The Role of AI Data Enrichment Within the Retail Industry

retail data enrichment

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Is retail an excellent place to use artificial intelligence and data enrichment?

This article will explore why artificial intelligence, data enrichment, and retail are a perfect combination and how brands can use it to achieve their goals and bring more value to their customers.

We’ll also see why AI and data enrichment are an excellent opportunity for brands to grow and simplify their day-to-day work.

What is data enrichment, and how does it work?

Data enrichment contributes to transforming data into a more valuable and meaningful form, often also called data cleaning and data augmentation.

We have already talked about it in some recent articles. 

Its task is to take raw data from a database or another source and add information that companies can enrich their analysis. We can’t forget how vital analytics and data are in marketing and sales strategies, and this is one of the most valuable tools for studying all the most essential information.

Companies can achieve data enrichment by combining information from different sources. For example, suppose a company has a list of customers but no email addresses. In that case, it could use the phone numbers on the list to find email addresses and names, and other contact information for those customers. It’s an integral part of the data science process, and it makes data sets complete and accurate, both manually and automatically.

There are numerous data enrichment platforms on the market, each with different features to cover different needs. Often these solutions integrate with the company’s CRM specifically to find or update missing or old information.

Be careful with the solutions you choose, though! Privacy laws are becoming more and more prevalent, and specific behaviors explicitly violate them. 

Data Enrichment and Artificial Intelligence in Ghostwriter AI

Ghostwriter AI analyzes third-party sources such as social networks, forums, newspapers, online blogs, and more, studying and understanding content related to customer topics of interest, and automatically identifies

  • interests (purchase intent, associated issues, sentiment on topics)
  • statistical, demographic groupings (age, gender, language, macro geographic areas)
  • keywords and entities (companies, competitors, places, public figures, or others of specific interest to the customer)

The Ghostwriter AI team supports the client’s IT team, to correlate this new data with internal first-party data to make data-driven decisions with greater precision and accuracy.

The data enrichment activity is cross-industries, and it applies to the marketing and sales activities of banks, insurance companies, TELCOs, and retail.

Let’s now take retail as an example and some practical applications.

Data enrichment in retail: three advantages

AI has been used to provide a more personalized shopping experience for customers and help retailers better understand their customers’ needs and preferences or analyze data, which can help improve their marketing campaigns and promotions.

Here we are with three of the main benefits of the tool, so you can start thinking about it and, who knows, maybe try it out!

Personalization and optimization at their peak

Whoever said that in retail, personalization is not essential is wrong. We all know how it’s a “must-have” in many fields, but it’s a sometimes forgotten concept in retail.

Have you ever imagined how personalization and optimization can go hand in hand?

Data enrichment is the key to combining these two elements and giving birth to a new, much more streamlined, and efficient process management in retail.

Improving sales thanks to selected data 

Can data enrichment help retail improve sales? If used well, yes.

Having outdated data, such as old contact lists, is a risk.

Imagine you need to launch a campaign for a new target audience. You select the concept, launch the project, spend time and budget only to find that you’ve been working on 2017 data that is now wholly unreliable.

Loss, anger, and waste.

You can avoid all of that with data enrichment because it will give you a deeper understanding and knowledge of the information at your disposal. It will help you stay up to date with customer needs and trends, giving you a map and a target to focus your efforts and resources. 

Data enrichment helps retail through precise personalization and targeting, which is possible thanks to artificial intelligence. One of the most important things retailers can learn is the purchase preferences and customer journeys of target and buyer personas.

Thanks to AI-based data enrichment tools, retailers can discover that a specific item is particularly popular with women within a particular age group. At the same time, men tend to view products of the same type but slightly different – on-ear or earbud headphones, for example.

The same research might show that someone interested in headphones, for example, just bought a washing machine or refrigerator.

What does that lead to? Not only to better customer insight but also one-to-one personalization of offers and emails, perhaps suggesting to the female target audience the kind of item that other similar people have already purchased.

Want to know how to do it? Contact us for a demo.

Saving time and better allocation of business and communication resources

What happens when data allows us to get to know the people in front of us better? We manage our resources better and manage to save a lot of money and time.

If you don’t know your target audience, the risk of shooting in a heap is also too high. Will people like this product? What if no one buys it? What if an unexpected target audience appreciates it?

With data enrichment methods, retailers will know which product is most loved and by which target audience, to find out if there are noticeable differences between forecasts and purchases or if they need to rethink buyer personas or stock replenishment. All practical information is aimed at increasing conversions and making work processes successful.

And all thanks to the data provided by Ghostwriter AI’s artificial intelligence.

Conclusions

Data enrichment is essential in several fields, and retail is one of them. Thanks to artificial intelligence, brands can improve their sales and target audience knowledge.

Would you like to get started but don’t know how? Contact us for a free demo!

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