more informationMore information: Improving user engagement | New product development | Design and pricing of packages / bundles | Fostering collaboration | Consumer behavioral models
Problem: Can we understand the emotional preferences of consumers to provide more engaging offers ?
Status: A major U.S. retailer is testing an IBM system that learns from historical sales data to identify the optimal offers that will best tap in to consumers’ penchant for scoring a deal while aiming to improve retailer profits. The retailer can set a budget for the campaign, then choose the assortment, sales channel and customer type to target. The system will learn from consumer responses to the prices and discounts it sets, allowing it to grow more effective over time at creating personalized pricing strategies.
1. Retail’s Future Arrives Today from IBM Research. December 26, 2013. Greg Fitzpatrick, Chief Architect - Global Distribution Sector, IBM. Prototype capability demonstrated at the National Retail Federation 2014 trade show.
Interested in a demonstration of the tool ? Contact Anshul Sheopuri