As Artificial Intelligence, Machine Learning is evolving at a rapid speed in India and across the globe as well, and these techniques are particularly getting into every field.
Retailers are using Artificial Intelligence, social media analytics to understand a targeted set of customer’s shopping behavior and preferences. Tribetailing is the strategy adopted by Retail firms to identify and target customers who would most benefit from the offerings. Instead of marketing to everyone for a particular product or an offer Retailers are using this technique to focus on only potential customers.
A report “Know your customers: What you see is what you get“ said, “There is a dynamic change in customers preferences, Tribetailing helps retailers connect to the customers and understand them better. Artificial Intelligence, Social media analytics, and machine learning are the technologies used by retailers to get information about their customer’s online activity, preferences, shopping behavior, history of the customer.
With these advanced technologies, retailers can categorize customers in different categories and then coming up with the best solution, offer different offers accordingly such as promotional programs such as membership and discount offers according to the characterization.
This info, it stated, is helping retailers to group customers in categories that are different and think of bespoke solutions, and devise personalized advertising and promotional programs like membership as well as commitment programs and discounts to focus on a particular category.
With the growth of a tech-savvy and informed more customer base, retailers are more and more replacing the conventional mass-market approach with specific techniques created using insights driven from customer information, stated the report, that had been unveiled in connection with Mapic India.
Anil Talreja, partner, Deloitte India said, ”with the advent of technology customers trends are evolving at a rapid pace and customers are evolving to proactive seeker of products from a reactive entity. Retailers need to change way of approaching as the customers are now taking the driving seat rather than brands telling the story”.
He included that discerning Indian customer trends are more perceivable in the countryside sector, and that segment is actually what businesses have to tap much more than others through the local community of micro-influencer’s and vernacular content.
Additionally, the article said that the brand new rural consumer base can make up 68% of the country ‘s public and it is a lot more connected than ever due to rising internet penetration.
“While some models use vernacular content and make a network of countryside shops, others use lesser presentation as an impressive technique to spur countryside spending,” it stated.
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