How an AI-driven reward system can turn an onerous task into a great shopping experience
LONDON, UNITED KINGDOM, July 1, 2021 /EINPresswire.com/ — In an article published on Business Reporter, Steve Prebble, President of data analytics provider Appriss Retail explains why deprioritising returns is bound to lead to loss of sales. 2020 and the pandemic have dramatically changed our perception of retail and pushed online sales to the forefront of any marketing strategy. While browsing and ordering items from your sofa is unbeatable in terms of convenience, the absence of a physical encounter with the product can often result in dissatisfaction with the size, colour, or texture of what has been ordered, as well as a consumer strategy to over-purchase and claim a refund for unwanted items.
In order to retain existing consumers and to reach out to those discouraged by complicated returns from buying online, as well as to decrease the carbon footprint of online shopping, retailers need to get a comprehensive view of consumer journeys across multiple shopping channels to find the shortest and most accessible return routes available.
By harnessing consumers’ transactional data at that specific retailer with the help of data analytics and AI, their buying behaviour can be anticipated and their rewards on returning a product in a physical shop can be tailored to their needs and preferences.
To demonstrate the strategic importance of returns management, it’s also essential that retailers create top level job roles dedicated to managing and coordinating corporate return efforts.
To learn more about using AI to generate strategic insights, watch the video.
•• About Business Reporter ••
Business Reporter is an award-winning supplement published in the Sunday and Daily Telegraph, City AM and online, delivering news and analysis on issues affecting businesses to a global audience. It also hosts conferences, debates, breakfast meetings and exclusive summits.
•• About Appriss Retail ••
Appriss Retail benefits its customers with advanced analytic solutions and artificial intelligence models that help retailers increase net sales, enhance the consumer experience, reduce loss, tackle sales reducing activities (SRAs), and improve performance. The Appriss® Incent solution uses the information available from that retailer at the time of return to help deliver targeted, personalized incentives that will quickly help drive new revenue within hours. Retailers using the solution can see a 34 per cent increase in revenue after a return.
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