Predicting Consumer Behaviour with DIATOZ AI Predict and Purchase Model
A product launch is successful only if the business marketing and sales team have been able to predict customer behavior before the launch. This is applicable to most sectors such as manufacturing, e-commerce, services, fin-tech and more. Understanding the needs of your consumer is an ongoing imperative for businesses across the globe.
AI can be used for automating these processes to allow marketers to make smarter and faster decisions. Thereby it can anticipate customer needs relying on vast data and help sales and marketing teams to make strategic decisions based on better information. It is necessary to look at its capabilities to select the right customer based on the Predictive Purchase Behavior Model as described below.
Using Deep Learning to Predict Human Behavior
Deep learning is a process of using large amounts of data available through AI to predict outputs. This allows it to predict human behavior very accurately and will surely help marketers to promote their products and services way in advance based on the results.
As this technology will continue to evolve, businesses can use all the data that they’re gathering about current, previous, and would-be customers across online and offline channels. Deep learning will become an important tool as the Internet of Things continues to grow. It will also help generate more consumer behavior data that can be collected from different types of devices. It helps businesses understand what consumers want and when is the best time to launch such products for their benefit.
Leading companies such as DIATOZ Solutions are already using advanced AI to deliver more personalised experiences to its customers and anticipate what they need now or in the near future. Amazon, another successful product recommendation engine, also uses AI to speed up its deliveries by predicting exactly the location for stocking its products so that they are as close to the potential customers.
Use of social media is another important means that is being used by businesses to predict human behavior as observed in the last few years. It generates social data that is used to understand consumer concerns, needs and preferences. It has made consumers and companies come closer and establish long term relationships.
Hence, advancements in technology, AI, machine learning are helping companies to innovate ideas and launch products in advance based on customer needs. This trend is being observed across the world.
DIATOZ SEMMA Methodology
The following phases of SEMMA methodology have been used to develop the Predictive Model of DAITOZ Solutions:
There is a need to use samples of customer purchase trends to explore more product sale options today. DIATOZ uses Market basket analysis that works on association rules and frequent patterns, enabling bundling and cross-market opportunities. This data product will form the rules based on the items purchased from the vast transaction database. For instance, a customer buying a laptop also purchased Bluetooth speakers and games CDs. These frequent items occurred together in 700 transactions out of 1000 transactions. It shows that if the vendor bundles these 3 items together either by racking them in the market or prompting them together on any e-commerce platform, there is a huge chance to get more business, and probably 700 may change to 1500 or even more.
Tools like chat bots can provide effective customer service for multiple queries and support each and every customer for all their needs. When a miscalculation is detected, the machine learning algorithm automatically can do both corrections and data analysis within a few seconds. For a new business strategy machine learning can be used to generate synthetic data through extrapolation and projection of the existing data.
Automation softwares saves time and money by replacing manual systems when launching products and services in the market. So, artificial intelligence plays a major role in achieving best results and increasing revenues in business.
Predict To Innovate Your Product
The aim of DIATOZ is to ensure product innovation or process development projects that can turn business ideas from concept to market-ready products by converging to a specific market need, being their technology partner end-to-end: from ideation & design to prototyping to market-fit, full product development to launch, strategy, and scaling up, accelerating the ideas and new ventures through rapid and quick development, product management, etc. This helps to increase customer satisfaction.
Mobile App Development
A well-made mobile app promotes customer engagement and keeps businesses relevant in today’s marketplace, which undoubtedly is a key enabler for business process automation. Multiple businesses are driving their sales to mobiles for a direct business connection with their current clients or customers as well as building new connections with ingenious mobile apps, DIATOZ enables its Clients to envision their ideas and build cutting edge innovative mobile app that your user will love. We are a leading UX/UI Design & Development powerhouse . Our focus primarily is on the following areas to overcome the fastest growing mobility space.
Predictions for Future
Yes, today AI is being used to assist with creating content, but the human touch is still needed to satisfy customers who require more convincing when buying a new product. So more R&D is needed and will surely improve in the near future.
Today, businesses are faced with economic uncertainty, geopolitical challenges, changing consumer demands, supply chain disruptions, and labor issues. To better understand customer expectations, challenges and opportunities in 2023 there is a need to conduct more surveys and research using AI and machine learning to get closer to your customers and make innovative products.
DIATOZ constantly helps customers find new opportunities based on analytics and gap analysis. Being an expert in handling big data, extracting semantics and value propositions using several scientifically proven algorithms, we predict and propose what could help businesses make a quick and right decision, to maintain profitability and ensure competitiveness within their respective industries. We also provide end to end solutions in visualizing data in various platforms and devices. These services are cost effective since we develop and use sophisticated cloud based services that keep your analytics related costs in control while empowering your business with analytics insights.Read More