How Machine Learning is Predicting Buying Behavior
Being able to understand or predict consumer’s behavior has always been a crucial process for marketers. Everyone wants this kind of prediction, for obvious reasons. Today every marketer wants to target the right audience for his product. The infamous artificial intelligence has made this job much easier, specifically, the deep learning emergence process has helped a lot.
Deep learning is a subset of AI, that has the potential to modify the future of marketing by predicting consumer behavior for businesses. It is basically a machine learning method that uses neural networks, close to those found in human brains. This network is very useful when it comes to voice recognition, employee time tracking software, language translation and perceiving objects.
A well-known example of deep learning using to predict human behavior lies in self-driving vehicles. Many renowned universities like Cornell and Standford developed “Brain4Cars” programs, which consist of cameras, wearable devices, and sensors. These devices will continuously monitor traffic. This system will alert the driver when he is on the fast track and can even predict accidents. The system can apprehend the driver’s behaviors 3.5 seconds faster.
Unwrapping new customer & prediction
A deep learning mechanism is able to find patterns inside of patterns within huge data to help retailers find the perfect audience they want. Deep learning has opened a doorway to hyper-personalization of marketing, by taking the intent of customer experience and interaction history. A university in China found that when deep learning was fed with information like consumer’s work conditions and hobbies, the system was able to predict automobile purchase intent and also the preferences of various groups of consumers.
- With Ai, marketers can rely on more authentic and data-driven insights, rather than making assumptions.
- CEO of Black Swan Data explained working of AI, and said Marketers can take social data, like customers sentiment data gathered by social media listening tools, to identify patterns that can help them forecast consumer behaviors months in advance.”
- The research suggested that by 2023, almost every business will be using AI-tools to target the perfect audience
The prediction of what customers want, and perceive it right is like heaven on earth for marketers.
A dramatic increase in investment of deep learning tech
Today many corporations are already using advance AI tools to convey a personalized experience to their consumers, and predict what they will be needing afterward.
Let’s take an example of the most famous streaming app today, Netflix. And also the infamous e-commerce site Amazon is also taking from AI.
- Their AI-driven recommendation is 85% more accurate.
- Netflix is able to save up to $1 billion annually with the help of machine learning algorithms.
- Amazon is using AI algorithms to speed up their deliveries, by stocking products close to favorable buyers. To reduce delivery time.
Speaking of deep learning apps, how can one forget Google and Facebook. Google is using this for Google cloud, where Facebook is not far behind. With its development of DeepFace helping to recognize people in pictures with near to perfect accuracy. This social media giant is now up to create a unified deep learning framework, which will be accessible to their developer’s community.
In the world of remote employment, many tools are being developed to ease employer. Helping them to provide insight into employee engagement activities. With the help of intelligent worksheets measuring your employee’s productivity is not that difficult today.
However, deep learning is still in its early days, but it won’t take long to grow, keeping in mind the rapid growth of technology. Machine learning has already changed marketing tricks and tactics, and not keeping pace with the change would be a drawback for any new or old marketer.