Companies must keep new technologies on their radar. Indeed, it is crucial to anticipate how those can support to deliver a superior customer experience. If business leaders don’t pay attention closely enough, it won’t be long before more agile competitors take the lead, erode their market share, and transform them into industry laggards. But the tech landscape is vast and complex. And not every innovation may influence the bottom line of your business and gaining popularity like machine learning and predictive analytics-enabled applications do – growing 65% faster than apps without such functionalities.
Luxury Products Retailer Improves Conversion with Highly Relevant Shopping Experiences
However, there are some fundamental questions you must ask yourself to make sure that these technologies are right for you: Is your target audience ready? How do you replace (a portion of) the human components without frustrating your users? And most importantly, can you improve customer experience with machine learning? Or is it just about running more efficient operations? Let’s look at those questions more into details.
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A Growing Link Between Customer Engagement and Machine Learning
Artificial intelligence (AI) will go mainstream in the future. And this may happen faster than you think. IDC predicts that over 50% of consumers will regularly interact with AI applications by the end of next year. This might sound unrealistically soon, but there is nothing disruptive that has not been brought to the table already.
Some companies, especially e-commerce platforms, have gathered data to anticipate online behaviors for over two decades – sometimes with enough accuracy to predict a purchase even before a visitor consciously begins his or her customer decision-making process. That’s why today’s technological advances are only the next logical step to an improved customer journey mapping with machine learning.
In the words of Amazon CEO Jeff Bezos: “We’re on the edge of the golden age (with AI). There is so much more to come. It's just the tip of the iceberg.” And this is highlighted by Gartner’s prediction that the majority of money invested in analytics for the three years to come will be on making sense of customer journeys.
The Benefits of Artificial Intelligence for Your Organization
At this stage, you might be wondering what the use cases of machine learning are for your organization and whether any tool is already available on the market for you to implement quickly. You can start benefiting from the technology today in two ways: adding relevance and making operations more efficient.
Content personalization tools can help you offer automated and individualized experiences to your consumers and followers with highly targeted and meaningful text, images, and videos. This, in turn, can increase your close rate and return on marketing investment.
However, like all technologies, machine learning and artificial intelligence also have a dark side. And Rachel Barton, Managing Director at Accenture Strategy tell that brands “need to be careful not to cross the ‘creepy’ line when it comes to customer privacy.”
Knexus is a data-driven solution that delivers content personalization based on deep learning and predictive analytics in a non-intrusive way. We can help you understand how consumers think and behave online to build a personalized customer journey that will boost conversion and repeat purchase rates.