When it comes to losing customers, businesses big and small are in the same boat. It's a humbling experience that no company ever wants to go through, but alas, it happens to the best of them. So, what's the solution? Well, according to recent findings by Oracle Corporation, it may very well be AI powered churn-prediction! In this blog post, we'll explore how artificial intelligence can help your business keep track of its most valuable asset: customers! Stay tuned for tips on how you can use AI to identify when a customer is at risk of leaving your business so that you can take corrective action before it's too late!
There's no sugar-coating it: e-commerce can be a cutthroat industry. Companies are constantly vying for customer attention and loyalty, and the margins are often razor-thin. In such a competitive landscape, it's essential to maximize revenue from existing customers while also finding new ones. By analyzing customer behavior, e-commerce companies can identify which customers are at risk of leaving and take steps to keep them engaged. For example, a company might offer a discount to customers who are showing signs of disengagement. Churn prediction is an essential tool for e-commerce companies, and those that use it effectively can give themselves a significant advantage. There are several different ways to predict churn, but one of the most effective is to use machine learning. By training a machine learning model on past customer data you'll get the most accurate, actionable insights.
Until now churn prediction has always been a bit of a guessing game. Businesses lose an average of 15% of their customers every year, but often have little idea why. Was it something they said? Something they didn't say? A change in the product? A bad experience with customer service? Who knows! You don't need to play this guessing game any longer if you use an AI-powered churn prediciton solution. It utilises your data to identify which customers are at risk of churning, and helps you take steps to retain them, without having to spend huge amounts of time doing it manually (and inaccurately). By understanding the patterns and behaviour that lead to churn, you can keep your business growing - and your customers happy.
All of this is to say that if you’re looking for a way to boost your conversion rate and ROI, Smarter might just have the answer. With our AI powered churn predictor, we can help you identify which customers are at risk of leaving so that you can take corrective action before it’s too late. Contact us today for a demo and see how our predictive analytics can help keep your customers coming back for more!