Synergy of AI in Marketing: Enhance Sales Forecasting and Customer Loyalty
In today's digital age where e-commerce reigns supreme, the importance of data-driven insights cannot be overstated. With the rapid growth of online platforms, the amount of text-based data has exploded, creating both challenges and opportunities for companies looking to optimize sales forecasting and foster customer loyalty. Recent research efforts have revealed the potential of using artificial intelligence (AI) to unlock hidden treasures buried within text data, providing valuable insights into consumer behavior and preferences.
Understand the power of text: Improve sales forecasting
Traditionally, the focus of sales forecasting has primarily revolved around consumer reviews, ignoring the untapped potential that exists in product descriptions. Recognizing this gap, Shan Chen and colleagues embarked on a pioneering journey to investigate the impact of product descriptions on sales forecasts. Through the integration of text mining techniques, WaveNet neural networks, multiple regression, and SHAP models, we have built an innovative AI framework that can decipher the subtle relationships between product descriptions and sales results.
Their empirical study, leveraging approximately 200,000 sales records from cross-border e-commerce companies, yielded interesting insights. A whopping 44% of key phrases within product descriptions were identified as important determinants of sales forecasting. Remarkably, when we used these keywords to enhance our sales forecasting model, we saw a measurable increase in forecast accuracy. By elucidating the impact of product descriptions on consumer choices, this framework provides practical guidance to companies seeking to create compelling product narratives that align with market demand and ultimately You can attract a broader customer base and drive revenue growth.
Uncovering the transformative potential of AI in marketing
At the same time, another group of academics led by PS Venkateswaran took a closer look at the transformative role of AI in enhancing marketing and fostering customer loyalty. AI’s unparalleled ability to analyze massive data sets, predict consumer behavior, and deliver personalized experiences…
