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Using Artificial Intelligence To Predict Purchase Intent

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Using Artificial Intelligence To Predict Purchase Intent


The use of AI in marketing allows businesses to understand customer demand for their products and their willingness to purchase them.

Predicting the purchase intent of anonymous visitors from various sources can be a daunting task for your business. Earlier, businesses would gauge customer interest in their products based on factors such as past demand, prices, and rival performance. Today, those factors are still relevant, in addition to a few more such as behavioral trends, reciprocity and product scarcity in the market. Such factors create huge reserves of customer data that need to be scanned and analyzed to get an idea about purchase intent. AI is the perfect tool to find patterns from big data before using them to create marketing and product promotional strategies. As we know, the combination of AI in marketing already has several applications today. Tools such as AI, machine learning, computer vision, and Natural Language Processing (NLP) allow you to go through thousands of data points online to understand each individual’s behavior. Unlike humans, AI can evaluate thousands of data points before carrying out a comparative analysis between the number of possible permutations and the billions of known outcomes. AI algorithms are trained with millions of datasets to predict buying intent in real-time based on such factors. Here are some of the ways in which AI goes about the purchase intent prediction process:

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Identifying Customer Pain Points

Pain points are specific problems your prospective customers are facing with regards to your products in the marketplace. Detecting these points allows your business to know the specific aspects of your product, marketing strategies, or other factors that you will have to modify as per customer requirements. Identification of pain points before addressing them allows you to understand how to purchase intent works for specific products and how you can increase it. Pain points are assessed by conducting qualitative market research and feedback analysis, which can be optimized with the help of AI.

Data can be collected from customers in the form of the voice of customer analysis, surveys, purchase ratings, social media, and others. Customer feedback analysis tools enable you to integrate them with your CRM systems. Once this arrangement funnels in information related to customer interactions, customer satisfaction index, data generated from chatbot interactions with customers, and other similar details, you can use AI to get closer to predicting your customers’ purchase intent by analyzing this data. The AI-enabled prediction of purchase intent using pain points is useful in scenarios where you have information available in the form of market research data and customer feedback. However, how can you predict purchase intent for anonymous visitors on your site?

Predicting Intent from Interest Signals

When direct information is not available, your AI algorithms can collect data from other sources. Generally, visual content consumption is a powerful indicator of purchase intent. There are several third-party service providers who collect user behavioral activity data to understand the factors that drive purchase intent. From such data, AI can forecast the purchase intent for your products by using a few signals, which include:

  1. Number of consumers who visited your website
  2. Time spent on your online page
  3. Scroll Speed
  4. Types of products viewed and
  5. Time spent seeing each product

Predicting the purchase intent of your customers and others is challenging and full of guesswork. Using AI in marketing for the task reduces the guesswork and makes the process more data-driven and the predictions accurate.



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TECHNOLOGY

Growth Acceleration Partners celebrates 15 years as a strategic technology solutions partner

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Growth Acceleration Partners celebrates 15 years as a strategic technology solutions partner


Growth Acceleration Partners (GAP), a strategic technology solutions partner, is proudly celebrating 15 years of organic growth as a bootstrapped and woman-owned company  — an extraordinary milestone in the tech industry — thanks to incredible clients, partners, and dedicated teammates.

GAP’s service offerings and client-base have grown exponentially since its founding in 2007, with 15 years of profitable growth and explosive 40% YoY revenue growth in the past fiscal year under the guidance of strong female leadership. 

“GAP has upheld its original vision as an organization where people and values come first, while also adapting to market demand to meet the technology needs of our clients,” says Joyce Durst, CEO and co-founder of GAP. “Our milestones as a company can be attributed to our steadfast commitment to improving the lives of the people around us.”

The company’s services have expanded from quality assurance and data analytics to include high-value and in-demand transformation services to modernize technology and drive business outcomes such as scaling, building resilience, and increasing performance and revenue. GAP also creates an exceptional client experience through a unique project management approach, where specialized resources work as a high-performance team. 

In addition to offering cutting-edge and customized technology solutions, GAP’s strong culture has shaped a work environment rich with opportunities for employees to grow professionally and personally. GAPsters, a name designated for GAP employees, benefit from a vast array of internal programs that promote and foster technical and professional development, mental health initiatives, social activities, affinity groups, and opportunities to engage in different technical projects to avoid burnout. These programs support GAP in sustaining its value of investing in people. 

“It is incredible to see what we have achieved together in 15 years, and GAP continues to prove you can have spectacular success with a culture centered on people and technical excellence,” says Paul Brownell, GAP Chief Technology Officer. “Even with tremendous growth, we have preserved our focus on our purpose and values as we engage in the success of each client and every GAPster.”

Headquartered in Austin since its founding, GAP has expanded to build offices in Costa Rica and Colombia. The company is immersed in community initiatives through its charitable giving initiative, GAP Gives, as a way to live the company purpose and improve the lives of those around GAP. Since its inception in 2021, GAP Gives has contributed over $60,000 to 12 charities in Austin, Costa Rica, and Colombia that focus on pertinent issues such as women and children’s well-being and homelessness. GAP also launched GAP Contigo, an initiative that supports women from low-income backgrounds by sponsoring a six month bootcamp where they learn to code. 

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“Giving is an integral part of GAP’s fingerprint,” says CFO Michelle Schwalbach. “We consider our giving as a metric of success as important as revenue.”  

About Growth Acceleration Partners

GAP is a strategic technology solutions partner that provides an exceptional experience in Digital Transformation and the Delivery of Software and Data solutions via our world-class consulting and engineering teams. By building strategic, long-term partnerships, we combine extensive domain knowledge with deep technical expertise to transform your objectives into data and software solutions that drive business outcomes.

For more information about GAP’s technology solutions, please visit www.growthaccelerationpartners.com.  

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