How predictive analytics can help you enhance customer experience
IMAGINE if there were a way businesses could foresee and anticipate the needs and wants of their customers, and with that knowledge, not only deliver but exceed their customer’s expectations.
Well, with artificial intelligence (AI)-powered predictive analytics, it is no longer an abstract concept, but a practical reality.
Predictive analytics has become increasingly robust in recent years – thanks to the vast quantity and quality of data available – and the technology is having a transformative effect on businesses’ interaction with customers.
Predictive analytics allows businesses to anticipate many aspects of customer interactions as well as all the moving parts within the sales funnel, enabling companies to boost sales while enhancing the customer experience.
Here are a few ways of how predictive analytics has given marketers and sellers a new edge in the increasingly competitive digital economy:
# 1| Hyperpersonalized marketing
AI-powered predictive analytics allows companies to market the right product to the right market segment at the right time via the right channel. To be able to deliver this seemingly incredible feature, analytics have to be powered by high quality, diverse data to that yield highly accurate insights.
And thanks to social media and other online touch points, businesses consistently have their fingers on the pulse as far as customer demands are concerns, allowing them to market to just about any individual market segment.
#2 | Virtual concierge
Customers in the digital economy are more discerning and demanding than they have ever been. They expect almost no friction throughout the shopping journey. Predictive analytics is critical in delivering this type of services.
The technology provides retailers with comprehensive visibility into customers’ journey from allowing businesses to anticipate frictions and pain points and deploy appropriate corrective actions or eliminate them altogether.
#3 | Accurate demand forecasting
Brands are now more empowered than ever to proactively tailor their messages in anticipation of demand. This is because predictive analytics can detect precursors and markers of change in customer behaviors.
Using multiple different facets of data elements, companies can predict, anticipate, and deliver to the ever-changing needs of the customer, way before they have figured out what they need.
#4 | Optimized resource management
Once companies figure out bigger trends and patterns around customer demand, the next step is to prepare to meet those demands. Predictive models enable companies to stock up their inventory based on future demands accurately.
By moving first and fast, companies could also be more efficient, streamline their costs, and minimize the resources spent on acquiring stocks, which not only give them a competitive edge but also help them provide enhanced customer experience to the consumers.
#5 | Streamlined shipping
Speedy delivery is a critical element of ensuring enhanced customer experience, especially in the day and age where customers are demanding more same-day or next day deliveries.
Predictive analytics provides companies with valuable insights that help them and their shipping partners to deliver on-time, every time.
The technology is capable of identifying the most optimal shipping routes, and forecast traffics and bottlenecks in processes that might delay deliveries. With complete visibility, companies could foresee potential delays and proactively fix it beforehand.