Today, AI has become a very widespread term because of its array of applications in various areas including medicine, automobile, exploring the universe and even in marketing in numerous industries.
Despite, AI’s numerous applications, it is still in its infancy- though it is considered to be a huge game changer.As we are in 2020, here we are listing top 5 trends that retail marketers should watch out for with all the current AI hype.
Get new insights to improve loyalty and retention
As a key benefit, it was found that both users as well as decision makers believe that AI marketing assists in improving client retention. In 2020, look for scenarios where you can use AI to improve the latter stages of client lifecycle.
Target new audience for procurement
AIassists in predicting how likely the targeted people are to convert on specific offers (particularly individuals already in your database). The advancements in self-learning algorithms will eventually assist in identifying new audiences across social media and reach out to them.
Send promotional messages at the best time
Send Time Optimization is an effective technology which uses a Bayesian Bandit model for identifying the best time for sending email for each contact- not groups, not segments, but individuals. In 2020, timing will become an integral part of client engagement.
Use advanced and predictive analytics
Predictive analytics make use of data modeling, data mining and statistical models for predicting future results. Behavioral/historical datadecide the rules on which algorithms work to find out expected user responses before they actually take place. Combined with AI, predictive analytics finds out trends and launches campaigns expected to encourage action.Predictive analytics is helpful in proactive marketing and it is considered to be the most useful among all the AI related technologies at present.
Make marketing teams more efficient and effective
Increase in efficiency is the top most internal advantage for marketing companies. In a research it was found that 96 percent of AI experts and 90 percent of novices say AI assists in increasing the efficiency of their team. AI is capable of performing data-intensive work more efficiently than humans, automating basic tasks and thus assists in saving time.
Customize offers, recommendations and content
The abilities of AI are not just limited to scaling and automating everything we are doing, but it is also capable of personalizing content for every person at the right time. More than fifty percent of marketers using AI are using it for this purpose, so we can expect this number of increase in 2020.
Upgrade sales processes
In 2020,30% of global firms will be using Artificial Intelligence in at lease one sales process. Additionally, AI algorithms are advancing at predicting revenue for the next quarter, along with CLV and a number of other sales-related stats.
When used in whole organization, within acomprehensive platform, Artificial Intelligence predicts and drive revenue. In 2020, organizations that make use of AI to power customer insights could make around $1 trillion more as compared to their comparatively less updated competitors.
These points clearly indicate that in 2020, Artificial Intelligence will onlycontinue to advance we approach a level where the majority of marketers will start using AI.