October 29, 2018
Halloween is a worldwide event. People from every background, religion and geographic location now celebrate Halloween. In the past few years, the craze of this fun-filled holiday has increased, and the event has become a ritual for children, young adults, and parents alike.
For years, retailers have taken notice: as Oct. 31 peers its spooky head around the corner, they boost their sales by providing the right costumes, candy, and decorations, and giving discounts on the right products. However, with the advances in technology, the once-simple dynamics of retail business have changed and become complex. Retailers have had to adapt to technology in order to stay ahead, and now they are able to us it to increase their sales and expand their market.
Retail has seen many changes with the use of AI (Artificial Intelligence). With the help of technology, retailers have crossed borders and started to service customers across the globe. This, in turn, ignited even more competition among retailers, and the factors of competition changed: from price and quality alone, to price, quality, timing, approach, customer experience, and more.
Social media plays a vital role in the success of AI: it allows the technology to gather information about users, and analyze the data to find who potential customers are and what they are looking for. Predictive analysis and social media have compelled retailers to change conventional strategies for boosting sales, and start to base strategies off of data.
In our day-to-day, we use social media to express our emotions, plans, recent activities, wishes, interests, political alliances and more. We even post about what Halloween party we plan to attend, and ask for advice on what costume we should wear. From social media, we are able to gather an individual’s personality, which knows about his likes and dislikes, taste, friends and even what they are looking to purchase.
This kind of data is used to predict customer behavior, and it can help retailers form a strategy to market Halloween products potential customers more effectively. This allows retailers to cut through the noise of competition, and cater to the right audience, the right way. In 2018, predictive analysis and social media will play a major role in boosting Halloween sales.
AI is not about just finding the right audience. It delves deeper: it can help identify the right time to market a product to a specific customer. AI can predict all the factors that drive a customer to buy Halloween products, but a lot of data is required to predict the behavior of a consumer to such an extent.
Predictive analysis also helps retailers figure out the right product for a customer, based on their user profile. Sometimes, it is very straightforward, like a teen looking for a costume to attend a party. Often; however, a customer isn’t buying the product for him or herself. For example, a mom buys a Halloween dress for her daughter, or candy to give out. In this case, the most challenging part is to predict who the customer is, and what is the right way to cater to them. Using social media, AI can help identify what different people are looking for in a Halloween sale.
With the advancement in the technology the dynamics of the retail industry have become complicated. There is a lot of consumer data out there, and understanding it can be a huge challenge, but it can become a great advantage. Retailers can benefit a lot from the use of AI for upcoming Halloween sales if it’s used the right way!