In the way companies operate, Artificial Intelligence (AI) plays a big role. Although AI and automation have an enormous value internally for both time and cost savings, AI is promising even bigger, more substantive returns that are customer experience. With massive data growth, AI can use the data to improve customer experience daily. By utilizing machines, companies can personally predict, for what customers are shopping for and when.
Online behavioral signals can be used by AI models to establish the best experience to serve in real time. And as AI systems become smarter with more data, they are better at forecasting results over time. The financial services company HSBC has recently tested AI-driven dynamic content on its homepage with static content. Client rates to the product pages were significantly higher than their static peers.
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To compete, marketers turn to AI for analysis of data on e-mail commitment, foresee open rates and reduce churn. Virgin Holidays is a brand that has hit it out of the park with custom e-mails. The travel company increased its e-mail by 70 percent and clicks by 65 percent by individualizing its messaging and therefore increased its turnover by £17.3 million.
Consumers have expected customized online shopping experiences. About 35 percent of the revenue of the e-commerce giant is tied to its engine. Gartner anticipates that the use of AI to predict customer intentions by 2020 will boost digital companies' profits by up until 15 percent. However, AI does more than similar products propose. British fashion retailer Asos enables shoppers to choose the perfect size by examining the items that shoppers retain and return. Asos's fit assistant is fueled by Fit Analytics that makes 250 million size recommendations in more than 20 languages and more than 17,000 brands per month using machine learning.
Companies also utilize AI services to establish personalized information in addition to personalized recommendations. To help customers feel well known and appreciated, AI is used to enhance customer experience. The impact of AI on how retailers give customer experiences can be substantial. Online or in-store distributors can harness AI to recognize customer problems, customize recommendations and minimize customer questions and queries time. The next logical step for marketers that want to wow their customers is indeed personalized retail with AI.