Data drive insight to boost loyalty
Many brands are often rightly concerned about where the next consumer is coming from. Quarterly profit statements and shareholder scrutiny means brands need to be on the lookout for ways to improve market share. But this should not come at the expense of the existing consumer base.
Consider the power of brand loyalty – the potential ROI from just increasing sales to current consumers by 8% could be a significant increase in profits for many businesses. And all of this could happen overnight, by simply putting more emphasis on helping current consumers to purchase more of what they want, when they need it.
The ultimate in personalisation
Imagine if you could offer a consumer what they want, need and care about, in real-time. This could be a specific discount at the moment that will be most useful, for example, discount coupons on home goods when they are about to relocate, or links to cheap train tickets when you know they are planning a trip.
By leveraging offline data from smartphones and combining that with online consumer personas, on-device AI and computer vision analysis can provide brands with the ability to give consumers the experiences and recommendations that are personal, targeted and exactly what they need or desire.
It is this kind of revolutionary AI that will provide businesses with the cutting edge to differentiate themselves from the competition and offer the next generation of loyalty schemes.