July 19, 2018
How to Improve Buyer and Seller Loyalty Within Your Marketplace
Artificial intelligence (AI) and personalization are two of the hottest marketing topics today, and for good reason. Not only do 45% of retailers plan to utilize AI within three years, but Boston Consulting Group has found that within the next five years, personalization is estimated to push a ~$800 billion revenue shift to the 15% of companies that get it right.
Why the rapid shift? AI tools enable marketers to learn and understand customer behaviors and their inferred preferences, meaning that marketers can then take these insights and create a much more personalized experience for consumers at a 1-to-1 level.
Achieving deep levels of personalization has never been more important. In the past, marketing messages consisted of “Hello [First Name], we have a sale on [product category] today,” but in a sea of brand choices, that’s no longer enough to compel consumers to engage. Consumers today expect communications that are tailored to their individual wants, needs, and preferences, meaning messages are delivered with the right message, at the right time, and via the right channel to satisfy each person.
The result has been phenomenal for marketers. By using AI solutions to achieve “extreme personalization”, companies have reduced customer acquisition costs by 50% and boosted revenue by 43%. Considering these facts, you just can’t afford to miss out on this effective way to stand out from the competition.
Learn more about how AI can help your business by checking out our brand new infographic, “Artificial Intelligence Real Results.”