The COVID-19 pandemic has made consumers all the more dependent on the e-commerce industry. Online consumer base is all set to increase in the post-COVID era. A recent survey conducted by Bain & Company in association with Flipkart projected that India’s online consumer base will reach 350 million in the next 5 years. The report also reported that online penetration in e-retail industries is growing approximately 36 percent every year. In an interview with DataQuest, Raghu Kashyap, co-founder and CTO, Intentwise talks about what has changed for the e-retail industry, how new-age technologies like AI, ML and analytics can help in digital marketing, and much more.DQ: How has the landscape for the e-retail Industry changed post-COVID? Raghu Kashyap: There has been a surplus demand for many of the categories in e-retail, during and post-COVID. Many of these brands have seen 3-5x growth during this time. Demand is growing online, and many of the brick and mortar retailers are trying to catch up. Many retailers are taking advantage of Amazon advertising for brand awareness and positioning their brands post-COVID.DQ: What are the challenges faced by FMCG companies and large brands to target their customers online?Raghu Kashyap: One of the significant challenges for brands is identifying customer intent and providing the relevant products for them. With so many products and so many options, customers are looking for something that stands out. So things such as price, star rating, reviews, bestseller tag, and relevance matter a lot. Brands need to focus on their product and how they can get ahead of the rest. Advertising is one way to stand out. However, that in itself would not help, and hence a razor-sharp focus on product and the services they provide to their customers through these products is the most significant factor.DQ: How are AI, ML and Analytics help to make ads personalized for customers?Raghu Kashyap: Today a customer journey spans across many devices, and many days before a purchase is made. There has to be a significant time spent to derive the right customer intent. Patterns and customer intents are derived better through Machine Learning and Artificial Intelligence. Over the last 15 years, Google showed us how ads could be personalized through extensive data analysis and targeting. Amazon has the advantage compared to Google, which has all of the customer data to target in a much effective way. ML will lead the way with targeted ads to show the right ads to the person looking for a product.DQ: How can large brands and digital marketing agency sail through pandemic using Machine learning led marketing strategies?Raghu Kashyap: Manually reacting to market and competition requires a strong team of experts who knows products, market, and advertising well. Scaling an agency requires people who can bring this strength to the team. Smart agencies know that to win technology is essential. If history can teach us something, winging through smart technology platform with the help of Machine-based decisions are critical. Agencies can rely on platforms to understand customer Intent much better and strategize accordingly.DQ: What is Intentwise’s got to market strategy for India?Raghu Kashyap: Intentwise is well-positioned to support digital agencies in their operational and growth strategies. Intentwise’s optimization platform helps teams take advantage of all the strategies and techniques within Amazon advertising without the hassle of spending a lot of time learning and managing advertising. Intentwise’s AI platform enables effective bid management while also supporting the automation of routine tasks such as keyword expansion. Intentwise’s Share Of Voice platform enables agencies to target their potential customers and help them grow.
Source: https://www.dqindia.com/ai-ml-analytics-can-help-retailers-position-brands-post-covid-raghu-kashyap-intentwise/
