Acquia Introduces Retail Machine Learning Models to Increase Customer Lifetime Value
Today at NRF 2022, digital experience company Acquia announced advanced retail machine learning models for Acquia Customer Data Platform (CDP), designed to increase customer lifetime value. Among these innovations is a new “market basket” model to drive digital commerce conversions by intelligently bundling relevant products, empowering retailers to better understand the behavior of their customers.
“Acquia is continuing to lead the pack for retail CDPs”
“Acquia is continuing to lead the pack for retail CDPs,” said Kevin Cochrane, senior vice president of product marketing at Acquia. “Through the recent launch of our multi-touch attribution model and new market basket model, we are helping retailers gain a more holistic view of their business by understanding successful levers within their sales and marketing efforts. This data-driven approach helps teams understand buyer habits to improve offerings and drive key conversion metrics that matter most.”
The market basket model for Acquia CDP is a best-in-class analytics solution that helps retailers effectively pair products, price packages and gain a deeper understanding of their own customers’ buying preferences. This model works by identifying correlations between items frequently purchased together to make smarter recommendations to end customers. These insights can help maximize the lifetime value to retailers of each customer.
In addition, many organizations have already leveraged the recently launched Acquia CDP innovation, multi-touch attribution, to visualize campaign performance across the funnel. These models have helped retailers understand the influence and ROI of marketing campaigns through a variety of attribution models, windows and event types, directly within Acquia CDP.