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According to CreditDonkey, the average American receives more than 1000 coupon offers annually. In 2016 alone, more than 100 Billion coupons were distributed in the United States alone. While some of these coupons may be compelling, a large amount of them may be unnecessary. Coupons, along with other financial incentives, which are given to customers but in reality would not have been needed to make the sale, leads to billions of dollars in losses for merchants annually. Merchants continue to struggle in determining whether a customer will purchase a product without any additional financial incentives. Currently, this is difficult if not impossible to accomplish as the only way to understand if a customer will buy a product, with or without an incentive, is to make the offer and see if they accept it.
AI will empower your organization to make predictions on whether a customer will accept an offer without being given financial incentives. By training models on characteristics of customers who accepted past offers without being given financial incentives, AI will identify existing prospects with similar qualities who are also likely to purchase without needing a coupon or promo. By distributing incentives for items that are not likely to be sold otherwise, your organization will be able to save millions in revenue on products that do not require a coupon, and generate millions in revenue on products that would have not been otherwise sold.
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AI can help organizations across the board, no matter their industry, with a variety of internal and external challenger - from driving operational efficiency and optimizing expenditures to transforming marketing activities and improving forecasting.