As we discussed on CommPro.Biz, retailers are preparing for Black Friday and Cyber Monday to not only handle scale and uptime but to also manage real-time customer interactions with the help of AI marketing technology.
It isn’t just for the holidays. Many organizations are drawn to AI-driven intelligent recommendation solutions as part of a broader business transformation initiative, with 82% of organizations predicting that AI will enable marketers to focus on value-generating strategy as AI automates the time-costly tasks. Plus, some 37% are interested in machine learning and how it supports automation primarily through pattern recognition, in order to gain powerful customer analytics insights.
According to a joint study from Forrester and Emarsys on how marketers are using AI found a full 43% of respondents said they were planning to use AI-enhanced analytics to improve operations, and 40% intend to use intelligent recommendation solutions. Machine learning use is planned by 37% of marketers surveyed.
And it goes beyond marketing.
In addition to making marketing more efficient, machine learning is also playing a key role in ensuring that inventories at retailers are also being managed more efficiently. By analyzing past purchase data, machine learning can help retailers predict when items will be close to out of stock, making reordering easier and faster. Moreover, retailers can use the technology to predict this in real-time or near real-time, which allows them to be more flexible in what inventory is kept in stock and allow them to react on the fly to consumer demands.
Scalable Machine Learning with InsightEdge: Mobile Ads Clicks Prediction
There are several compensation models in the online advertising industry, probably the most notable is CPC (Cost Per Click), in which an advertiser pays a publisher when the ad is clicked. Search engine advertising is one of the most popular forms of CPC. It allows advertisers to bid for ad placement in a search engine’s sponsored links when someone searches on a keyword that is related to their business offering. For the search engines like Google, advertising is one of the main sources of their revenue. The challenge for the advertising system is to determine what ad should be displayed for each query that the search engine receives.
Learn more about how to use machine learning algorithms with the InsightEdge Platform with this mobile ads clicks prediction online advertizing example.
We also invite you to watch our recorded webinar on Machine Learning and Insight Platforms to learn more about how ML and AI are reinventing the majority of industries around to build apps that create high-value markets.
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So what results can we expect this holiday season? All signs point to the fact that machine learning is making retailers smarter and more efficient in their business. That includes how they engage customers, how they manage inventory and a host of other applications. All this leads us to believe that retailers should have another record-breaking holiday shopping season.