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Brand loyalty isn’t a myth: You need the right data insights
On an average day, a customer is bombarded with hundreds of emails and notifications from various applications to check out the new products and buy but are these notifications enough to convert a customer, to make them buy from you again and again, to retain them?
While shopping physically, do you remember when the salesperson used to show you tens of products, gathering your reaction on each product he used to change the way he was presenting to you? He would be happy if you bought from him but if you did not, he would tell you, “We’ll have new variety in a few days”
With the transition to online shopping, a lot has changed but this salesperson did not. The only difference is that this salesperson has notifications on your shopping application.
On an average day, a customer is bombarded with hundreds of emails and notifications from various applications to check out the new products and buy but are these notifications enough to convert a customer, to make them buy from you again and again, to retain them?
Certainly not!
In the overall cost of sales, the biggest part is the cost to acquire a new customer. And if, after acquiring this customer today, he leaves tomorrow, Somick Gosawami, Transformation leader, PwC India, believes the whole ROI goes down the drain. So how do you do that?
The answer lies in the use of data and AI. The modern solution to a traditional yet modern problem.
When it comes to shopping today, customer behavior, demand patterns, and expectations have changed which has created millions of variables of customer preferences.
“Managing correlation is not a human task. We can only manage 3 to 4 variables at a time but when a seller has thousands of variables about the customer’s shopping behavior it becomes impossible to find correlations to her decision. Therefore data and AI become the obvious solution to this,” said Anand Mahurkar, CEO, Findability Sciences