The Role of Machine Learning in AI-Powered Retail Media Platforms
We live in an ever-expanding and advancing world. Today’s society is already connected and reliant on the digital landscape. Innovations in technology have made life increasingly easier; smart technology alone has made it more convenient for millions of people globally to connect their daily routines with just one click of a button from their phones. Social media has also made communication more accessible from any part of the planet to people of all races. And these are just some examples of technological globalisation that have pushed our world into a new digital age. Although the most influential and newest trend today in terms of technology is artificial intelligence.
AI has seen a spike in trend recently; even though it’s not a new concept, its rapid advancement has caused it to be utilised on various platforms because of its speed in data analysis and learning. It has already begun to flawlessly mimic human intelligence. Of course, this asset cannot be ignored, hence why a lot of businesses utilise this innovative tech into their ventures, and retail media platforms are no strangers to artificial intelligence when it comes to advertising. AI powered retail media platforms are currently being used by many businesses to entice customers to their products and services. If you want to know more about this revolutionary technology, stick around in this article to find out.
Personalised Recommendations: since AI relies on a set of complex algorithms and data analysis, it can easily tap into what consumers want and what trends are currently in the market. By utilising these assets, retail media platforms can now learn what consumers need in an instant. This makes it more appealing to business owners since they can now filter in customers who have a high potential of purchasing their products or services. This vastly improves retention rates and can make loyal customers to your retail media platform. Just make sure you have an updated and maintained IT infrastructure for this.
Great Customer Service: e-commerce platforms also benefit from phenomenal customer service. With AI learning, retail media platforms can now rely on top-notch customer care through virtual assistant bots. These bots learn fast thanks to the creativity of AI analysis and can almost perfectly mimic human speech and personality at an alarmingly fast rate. Now you can have round-the-clock customer service without worrying about closing times. This will significantly increase customer satisfaction, and they will be back for more.
Better Inventory Management: it could be painstaking to do inventories, but it is needed to have an effective e-commerce business. You want to avoid oversupplying on certain products that could lead to liquidations and loss of much-needed income. Luckily, AI has amazing prediction capabilities that can integrate economic conditions and media trends in order to give you just the right amount of stock, so you don’t oversupply and undersell. Furthermore, they can also help in indicating whether your products need restocking once supplies are already low.
