Customer Churn is becoming one of the common uses of AI. Customer Churn is essentially Customer Retention Analysis - that is the ability to know how likely a customer is to remain with you during initial contact/browsing, following a purchase, and/or long term or permanently. Knowing or accurately predicting whether a customer will buy products or services off you at every stage (from their first visit to your store or website, or as they use your services) is absolutely key to modifying your behaviour, appeal and incentives to that particular customer in order to maximise sales and promote growth.
AI is perfectly suited to Customer Churn - it can quickly learn customer behaviours, actions, traits, signs and demographics which can lead to certain desired or undesired outcomes.
Importantly AI can do this in real time
AI Customer Churn works by learning from past customer data. Customer data is passed in to an Artificial Neural Network with inputs such as age, location, behaviour; and outcomes such as instant purchase, 1 week return, 1 month return, never return.
If you pass in enough data to AI it will work out all the intrinsic links within and between customers and be able to accurately predict what happens in the future when presented with new customer data.
AI will spot patterns and trends that would be practically impossible for a traditional software approach to realise.
eldr.ai makes it extremely easy to bring Customer Churn into your organisation. You can use it standalone, or integrate easily with your digital systems.
