GETTING BLACK FRIDAY-READY WITH DATA
Businesses preparing for Black Friday need to take into account a number of considerations involving both Marketing and Pricing. For the latter, Data and Predictive Analytics play a huge role in determining what items should go on sale, and what their price should be.
Far from just being based on gut instinct or word-of-mouth, algorithms derived from Advanced Analytics
inform Machine Learning models that determine what should be on sale, and for how much. These take into account not only how many of each discounted product need to be sold to produce the right ROI, but also what prices and sales should be for the rest of the year in order to make the sale financially viable.
In terms of Marketing, Deep Learning techniques can be used to
accurately predict Customer Behaviour and purchases. These predictions can then reveal which customers are likely to spend the most over the weekend, and which are likely to make minimal purchases. Marketers can then, in the lead up to Black Friday, target relevant messaging to each audience whether it be “get all you Christmas shopping in our sale” or “treat yourself to a one-off item”.
By carefully analysing the Data they have available and reviewing the successes and failures of their Black Friday events, businesses can generate greater customer loyalty and improve their sales year-round.
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