Acquia has introduced Retail Machine Learning model for its Customer Data Platform (CDP) aimed at improving its customer lifetime value. The new feature includes the “market basket” model, which helps the better understanding of consumers through bundling relevant products.
“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 new model helps in providing analytics by understanding customer’s buying patterns which will help the retailers to pair products and price packages, and this also provides a recommendation to the buyer based on their recent purchases.
Many of the firms have used the new market basket model by Acquia, which helps in their business development through innovation, multi-touch attribution, etc., which helps in better reach. The new CDP has helped in analysing the influence and ROI of various marketing campaigns through various attributes within the CDP of Acquia.