Pecan is currently working with one of the world's leading online retailers, with the company owning over 25% of the market share. The company sells consumer goods online, as well as a myriad of other goods.
The company was looking to build an AI model in order to predict Next Best Offer, per individual customer, in real time. The company turned to Pecan to predict more accurately which of its customers will respond positively to an additional offering (cross-sell) after an initial purchase. Predicting which customers are susceptible to cross-sell is crucial to the company's efforts to maximize revenues and profitability.
The Marketing team did not have the trained data researchers to embark on a data science project which entails training and maintaining multiple deep-learning predictive analytics models. They also did not have time to waste, they needed to understand what issues may arise, and now.
The company conducted extensive market research and chose Pecan‘s predictive analytics platform to address their business challenge. The Marketing Analytics team used the Pecan platform to train a model to analyze customers’ recent actions, past behavior, interests, and needs in order to answer the following :
The company’s Next Best Offer conversion rate increased overall by 7% representing over 12 million dollars of revenue from cross-sell.
Pecan’s platform allowed the company’s existing marketing analytics team to build the AI model within 7 days, versus 4 months it would require a data scientist, and at a significantly lower cost.
Most notably, was that the company empowered its existing marketing team with the capability of building state of the art AI predictive analytics models, without the need for an on-call data scientist. The company now has data science capabilities and a strong market understanding due to Pecan’s predictive analytics platform. All this gave the online retailer a strong competitive advantage, extending its market leadership.