For over a decade, large international companies have been using artificial intelligence to improve their key business processes. Today, artificial intelligence can not only be used to recommend new products, automate value chains and personalize content – it is also an important driving force for the digital revolution.
This gives companies and brands completely new opportunities to create more accurate marketing and build a stronger engagement with customers.
But what is it that makes artificial intelligence so well suited to creating business opportunities? Let’s look at three specific uses that are highlighted in more detail in Comarch’s whitepaper entitled “ Navigating a modern marketing and loyalty program with AI and machine learning “.
Dynamic segmentation
Segmentation is by no means a new branch of competition in marketing. TV audiences, for example, have been divided according to gender, age, income and other parameters for decades, and the use of such data points has almost become for spinal reflexes to count for traditional marketers.
But the potential for smart segmentation in customer loyalty programs grows exponentially when artificial intelligence is brought into the mix. Then it suddenly becomes possible for a company to compare the actions of individual members with the rest of the member base, and analyze all data points in search of common features which defines “clusters” of members with overlapping preferences or needs – far beyond traditional parameters such as age, gender and income.
In addition to more accurate product recommendations (see next section), This also allows for far more targeted advertising campaigns and more accurate marketing. In some cases, it can also be drawn into the company’s product development to increase the likelihood that future products and services will succeed in serving profitable niches in the market.
Automated product recommendations
Admit it: When Amazon, Netflix or Spotify have been able to suggest just the right product, TV series or music for you, have you thought «I wish that we could have done it too! ». In Comarch’s solutions for customer loyalty programs, there is functionality that makes it easy to use artificial intelligence to do just that.
Some of the same elements that make the dynamic segmentation from the previous paragraph possible, can in fact also be used to suggest relevant products or content to individual users. However, this assumes that there is a large amount of categorized or correctly “cleaned” data that enables the machine learning algorithm to identify patterns, irregularities and beneficial results for the business.
Comarch’s solution uses five different types of machine learning to optimize the solution’s ability to increase conversion rates, build customer engagement, create hyperpersonalized communication and reduce customer flight – these are described in detail in a white paper that the company has prepared.
Avoid loyalty fraud
In the process of creating systems that reward loyal customers, it happens that companies get hurt for making “loopholes” that can be abused by people who is anything but loyal – and maybe not even real customers.
Although in theory it may be possible to set up routines that reduce some of this risk, they will have two weaknesses : On the one hand, they can be perceived as troublesome for the customer e that the system was actually created to help, and they can be static and unsuitable for capturing how the thugs adapt.
As an alternative to this, Comarch has taken in use machine learning to create a system that is constantly updated and learns from both previous cases of fraud and from suspicious transactions. The solution can also assess the likelihood of fraud from an individual account or group of accounts.
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