Predict Next Best Offer

Retail Marketing / Sales Improve Customer Experience Increase Revenue Executive Summary next best offer
Offer products that customers are most likely to purchase to maximize cross-sell and up-sell opportunities.
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Overview

Business Problem

As with the typical journey to the restaurant, where paradox of choice will lead people to order meals recommended by the server, people have for long desired recommendations tailored to their individual taste when exploring any shopping experience. The retailers that win in the market are the ones that are able to seemingly recommend products that customers magically want. With the growth of e-commerce has come a seemingly unlimited array of products that customers can buy. While not all sub-industries within retail have been equally disrupted by the internet as they may have higher barriers to entry, as shown by the differences between fashion apparel and technology hardware, all customer expectations have certainly changed across the board. Customers now value companies that understand their needs and help them cut the chase right to the products they want. Accenture shares that 91% of customers say personalized offers make them more likely to shop with a brand.

Intelligent Solution

In today’s world of hyper personalization, AI helps you offer products that customers are most likely to purchase. By developing individual or combined models that predict the likelihood a customer will accept different products, AI will inform your marketers on which products a customer is most likely to accept based on their individual characteristics and preferences. AI will also reveal the top reasons why customers are likely to accept each product with incredible granularity, ensuring that the predictions can be explained and easily understood. This allows your marketers to adjust their outreach to each customer’s highlighted priorities to maximize the likelihood they will resonate with your message. The outcome is that for both new and existing customers, you will increase your conversion rate for both new leads and cross sell / upsell opportunities.

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