The Empowered Consumer: Adapting to Changing Buyer Demands with AI
Across the retail sector, companies face heightened challenges in the form of the empowered consumer. Consumers expect more information that is tailored to them about what to buy and where to buy it, as well as in-store safety during the pandemic, online shipment, and information on where the best deals are. With the ubiquity of smartphones and widespread access to the internet, there is a plethora of ecommerce opportunities with millions of new potential customers.
The key to addressing these and other challenges is to be as responsive as possible while planning your marketing attribution and customer service strategy. And fine-tuning that response means understanding the disruptors you are dealing with.
So, what are the key points that you have to understand about the behavior of the modern consumer? What are the consequences of ignoring the latest tendencies? Our white paper, The Empowered Consumer, focuses on the main challenges that retailers face and how your own data can help solve them.
The Empowered Consumer in Today’s Market
The empowered consumer can get any piece of information about products and services in an instant. But what if someone posts a negative review about your business? This threat cannot be underestimated as your company’s reputation can be damaged or even ruined in a world where bloggers and influencers are running the show.
By using AI in your customer service, you can understand the ever-changing shopping habits and respond with tailored and relevant information about the right products at the most optimal time, place, and delivery option.
Changing Consumers: Retail Trends
The retail marketplace has become connected, complex, and competitive. Whether it’s keeping pace with the connected consumer, embracing fundamentally new trends in shopping throughout the pandemic, or staying ahead of the competition, the forces that are bearing down on retailers are greater than ever before.
The modern consumer has little to no tolerance when shopping. So, we need to understand what they want, when they want it and how they want it. Otherwise, they can easily switch brands, and it can be harder than ever to win them back.
How Can Enterprise AI Help Today’s Retailers?
The way you connect with your customers is undergoing a fundamental transformation, and it is by tapping into your data that you will be able to understand how to bridge the gap.
What are the critical changes in patterns of behavior that your consumers have? What positions will meet the demand? What is the spending potential from your existing customers? By using customer purchase history to come up with the most effective offers, retailers can influence their buying decisions and anticipate which customers are at risk to churn.
In the retail industry, there are many opportunities in every part of the business that can deliver value from investing in AI. Whether it’s targeted advertising through hyper-personalization, personalized text messages about promoted products, or ensuring customer satisfaction, the ways that AI can help retailers are nearly limitless. And beyond consumers, retailers leverage AI for optimizing product assortment, demand forecasting of supply and demand, and operational efficiencies in ways more precise than traditional business intelligence.
Read our white paper to learn more about how AI is helping to solve the most pressing challenges in the retail marketplace.
AI Evangelist, DataRobot
Kaplan is a leading figure in data science, sports analytics, and business leadership. High profile roles include creating the Chicago Cubs analytics department, President of the investigation into the fate of Holocaust hero Raoul Wallenberg, and President Emeritus of the worldwide Oracle User Group.
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