Competition continues to stir up the consumer goods industry with the rise of eCommerce, advancements in technology, and global expansion. Companies have to differentiate themselves from the competition by better understanding and connecting with their customer. Those that fail to adapt to shifting customer behavior and provide a personalized experience will quickly fall behind.
The more digital devices are used to make purchases, the greater the opportunity for consumer goods companies to customize and simplify the shopping experience. Artificial intelligence (AI) and machine learning (ML) models can analyze the plethora of consumer data and serve product recommendations that increase purchases, limit returns, create cross-sell and upsell opportunities, and have a significant financial impact for the business. Giving customers more of what they want builds trust and loyalty for consumer goods brands.
Implementing a fast, accurate, reproducible, and cost-effective product recommendation framework is the power needed to increase sales and customer loyalty. See how Anaconda Enterprise can improve data science workflows in consumer goods by booking a demo.