Enabling Retail organizations to increase the average transaction
value, increase customer engagement, increase basket size, and
reduce customer churn through advanced AI/ML algorithms.
The pandemic has brought a monumental shift in various industries including Retail and CPG. The industry has accelerated its digital presence and D2C channels, increasing the accessibility of vast data on customers. With this, the personalization of services has become more imminent.
AI in retail is playing a crucial role in personalized recommendation in retail by helping businesses position themselves ahead of the competition. With AI-powered technologies, retailers can analyze and assess customer preferences and give predictive customer recommendations by gathering data on the activities of customers, their choices, and buying behavior. This allows retailers to create highly personalized shopping experiences, resulting in increased customer satisfaction and loyalty.
JK Tech leverages Augmented Analytics for Personalization as it accelerates customer segmentation in retail, clustering similar buying patterns, and targeted products, offers, messaging, and personalized recommendations in retail. Advanced AI/ML algorithms cover the skill gaps in augmented analytics, enabling companies to use technology to manage customer data analytics more effectively than they could have done without it. With this solution, businesses can increase the average transaction value, improve customer engagement, increase basket size, and reduce customer churn. We have delivered a ~4% increase in sales and a ~3% increase in basket size to our customers.
Personalized Recommendation refers to the practice of providing each customer with a unique experience across all touchpoints and channels, based on historical data and present shopper intent, supported by customer and product intelligence. Every customer’s journey to purchase is unique, and personalization in retail tries to cater to each person according to their wants and behaviors.
Personalized recommendations increase a customer’s overall cart value, which increases revenue. They provide pertinent up-sell and cross-sell options that excite a customer’s attention and encourage them to buy additional items in addition to the one they originally came in for. Additionally, a customized shopping experience means you will spend less on marketing to convince them to buy.
JK Tech leverages Augmented Analytics for Personalization as it accelerates consumer segmentation, clustering similar buying patterns, and targeted products, offers, messaging, and personalized recommendation.
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