As technology moves us forward we are beginning to notice an ever-increasing need for artificial intelligence and Big Data. In this age, every transaction and activity can be monitored and recorded digitally, and high-tech companies are seeking to make use of this newfound source of customer information. From the local level retailer to the largest corporate enterprises, artificial intelligence allows business to learn more about their customers than ever before. With this information, they can better serve the needs and interests of their customers while keeping costs low.
Every type of customer group is different; no two individuals will behave the in exactly the same way in the same situation. Furthermore, we cannot expect individuals or demographics to consistently react to the same marketing efforts the same way each and every time. This is the marketer’s dilemma that has made it difficult for even the most stable companies to remain relevant.
This is where the specialized field of conversion rate optimization comes into play. In most any business, the cost of acquiring a new customer outweighs the cost of retention considerably, but any company interested in growing has to do both. Because these costs are so high, it’s important to work with a reputable AI service provider such as Sentient AI to convert potential customers into permanent customers.
Most notably this artificial intelligence can be to better turn users who click on an ad into a user that makes a purchase. Because online marketing conversion rates vary widely from hour to hour, across demographics, and depending on the offer, robust analytics and artificial intelligence or crucial to maximizing advertising dollars.
Another way this artificial intelligence can be used is in preventing online cart abandonment. One study performed by the Baymard Institute showed that up to 67% of online shopping carts were abandoned before finalizing a purchase. Many of these users came from an ad that was clicked on and paid for. In these cases, these abandoned carts represent a direct loss to the company that could have been prevented through greater analysis and understanding of customer behavior.
Businesses cannot afford to why are human beings to analyze each and every possible missed opportunity. This is where Sentient AI and other deep learning programs come into play.
Ultimately the goal of sentient AI is to apply human-level thinking using large amounts of data that only machine can manage. Businesses can learn more about their customers and by combining millions of data points with a human level of artificial intelligence.