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RetailX Brand Index 2019

RetailX Brand Index 2019

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Love, loyalty, and living the AI dream

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Sponsored by Microsoft

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Love potions. They’re a popular trope in rom coms, teen movies, and young adult literature. By bringing together a dash of this and a sprig of that, the brewer can instantly attract the object of their desire. And make them fall head over heels in love.

 

But how can you, a strategic business leader, replicate this effect? How can you make your customers fall in love with your brand, and stay that way? Furthermore, how can you get them to commit to you, long-term?

 

Believe it or not, the answer could lie in AI.

 

Add a dash of personalisation

The first ingredient to throw in is personalisation. That’s because customers still care about cost, choice, and convenience. But, these days, they’re also looking for personalisation and engaging, value-added experiences.

 

With that AI thing, you can personalise products by analysing your customers’ individual shopper profiles. And you can enable things like virtual shoppers and personalised recommendations. Making every shopping experience easier and much more unique.

 

And the benefits are simple. By driving people to the right offers at the right time, increasing basket size, and cutting cart abandonment, your profits will grow. And your customers will be happier because they’ll be able to find more of what they want. Making them more likely to come back, again and again.

 

A couple of clever algorithms

Next up: algorithms. With these, AI can learn how customers behave and interact. And you can use this information to build detailed profiles and predict trends based on anything from the season to the time of day or previous purchases.

 

The benefits are twofold. First, you’ll sell more, through cross-selling, upselling, and offering smart deals. Second, you’ll avoid disappointing your customers, because you’ll be able to anticipate when and where your stock or services will be needed.

 

Of course, with e-tail being such a competitive market, if your customers don’t enjoy their experience or find what they’re looking for immediately, they might end up looking elsewhere.

 

And a pinch of contextualised services

Focusing on how you interact with returning customers can help you effectively drive loyalty. With that AI thing, you can keep things in context by basing support on previous interactions and purchase histories.

 

You can also harness the power of the chatbot to answer your customers’ queries online, 24/7. Machine learning will give your chatbots the context they need to deal with day-to-day enquiries.

Meaning your team can get on with complex requests. And your customers can get on with their busy lives.

 

Mix thoroughly

The final step to boosting customer love and loyalty? Adding the above into your marketing mix, as required. Of course, there’s no need to throw all the ingredients in at once. By identifying a single, clear business need, you can start small and go from there. Piloting AI in this way will allow you to experience the benefits, without having to commit to a complete tech overhaul.

 

To explore how that AI thing could benefit your business, download our e-book.

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