Acquia, a Boston-based digital customer experience platform, has recently announced a set of new retail machine learning models designed to upgrade the capabilities of its Acquia Customer Data Platform (CDP). The announcement at NRF 2022 highlighted the retail machine learning models’ ability to increase customer lifetime value and drive conversion optimization.
“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.”
A key innovation in the announcement is the release of its new market basket models, which help drive conversions with a suite of tools that intelligently bundles relevant products. Using the market basket model, retailers can analyze gathered data to better understand their customer behaviors and adjust their strategies for campaign performance optimization.
By automatically analyzing large data sets and customer purchasing history, the models help retailers discover what product groupings are most popular to maximize consumer lifetime value.
The models are able to learn and identify patterns between products that are often purchased together to help make more valuable recommendations to customers during their buying journey. The innovations fit seamlessly into Acquia’s existing CDP to provide users with more capabilities and automation tools that can help drive overall customer experiences and ROI.
Around the world, Acquia’s digital experience platform is used by thousands of enterprise brands to create unique customer engagements.
Its products are trusted by many industry-leadings brands such as Lululemon, NBC Sports, Xerox, Godiva, and Johnson & Johnson, as well as 25 percent of Fortune 100 companies.