How Reinforcement Learning Can Help Meet Consumer Expectations
Experience is everything for today’s consumers. In fact, customer experience is set to become the key differentiator for brands by 2020 — exceeding price and product — and has already been identified as an essential driver of brand love. But mastering it isn’t easy.
According to IBM, the average global brand scores just 33 on a Customer Experience Index, on a scale of 100. Moreover, just 3% qualify as leaders and nearly two-fifths (39%) are classed as falling or lagging behind.
While there are many causes for this gap between experience, expectation, and delivery, the most significant is data; or rather, the difficulty of managing it. Thanks to the increasing use of connected devices, consumer information is now abundant. Yet as data stores keep growing, extracting the individual insight needed to tailor interactions is getting harder.
To provide experiences that win customer approval, smarter analysis is vital. And this means brands must utilise machines that can make informed decisions like humans do, only better.
Read Piero Pavone, COO & Co-founder’s the full piece on engagecxmarketing.com