October 201719 Right now, we are at a major tipping point when it comes to artificial intelligence (AI) as more and more organisations and industries experiment with how to use the technology for business gains. Until recently, AI was viewed as promising technology but one that only technology companies could invest in and benefit from. Now however, AI has been dubbed a revolutionary engine--a technology that is here to stay and is increasingly essential in any modern environment--from marketing to finance.Recent research, commissioned by Emarsys with Forrester Consulting, sought to shed some light on the adoption of AI for marketing purposes within retail and e-commerce. Specifically, it investigated the gaps between the readiness of AIM solutions to execute on real-time B2C marketing campaigns, and the readiness of marketing technology users and business decision makers to adopt AIM technology. Here are the most important takeaways:1) AIM drives revenue In the study, the number one objective that businesses want to achieve with AI is to drive revenue growth, followed by better serving existing customers and meet rising customer expectations.AIM has been recognised as a method for driving revenue thanks to its ability to engage with existing customers in more meaningful ways than ever before. In fact, SailThru has estimated that if a company can increase its retention rate by as little as 5 percent, profits can increase to anywhere between 25 ­ 95 percent. While the greatest amount of revenue comes from engaging present customers, AI also allows marketers to more accurately target prospects and bring in new business.The revenue-driving power of AI has not gone unnoticed. With over three quarters of the organisations polled stating that they plan to bulk up their budgets for AI technologies by five percent or more in the next year. The good news is, the industry is moving beyond buzzwords and hype to a tangible AI solution.2) AI provides best-in-breed targetingTargeting the right audience is an elemental foundation of marketing. However, this has become more challenging over time due to the sheer volume of data available to marketers which has made accurate segmentation increasingly more challenging. With an AI-powered segmentation engine, marketers can go beyond collecting data through automated segmentation and communication, CXO InsightsBY HEATH BARLOW, AUSTRALASIA MARKET LEAD, EMARSYSWhy the Time is Right for AI Marketing in RetailHeath Barlow
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