Artificial Intelligence is disrupting the retail industry – leveraging customer data through calculated, on-demand, personalized metrics. As a retailer, your acumen in adapting to this rapidly changing landscape will determine whether your business just survives, juggling everyday low prices and mass promotions, or whether it thrives through the ongoing 4th industrial revolution.
By choosing to incorporate AI into CPG Promotions, retailers have the chance to elevate their approach to creating intuitive customer shopping experiences, ultimately, driving aggressive growth in revenue. Deliberately sculpting consumer, retail, and brand habits maximizes purchasing opportunities rather than forcing you to rely on standard sales patterns that barely break even. By utilizing artificial intelligence to improve your bottom line, you’ll stay more than one step ahead. In fact, with AI-powered CPG promotions, you will maximize profit through increased redemption rates, minimized discounts, larger basket sizes, and strengthened consumer loyalty.
How AI Elevates CPG Promotions
Mass CPG promotion campaigns have traditionally been the best way to attract customers to retail outlets, but, in the age of data, they have proven to be a waste of resources for brands, customers, and businesses alike. Businesses are instead optimizing and streamlining their approach by investing in revolutionary techniques like AI-powered CPG promotion software to utilize more accurate, more lucrative machine learning insights.
Increase Redemptions while Reducing Discounts
Instead of offering everyone the same promotions and discounts, resulting in disproportionate value creation for your store, AI recommends targeted CPG promotions based on the content in customer baskets.
Increase Consumer Purchases Per Visit
By analyzing customer brand interactions, AI determines how much the customer is willing to pay for a promoted item and recommends related products to increase sales revenue. For example, advanced AI software might elevate consumer shopping patterns by recognizing that the shopper has bread in his basket and suggesting that he explore other commonly associated products such as lunchmeat, peanut butter, jelly, etc., helping to increase sales by reminding the customer of related, and potentially forgotten, products.
Boost Customer Retention
Customer loyalty is predicated on providing quality services and attention to detail. Targeted, AI-powered CPG promotions will attract more customers to your loyalty program without diminishing your profit margin.
Sharpen Your Customer Intelligence Strategy
The algorithms and datasets used in machine learning can analyze local household data, giving you beneficial information that spans beyond your grocery floor plan. Gain clarity into competitor strategies, consumer behavioral patterns, and socio-demographic data.
Optimized Strategy Based on Delivery Channel
AI-powered CPG software evaluates the nuances and psychological patterns behind consumer purchase decision-making and respond differently based on the assessments. Elevate your CPG promotions by expanding your reach into cross-channel conversion points, before, during, and after consumer shopping cycles.
Adjusting to Your Changing Business Goals
Artificial intelligence responsively adapts to changing business needs for agility in promotion navigation. AI grants retailers an all-encompassing view of store performance, enabling shifts in promotion priorities – from profit-driven insights to customer satisfaction strategies – according to market research.
Brands Work Best with Outstanding Stores
Just as retailers aim to grow profit margins through efficiently executed CPG performance, brands aim to increase market share through efficiently executed channels. If their marketing strategies are enhanced by a retailer’s performance, those brands will reallocate their marketing budget towards the highest performing outlets.
At Symphony RetailAI, we have spent more than 30 years crafting innovative technological solutions for retailers. As industry-leaders we provide a complete suite of end-to-end marketing and supply chain solutions. We invite you to consult with a retailing expert on how AI elevates CPG promotions for your business.