— July 30, 2019
(Image Source: Pexels)
More online businesses are integrating machine learning into their operations, with the bigger and established ones trailblazing the revolution.
Machine learning has brought myriad opportunities and improved strategies to help business owners foster customer relationships and get more profit and conversions.
If you haven’t fully leveraged the power of machine learning in your business, let me give you five reasons why you should do so now.
1. Machine learning helps increase your efficiency.
Can you imagine buying from the grocery store without having to wait in line to pay for your goods?
If you can’t, then you’d better prepared because that is now a reality.
Amazon, for one, has applied machine learning to make grocery shopping ultra-efficient for your customers through computer vision, sensor fusion, and deep learning algorithms.
Using the Amazon Go app, customers only need to open it, scan the QR code when they enter, pick their items, and confidently walk out of the store.
Amazon Go detects the items they take out from the shelves, automatically adds them into their virtual carts, and charges the bill into their Amazon accounts when they leave.
Such is a classic example of how machine learning can increase the efficiency of your business operations and processes, and help your customers, too.
While you can use pre-built machine learning technologies, you can also master how to develop them yourself.
The concept may sound complicated, but through the right machine learning course, you can invest in building machine learning technologies that suit your specific business needs.
2. You can understand your customers better.
Since the launch of automation, businesses have embraced customer-centeredness.
If you want to maintain a competitive edge over other businesses, you need to know what your customers need and give it to them.
If you fail to do so, you can lose your potential customers to your competitors.
Here is where machine learning plays a critical role.
Machine learning can analyze and organize patterns, trends, and data about your customers’ demographic profiles, choices and preferences, behaviors, and others.
Machine learning can get these data from online tools and mechanisms that you use, such as emails collected from sign-ups.
Such ability by machine learning enables you to know and understand your customers more quickly.
For instance, for your advertising campaigns on Google Adsense or other channels to be effective, they should be deeply targeted according to the mentioned data.
The more accurately you can understand your customers and their needs and wants, the more sharply you can target your ads.
3. You can personalize your marketing campaigns.
When customers feel that your offers are accurately aligned with their preferences — or personalized — they are more likely to patronize your business.
The question now becomes, how do you personalize your campaigns and customer shopping experience?
The answer is by using machine learning to build them based on the data gathered and analyzed, just like Flybits does.
Flybits is a context-as-a-service product that helps businesses provide hyper-personalized digital content and experiences for your customers.
With its easy user interface, your digital marketers can easily and instantly access internal and external data through cloud synchronization.
Its real-time mobile analytics allow you to customize your content and campaigns for your customers according to their location, weather, and others.
What’s more, Flybits ensures your customers’ data are safe and kept confidential. Your customers retain full ownership over their data as well.
Personalized campaigns are influential in increasing your conversions and sales, and machine learning help you create them.
4. Machine learning recommends products to your customers.
In line with personalizing your campaigns, machine learning can recommend products similar to what you previously viewed, purchased, or added to your cart.
Amazon is one company that uses machine learning to recommend similar products.
Machine learning picks up on the features of the items you previously searched, viewed, or bought, and creates algorithms from those data.
Amazon then personalizes its recommendations to you by stating your name and showing similar items.
It can also recommend to you similar items that other customers viewed or bought.
Let’s say you clicked on some Omine grey loafer sneakers.
Machine learning notes the features of the shoes, such as color, size, and style, and then shows you what other customers also bought.
In this way, they leverage social proof and fear of missing out (FOMO) to entice you to consider buying what other customers also liked (besides widening your range of options).
That said, machine learning helps you improve your sales and conversions significantly.
5. Machine learning helps to detect fraud.
The convenience that online payment systems offer, especially through mobile applications, has attracted both customers and businesses to transact and purchase online.
However, transmitting money online has also attracted cybercriminals and given them opportunities to execute fraudulent attacks.
Some businesses have implemented different cybersecurity measures but find that they need more to stop fraud.
If you’re experiencing the same problem, there’s fortunate news for you. Machine learning can now help strengthen businesses’ fraud detection system.
For instance, PayPal uses machine-learning mechanisms to catch suspicious and shady transactions and separate them from legitimate ones.
Machine learning further assists you by inspecting specific attributes among your data and develop standards as the basis for examining each transaction.
Machine learning, therefore, helps prevent malicious transactions from taking place even before you can complete them.
Another example is Uber.
Aside from other technologies like GPS spoofing, Uber uses machine learning to detect fraudulent transactions like stolen credit cards and account take-overs.
For example, a legitimate user new to Uber usually takes the time to review the company’s profile and services offered.
However, a criminal who has stolen credit cards and acts as an agent service provider acts differently.
He will spend more of his time moving pins and changing addresses and payment methods.
Thankfully, Uber’s machine learning can differentiate patterns in tap sequences between a regular user and a fraudster.
As such, Uber can act accordingly to stop frauds from being fully implemented.
Leverage the power of machine learning.
Machine learning can radically improve the way you operate your business.
Whether you’re looking for crucial insights to create a solid content strategy, recommend a product, or learn about your customers’ attitude overall, machine learning can help you accomplish just that.
Leverage the power of machine learning, and you’re likely to see positive results out of your business endeavor.
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