Blog: RevTrax Adds AI Muscle to Platform as a Way to Better Persuade Shoppers – WWD
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Offer management platform provider RevTrax is now offering a version of its solution that is powered by artificial intelligence and machine learning, the company said today adding that the software can “effectively target and deliver the right offers to consumers quicker and more efficiently.”
The upgrade will allow the company to “observe behavior at scale and categorize the behaviors and patterns faster than ever before.” The platform uses various AI models coupled with probability theory to replay events and campaigns, and “determine causality, and accurately measure results based on a certain set of criteria.”
The goal is to “rerun actual traffic through modeled scenarios” as a way to find the most optimal outcomes and then “adjust the flow of traffic for segments of users in real-time to maximize ROI for brands,” the company said in a statement. In lay terms, AI will be used to better persuade shoppers to make a purchase.
“This analysis will take past activity and results and replay them against a different set of offer values applied to the same model to predict what the consumer will be offered,” the company said. “This will effectively reveal additional insights such as the use of previously unused offer values to continue moving product but at a lower cost.”
Greg Hansen, cofounder and chief technology officer of RevTrax, said the AI technology “enables marketers to run smarter offers at a scale never before possible” while helping marketers “deliver a targeted offer to desired consumers at exactly the right time.”
RevTrax noted that the AI offer recommendations “are based on over a decade of experience studying consumer response to offers and state-of-the-art machine learning algorithms.” Jonathan Treiber, cofounder and chief executive officer of the company, said, “Imagine being able to deliver an offer that is proven to persuade consumers to purchase. Or imagine being able to deliver consistently lower offers to consumers you know don’t need huge discounts. Now imagine all those decisions and segments being analyzed and delivered in real-time. It’s a game changer.”