Drive sales and growth while reducing costs by better understanding retail customers with external data

machine learning in retail

The current retail environment is making it tough for brick and mortar businesses to attract and retain customers.  

Understanding your customer doesn't stop at knowing what they like and dislike, but also requires knowing how to reach them.  To stay relevant, retailers need to implement more effective marketing tactics, both online and offline. External data enriches internal information to create more compelling shopping experiences, market more effectively to existing and prospective customers, optimize store locations, and forecast store traffic.

Explorium's automated data science platform

Challenges

Consolidating external data for analytics is resource and time consuming
Explorium’s External Data Platform centralizes access to public, premium, and proprietary external data for business analysts, data scientists, and business leaders

Transforming, matching, and integrating external data is tedious work
Explorium’s External Data Platform ML capabilities automatically match and integrate external data with your internal data accelerating time to value

Assessing the value of external data is inexact
Explorium’s External Data Platform identifies the relevant external data signals and calculates the uplift in your ML models before deployment

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Benefits

The right external data is a competitive advantage. 

Understanding the broader trends in the market and including them in predictive models improves their performance. Enrich your internal data with external data signals to gain better insights and improve business outcomes.
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Improve Ad Retargeting

Many retailers enhance their brick and mortar locations with an online presence. Deciding where to allocate marketing spend is driven by the behaviors, actions, and interactions that indicate a potential customer. Enriching internal customer data with external signals such as location based data (zip codes and IP addresses), geospatial financial indicators, and time series data on repeat visitors significantly improves your models to retarget customers. 

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Optimize marketing efforts through improved customer segmentation

Outlining ideal customer profiles is essential to optimizing marketing campaigns. Relevant external data helps send the right message at the right time to improve conversions. Enrich your internal data to better understand and target customers.

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Refine direct mail programs

Many retailers still have catalogs and other promotions they mail to prospects and customers. Despite the shift to digital marketing, direct mail campaigns are still effective. Given the increasing cost of postage, targeting the right recipients is imperative to maximize ROI. Combining your internal customer and engagement data with external sources such as Census, internet behavior, purchase behavior, hobbies, and interests gives richer insights on who is more likely to engage and boost response rates. 

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CASE STUDY
GlassesUSA Thumb

machine learning solutions by explorium

“The ease of use and flexibility of Explorium allows us to launch new use cases on a monthly basis with minimal effort but maximum impact.”

Nadav Yekutiel, Head of Product Analytics & Data Scientist, GlassesUSA.com

DATA

Unlock new business value with external data.

Explorium’s External Data Platform improves analytics and machine learning. Explorium enables organizations to automatically discover and use thousands of relevant data signals to improve predictions and ML model performance. Explorium’s  External Data Platform empowers data scientists and analysts to acquire and integrate third-party data efficiently, cost-effectively and in compliance with regulations.

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Example data signals for Retail

Review based information:

  • Business rating and reviews
  • Health score
  • Noise level
  • Average pricing of businesses in area

Consumer Interests and habits:

  • Hobbies
  • Interests by industry: apparel, groceries, music, sports, gifts, art, culture, and more

Business information:

  • Number of businesses nearby by category
  • Foot traffic information: number of visits in the area, places people visited on the same day, etc.
  • Tourist attributes: hotels and attraction characteristics (number of hotel rooms in an area, etc.)

View our Data Gallery to see more examples and learn more.

RESOURCES
Jumpstart Your Marketing Machine with Explorium
Rethinking Data Acquisition With Explorium
Repeat Customer Lifetime Value Prediction
Increase Revenue With Optimized Promotion Scheduling for Retail
Get started with Explorium External Data Cloud Start for free