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BizReport : Advertising : April 12, 2021

Top 3 tips to create a stronger AI strategy

By mining internal and external data about consumers, merchants can gain insights about the likely preferences of individuals, allowing them to create offers, incentives, and a shopping experience that is more appealing. In the world of retail marketing, AI is helping to build more personalized marketing campaigns, and to improve the product search experience -- among other things -- which can help deliver a better customer experience as well. Here's how to improve your AI strategy to better serve customers.

by Kristina Knight

First, solve the right problems

"Investment in technology and infrastructure is a given for retailers to be "AI ready," especially when it comes to switching to from on-premise infrastructure to cloud-based setups," said Praneet Aneja, Client Partner, Fractal Analytics. "Not every problem is AI ready, so make sure the problems you are trying to tackle with AI have the critical blend of both business importance and AI feasibility."

Second, remember experimentation is key

"To build the best AI models possible requires lot of experimentation and fine tuning, so don't be afraid to run experiments and tests to see what you come up with. Furthermore, by embracing this new way of thinking about experimentation when it comes to AI, it may also have a knock-on effect throughout the rest of the organization as well, encouraging other business units to adopt and try out new technology as well," said Aneja.

Third, training and re-training will keep AI teams fresh

"The ability to hire, train and retain AI talent is key to an organization's ability to build successful strategies. Granted, it is always important to collaborate with external AI partners. However, by having a stable of "AI champions" in house, companies stand a much better chance of making their initiative more successful," said Aneja.

Tags: advertising, advertising strategy, advertising tips, AI advertising, AI strategy, AI tips, Fractal Analytics

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