Retailers can use big data to predict a consumer’s likelihood of conversion

New Ideas in MarketingEssential news for marketers, summarised by YouGov
June 07, 2019, 4:08 AM UTC

It can also be used to understand consumer behaviour in the context of the customer journey.

This article states that consumer’s “continual connectivity” across channels and devices provides retailers with a huge amount of data which can be used to understand target audiences and their interests. Retailers must use this data to draw actionable insights from it.

The article states that combining AI with reinforcement learning can help retailers understand their consumers, identify their position or context in the customer journey along with predicting their likelihood of converting. This algorithm can help retailers make the most of their marketing budgets while guiding them to bidding for online advertising.

Techniques such as Dynamic Creative Optimisation (DCO) can be used to target consumers in real-time. Retailers can also use browsing behaviour and purchase history data to select relevant creative elements for the marketing message.

Read the original article

[3 minute read]