Predictive shopping is one of retail’s newest technological developments, using artificial intelligence to predict what customers will want to buy and buy again. Rather than leaving customers entirely to their own devices, predictive shopping aims to make suggestions and lead customers down a particular buying journey.
One of the first retailers to really embrace this was Amazon, using customer data to suggest purchases and customise what site visitors see on their homepage. In 2017, they even launched custom banners based on local weather conditions to encourage site visitors to buy weather-appropriate items.
The Personal Touch
Your small business doesn’t need an Amazon-sized budget to incorporate predictive shopping into your marketing strategy – as a small business you’re already set up for it. The connections you’ve built with your regular customers are the ultimate form of predictive shopping – you know their preferences, their budget, and their buying habits already.
With this information, you can cross-sell more easily and make educated assumptions about what products are going to be big sellers.
Online and Offline Data
The personal touch covers both online and offline activity. By using Google Analytics and cookies, you can see how people browse your site and what they’re clicking on. You can also use your bricks-and-mortar sales to support these stats, paying attention to what’s selling well, who’s buying what, and how frequently they come back.
When you know what your customers want less of and more of, you can market to them far more accurately. Otherwise, you’ll spend a lot of time and money trying to guess.
Seasonal trends apply to nearly every industry. Look at your previous sales data and identify peaks and troughs – previous experiences can be the key to predicting future scenarios. You could make down periods more profitable with better offers and repurposed stock, and you can prepare for those busy periods further in advance.
The more knowledge you have about your customers’ buying habits, the more equipped you are to continue giving them what they want and suggest other products and services they might like.
Want to develop the way you personalise services and special offers? Capify can help you raise between £3,500 and £500,000 to pay for new stock, marketing and advertising, or even a complete refurbishment of your business. The online application is simple, and you can get a decision within days.
Find out how much you could raise for your business today.Get A Quote