-and-bricks footwear retailer Footasylum. With access to a wide array of customer data, we unified and drilled down into its customer base to deliver a single customer view.
We then use AI to draw insights based on past behavioural and transactional data – notably from both in-store and online – using powerful machine learning algorithms to classify customers in terms of in-market predictions, product recommendations and brand and style preferences, as well as churn risk.
With this information, Footasylum has been able to better engage with its customers and adapt its product offerings accordingly. As a direct result of implementing this AI System into the core of its business, Footasylum has recorded a 28% uplift in revenues generated from its email marketing communications.
A truly customised experience, whether that’s online or in-store, is no longer desired by the modern consumer – it’s expected. This aforementioned wealth of customer data available, when leveraged using AI, can empower retailers to deliver hyper-personalised marketing communications, with personalised product recommendations targeting customers at the right time, in the right way, and with the right content.
Looking ahead, it will be those retailers who remain on the front foot and adopt the right technology now that will continue to compete in the future. There is no doubt that every brand and business will need to be able to utilise AI if they want to survive what is proving to be a difficult time for some of the UK and US’s most recognised retailers.
Richard Potter is CEO at Peak, an artificial intelligence firm based in Manchester and Jaipur.
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