Black Friday & AI — a Marriage Made by Code

Thanksgiving day that is a predecessor for the Black Friday and Cyber Monday sales, which is something people should be prepared for. While the buyers are creating the list of what shouldn’t be missed, retailers have to do much more work in order to satisfy the expectations of the customers and maximize their profits. To be able to cope with the influx of buyers, target the most desired products and survive the shopping frenzy days 100% gaining momentum. Here’s how artificial intelligence can help.

Timothy Carey who is a general manager at Cognitive AI, IPsoft, the leading company specializing in AI and providing its services to the firms listed in Fortune 1,000 has cleared it out in his article. Here is the summary of his publication:

According to a report from the eCommerce Foundation, in order to protect themselves from the impulsive shopping, 88% of consumers are making their ‘homework’. Before the start of the sales, buyers are searching for the products they will be interested in seeing online, and then are getting ‘ready’ to go to the offline markets or purchasing over the Internet when the day has come. Such a “pre-research” is an important part of modern commerce — especially when access to so many competing products is only a few clicks away. As for the vendors, having a user-friendly interface, providing all necessary information at once is an advantage in the market against other vendors.

“The flood of Black Friday numbers and data points would be completely unmanageable without AI,”— Timothy Carey says.

A customer support which is working round the clock is expensive and in most cases, its efficiency is not consistent. Companies nowadays prefer A.I. solutions like Siri or Alexa which can communicate with consumers better than before.

Consumers also value conversational AI. Gartner Research shows that by 2020 85% of consumers will manage their communications with a company without a human interaction. This trend is particularly notable among the younger demographics where 60% of millennials have reported using chatbots, and 70% of those report the experience to be positive.

2016 Statista report shows that emails with personalized messages have 5% more open rate of than those with no personalization. To send every potential customer a personalized message regarding Black Friday promotions would be perfect, however, it is far from practically achievable. AI’s power to communicate at a large scale shines at this point.

AI can be used for targeted segment messaging as an efficient solution. AI can advertise products which are closely relevant to each consumer's previous searches. Such messages generate 58% of the whole revenue according to a 2015 report by the Direct Marketing Association. Also, Campaign Monitor reports that segmented campaigns have 760% increase in email revenue.

AI can do more than just prepare your Black Friday messages to groups but also to individuals. Personalized ads by AI are more persuasive. A 2013 report from McKinsey shows that guided algorithms are effective on a 35% scale on Amazon and 75% on Netflix.

Sophisticated marketing campaigns are needed for reaching out to potential customers who are not aware of your brand. AI helps advertisers to understand their consumers. It paves the way for deciding strategy specifications such as channels, content, and segment.

There is a huge competition among the vendors and without AI it is very difficult to reach, advertise and communicate with a great number of consumers.

As commerce turns into an inexorably advanced interest, there has been a going with increment in information that can be utilized to streamline brands' procedures.

Majority of this information can enable retailers to recognize and message potential the shopping extravaganza following Thanksgiving clients. Be that as it may, the surge of numbers and information focuses would be totally unmanageable without Artificial Intelligence. As these advances develop, they will enable marketers to remove a portion of the mystery from the year’s most worthwhile weekend.

Sub­scribe to our Telegram chan­nel to stay up to date on the lat­est crypto and blockchain news.