For an industry which is still going through the challenge of some major structural changes, each of which comes with its own financial constraints, the power of machine learning to predict the returns on each type of customer interaction – whether that is a customer who only shops online, buys on their mobile whilst on the go, or who prefers to browse in store and buy online – is key to making savvy decisions.
Tel Aviv-based Optimove offers a SaaS-based solution for the automation of personalized customer retention marketing, in use by over 250 customer-centric brands, including 1-800 Flowers, Chubb, Freshly Adore Me, Bethesday, and eBags, to name a few. The company bootstrapped its operations for 6 years before recently taking on $20 million to grow the company.
“At the moment, only the early adopters are using [AI] in my opinion. Most of the industries are not there yet. Companies that are most technologically oriented and digital.” – Yohai Sabag, Chief Data Scientist, Optimove
Online lingerie brand Adore Me used Optimove’s AI to segment its customer list into different types of prospects and customers to increase purchases and subscribers to its membership pricing program.
Companies like Amplero, Optimove, Adgorithms and Motiva use machine learning to plan, personalize and optimize every single interaction across the customer journey.
Using Optimove’s technology, the company divided customers into 60-plus segments. As a result, Adore Me saw a 15 percent increase in monthly revenue from its data-driven campaigns, and a 22-percent increase in average order amount. Its yearly active customers doubled.