Identifying the needs and pain points of the customers using AI and Machine LearningBlog by Glorious Insight
Identifying the needs and pain points of the customers using AI and Machine Learning
Proving an excellent experience to the customers is the ultimate motive of every business. It is a simple objective that finds a place on the agenda of every enterprise regardless of the industry. However, the task is as difficult as simple as it sounds. Many marketing experts have a tough time figuring out ways to actually deliver the experience that the customers can value and stay loyal to the brand. Market experts have to up their game to reach the delivery from conceptualization. Advanced technologies such as AI and Machine learning can prove to be the most powerful tool in winning the battle.
Machine learning is used to create data models that are not governed by any explicit rules or set of static program instructions. These models are created using the algorithms that have the ability to learn from datasets and are used to extract data-driven decisions and predictions.
AI on the other hand is the technology that can mimic the tasks that need human cognition and intelligence. Tasks such as language processing/perception, image recognition, logical inferences, etc are a few that play a key role in customer data analytics. A prediction made by Gartner says that 85% of the customers’ relationship with the enterprise will be managed without human interaction by 2020.
Although the terms are used interchangeably, these are two different domains that are clubbed together to achieve the goal and give forth the best customer experience. Glorious Insight is a leading provider of data analytics and business intelligence solutions that is known to deliver exceptional systems to automate customer data analytics and interactions. Our systems are equipped with AI and machine learning technologies that can ideally provide a one-to-one interaction and highly scaled personalization in real-time. According to narrative science, 80% of the businesses and technology leaders accept productivity boosts due to AI.
Our solutions are focused to find out the pain points and requirements of the customers. Systems can generate deeper insight into this data to enable rapid solution strategies and fixation of the issues even before the customer realizes a glitch or feels any ordeal. In essence, you can deliver luxurious experiences to the customers and earn their respect and loyalty that boost the business and brand value.
Memory mirror magic - An illustration for the power of AI
Although the customer experience seems vital in B2C businesses and industries such as retail, travel and hospitality, BFSI, etc, is equally important for B2B businesses and industries like manufacturing. One way AI and machine learning is implemented to enhance and reach the best customer experience is using the MemoryMirror.
MemoryMirror is not a real mirror but it can imitate the working of one. It is an AI-powered large-sized display that is fitted with a camera. In addition to showing the reflection of the customers, it also has a brain attached that serves the business objectives.
MemoryMirror adds the information and elements to the reflection and real-world of the viewer that is impossible to achieve otherwise. For instance, it can lighten the skin tone and remove wrinkles to make a customer look younger. Several products related to skincare and makeup, hairstyle and coloring, footwear and clothes, dental products, etc can be viewed and experienced using a MemoryMirror.
This helps several businesses to deliver the best customer experience and enhance sales and profitability. Businesses create a whole new level of experience that drives business growth by letting the customers visualize themself the way they want.
MemoryMirror can be understood as a smart virtual fitting room. It can analyze overall purchase data and compare the data of customers with similar tastes and preferences to provide unparalleled personalization in recommendations. The presence of AI can motivate nearly 50% of customers to shop more and 35% of them to spend more.
Finding the nirvana of personalization
The absolute intention of every enterprise is to provide the best customer experience. However, delivering the experience in real-time and at a high scale is inevitable so that it is of any value to the customer and you can draw profit from it.
Two things, vast data and the ability to process and draw insight from it, are essential to achieve this objective. Human intelligence is never suited for the task considering its enormity and need for speed. Doing all that in real-time is impossible for the human mind.
By delegating human intelligence to powerful machines we can reach an ideal solution to accomplish the task with greater accuracy and high-speed. AI is highly useful for retailers creating automated adaptive interfaces for customers' interaction. The intelligent interface can work with the customers to resolve their issues like humans. These can channel deeper issues to the right executive or authority and make highly personalized recommendations.
When it comes to e-commerce, AI can use the databases storing demography, past purchases, browser history, etc to find opportunities for personalized targeting and converting shoppers into buyers.
Glorious Insight uses smart and intuitive data analytics that enables AI to make valuable contributions to content creation. With extensive experience in various industries, we have acquired in-depth domain knowledge that combined with technical supremacy helps deliver customized solutions. We help marketers to pick the best image for a campaign and optimize content based on the insight into real-time customer data analytics.
Phenomenal insights unleashed with machine learning
If AI is the virtual face with which the customer interacts, machine learning is the brain behind it. Machine learning algorithms supply the data and information to the AI to help it learn and humanly interact. It helps AI to adapt and update without any human interference and need to program. In essence, the amalgamation of AI and machine learning makes an intelligent system for better customer experience.
Considering the example of the A/B test, it is apparent that we need statistical confidence and constant report monitoring to find the winner. However, with AI and machine learning, the system automatically pushes the experiences as the data analytics begins to rate the experiences based on various business rules and parameters. You can have a winning experience without reaching statistical confidence. Data from one customer and from multiple customers with similar attributes can help identify the taste of a customer and predict his/her future actions in real-time and scale.
Machine learning can extract synergy between the CRM information and POS data despite the volume and constant growth of the datasets. The machine learning algorithms are evolving constantly to accommodate the rising demands for faster and more precise analytics.
Sneak peek into the future of machine learning
New technologies like AI and machine learning are taking over many burdensome tasks such as content creation and campaign execution that needed human intelligence. The technologies are simplifying and expanding the scope and value of these tasks to an unprecedented level.
Automating these tasks and offering personalization like never before, frees the marketer to deliberate and innovate new strategies and action plans. More than 60% of companies use AI to find new opportunities to expand the reach and profitability of their business.
Glorious Insight provides futuristic solutions with AI and machine learning and creates smart systems to enable the best customer experience for our clients. The systems are capable of making accurate personalized recommendations, places them right before the eyes of the customers, drives more sales, and helps earn future business.