Next Best Offer for Loyalty Programs
This data evaluation is at the heart of the Loyalty Program AI solution. The primary goal is to drive increased revenue by predicting the most relevant products or services an individual customer will purchase and upsell or co-sell to the customer.
Below we have a brief outline
1. Wallet view:
Using customer data and transaction data acquired previously, the A. I can present the TOP 10 SKUs to the customer’s account. In this sense, the most popular or current items that are sold in tandem with their purchase are displayed, further driving upselling and sales.
2. Segmentation:
Another possibility with NBO is the system’s ability to create defined segmentation. This allows the system to segregate customers into strata to develop opportunities for further upselling. This can be even further quantified by selecting all those with a probability of purchasing product X greater than 80%. Utilizing segmentation in itself is vast and creates unique opportunities that other targeted marketing without A. I can not.
3. Communication:
The powerful use of NBO’s technological advantage is communication. Now the format of communication can vary (SMS, PUSH, Email), but for the sake of argument, in this case, we can focus on Email.
NBO can be utilized by displaying an image (jpeg, for example) with products or other potential services in email messages with the appropriate products/services from the TOP 10 SKU’s to a given customer, which can be adjusted to each recipient individually and dynamically, further driving upselling.
4. Marketing automation:
Automatic communications via multiple channels (Email, SMS, PUSH etc.) are sent with TOP 10 products that are recommended for an individual customer, which vary on pre-entered transactional and customer data. The Loyalty Platform fills in the communication blocks with content in marketing messages relevant to each specific recipient and sends the message via the appropriate channel.
Furthermore, the ‘communication’ composes a set of given variables that include:
A further example of such a use-case would be that if the condition of a given product appears in the customer’s top 10 and receives a purchase probability greater than X for that customer, the system would react and send a coupon for that product and more.
If you are interested in our NBO Algorithm or want to know more, contact us at [email protected].
About iERP
iERP’s mission is to provide an end-to-end business prediction platform with modules that address multiple business scenarios and ZERO required knowledge of artificial intelligence or machine learning technologies.
We are helping companies to predict sales and inventory demands, what their customers are going to purchase next, or identify customers that are going to be late with the payment.