This blog post contains excerpts from the whitepaper Using Artificial Intelligence for Effective Customer Retention, by Retail Pro® and AppCard. Download the whitepaper to learn more about how retailers can leverage artificial intelligence to deliver personalized marketing communications.
In order to leverage data effectively, retailers must be able to derive actionable insights that fuel marketing campaigns or operational decisions.
Enter Artificial Intelligence for Retail Businesses
Innovative AI technology, leveraged for the purpose of customer retention, can empower retailers to learn about, interact with, and bring back their customers with a wide range of loyalty programs, including:
- Digital punch cards
- Tiered loyalty
- Point systems
- Gift catalogs
- Closed-loop, cross-merchant offers
- Open-loop coalition structures
By leveraging artificial intelligence and machine learning, retailers are empowered to use the data gathered through these loyalty programs to deliver highly targeted, and effective marketing campaigns. AI helps retailers to:
- Segment their shoppers more strategically
- Deeply understand shopper preferences
- Identify their best shoppers (shopper ranking)
- Predict those that will churn (and drive them back to the store)
- Personalize the offers and campaigns that will best meet the shopper’s expectations
- Drive the desired behaviors that increase the retailer’s business performance
This unique approach to segmentation simplifies the way regular, churned, one-time, and irregular shoppers are identified and addressed. Additionally, the ability to track the best communication channel with each shopper safeguards the highest possible response rate and interaction quality.
With data at their fingertips, retailers can now effectively use Artificial Intelligence technologies to personalize the shopping experience and increase customer retention.
To continue reading more about data-driven, personalized marketing for retail, download the whitepaper now. In this whitepaper:
- The evolution and challenges of loyalty in the era of customer experience
- Leveraging tech to personalize the retail experience for Generation E(xperience)
- A successful rewards program is within reach – fewer coupons, more sales
- The importance of data-driven, personalized marketing