The story of digital is really about consumer empowerment and individualism. Consequently, understanding consumer behaviour such as motivations, attitudes, purchasing patterns, triggers and ‘turn-offs’, has become the make or break of today’s brands. The success of Amazon or Alibaba is not accidental. Both businesses staked their future on cracking the code of consumer engagement through smart use of customer data.
Machine Learning, which leverages algorithms to detect patterns in vast volumes of consumer data and actually learns from it, gives businesses opportunity to gain competitive advantage, provide better service, stronger business performance and faster operations. We’re now at a point where we’re moving from ‘understanding’ to ‘predicting’ behavioural patterns. This is an exciting time, and there is even more disruption on the horizon.