Sales Forecasting Product to Trigger Marketing Actions
Optimize Customer Churn for your Client's Stores
Ever wanted to notify consumers at the right moment, with the right product recommendation to optimize a store? Your client, who is a store, wants to do everything to get back its consumers in the loop. Once optimized, recurring purchaches are a gold mine. So, when should the store send a communication (e.g.: email, push notification, other) to its consumers? And what should this notification be about?
Having quality predictions that are timely and interesting to your consumers are important to have impact and to avoid being muted by the consumer.
Designing newsletters and recommending deals by email is hard and takes lots of efforts. Good news: it can be automated.
With our solution, you can predict WHO will buy WHAT and WHEN to optimize stores, and automatically send personnalized communications with the right product at the right time to the right person to keep them in the loop.
Finally: predict WHO will buy WHAT and WHEN will each of consumers buy.
Our algorithm can predict WHAT and WHEN will each of your consumers buy, in a personalized fashion, using the simplest (and most telling) data at your disposition: their past transaction history for your product catalogue, and similar user's histories.
In this sense, our algorithm can predict the following things for each consumer:
- WHAT: The probability of the consumer consuming each products. This can be sorted to select a group.
- WHEN: The amount of days in which the consumer may buy again. Note: for specific applications of this algorithm, it would be possible to adjust the time frame.
Moreover, providing the description of each product in the transaction history and in the product catalogue will help the algorithm using Natural Language Processing (NLP) techniques, in combination with our advanced time series forecasting solutions that processes the ordered transactions.
The predictions, once gathered, can be analyzed from a “per product” or from a “per consumer” standpoint, depending on which dimension you slice the generated results. Using thresholds, you can take action and choose which triggers to fire to cause communications.
Triggers like those can be used to launch events before the predicted consumption time, for each of your consumers - for instance, emailing a newsletter at the right time containing the right product listed in it can be done.
Imagine: the trigger, connected to the right automation pipeline, can also offer coupon deals that will end after a certain period of time, using a series of emails withing the predicted time window to increase sales.
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