AI-Powered Predictive Analytics for Retailers
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What is Predictive Analytics?
Predictive analytics uses artificial intelligence (AI) to find patterns in historical datasets. By employing predictive models, retailers can foresee and act upon future events in the customer journey. No human interaction necessary.
Benefits of Using Predictive AI in Retail
AI-powered predictive analytics use data to improve the relevance and profitability of your data-driven marketing outreach. If you can predict what a customer is going to do next or what they’re most interested in, you can be the first to respond to their needs as they arise. Further, you can even surface latent needs that the customer doesn’t even recognize yet. See exactly how predictive analytics help retailers deliver relevant experiences:
Send Relevant Product Recommendations
Matching predictive shopper data with product catalog data will help you uncover relevant product recommendations. Start creating demand by introducing customers to new and interesting products.
See a 16% increase in email revenue with personalized product recommendations.
Improve Engagement by Optimizing Send Times
Determine when individual customers are most likely to engage, down to the minute. Then, automatically orchestrate and send outreach at the best possible moment for each one.
Prevent Churn by Targeting At-Risk Customers
Identify individual at-risk customers early by studying their unique buying cadence. Then, retain them by sending relevant outreach long before they become a lost buyer.
Increasing retention rates by 5% can increase profits by 25-95%.
Maximize Revenue by Predicting Customer Lifetime Value
A customer’s historical spending data is only part of the story. Find and target your most profitable customers using a variety of leading indicators, providing a more accurate vision of their lifetime value
Targeting based on customer lifetime value improves media buy ROI by 56%.
Reinforce Loyalty with Smart Replenishment
Predict when a customer is ready to buy again by tracking their individual purchasing cadence. Sending these proactive reminders can help discourage attrition and boost sales.
Increase revenue per email by 59% with timely replenishment reminders.
Preserve Margins by Predicting Discount Affinity
Some customers need a special offer to buy – others are less price sensitive. Protect your bottom line by only sending discounts to those who need them.
Improve RoAS by 17% by only sending offers to shoppers with a high discount affinity.
The Power of Bluecore’s Predictive AI
Start Responding Proactively to Consumer Needs
Retailers need to make the power of predictive analytics work for them. Bluecore’s innovative platform will elevate your engagement strategy and drive enhanced retail relevance. If you’d like to see how it works, fill out the form on the right and we’ll be in touch shortly.
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