Recommendation engines: Also known as recommenders, recommendation engines are data filtering systems that use machine learning to accurately predict and recommend products uk consumer data list your customers may like, based on past behaviour and purchases.
Personalised discounts: An extension of optimal pricing, machine learning uses data to create coupons and discounts that will appeal directly to individual customers. Using statistics, machine learning can create deals that walk the line between driving purchases and ensuring profitability.
Feedback incorporation: ML and AI work on the basis of continually adapting and improving based on the feedback and data it receives. This is perfect for taking customer feedback and translating it into interactions and experiences that are guaranteed to engage and entice them.
Keep your business secure
One of the main ways machine learning is used in many businesses is to help detect fraudulent activity before it can cause too much damage. Because machines are far quicker and more efficient in identifying unusual behaviour patterns than humans, they can detect and alert you to possible instances of fraud. This helps protect both your business and your customers and helps ensure that no time or energy is wasted on fraudsters posing as real customers.
The bottom line
These days, machine learning is more than just an option - it’s a strategic necessity. The advantages are significant and many, and it can easily revolutionise the way retailers operate and engage with their customers. AI is becoming an unavoidable part of day-to-day life, and instead of seeing it as a threat, it should be embraced as an invaluable tool to use at our disposal.