We sell a pair of socks by leveraging AI and data analytics for acquiring customers. Sounds weird? But, this is what Pritika Mehta, founder of SockSoho- a D2C startup selling socks mentioned in an interview when asked about her flourishing D2C socks business in India.
By analysing various data points SockSoho generates insights on customer behaviour and spending patterns that help refine marketing strategy and inventory planning and expand into multiple verticals.
The approach taken by SockSoho is probably the story of every startup’s success which is making the startup ecosystem so well-received in India over the recent decade. But, the biggies and conglomerates that have been ruling the consumer’s cart for ages have remained a laggard in the usage and generating insights from massive volumes of customer data they generate. However, the Chennai-based The Data Team is now looking to change this.
What is The Data Team?
Founded by Rangarajan Vasudevan, The Data team is an AI service company that offers solutions in business intelligence in sectors of telecommunications, retail, oil and gas, e-commerce, banking, media, insurance, fintech, and NBFC. Through its AI-driven solutions, it is enabling brands to have a frictionless customer experience and provide the personal touch, immediacy, and convenience that customers expect. The Data Team’s solutions can transform a usual CRM ( customer relation management) system into a self-updating, auto-correcting system that remains on top of its game eventually building customer loyalty and brand building.
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According to a report from Indian Grassland and Fodder Research Institute, the fodder deficit is upto 29 percent in the availability of feed including fodder.
Cadenz- Decoding customer’s behaviour
Cadenz – the flagship product of The Data Team is the market’s first Customer Intelligence Platform that provides enterprises live behaviour intelligence about its customers using its data automatically.
It helps enterprises to eliminate customer friction to boost revenue, improve loyalty and monetise effectively.
How does it work?
Cadenz gathers scattered customer data, consolidates records, and automatically infers the interests of customers using behavioural AI algorithms. It has below features to offer:
A single view of the customer
It can build a 360-degree view of all customers by integrating customer journeys across multiple touchpoints. Within the single view, Cadenz can say the following things about your customer-
1. Personalise product or service recommendation
2. Anticipate user behaviour for cross-channel marketing
3. Provide contextual customer service.
Real-time personalisation
Instantly hyper-personalises customer at every interaction at points such as location, POS, call centre, transaction, location, purchase history, and personal preferences, etc. It benefits the business by-
1. Increasing the wallet share
2. Better customer satisfaction
3. Boost conversion
Automated behaviour segmentation
With Cadenz businesses can discover customer profiles or customer groups using natural language-based concepts. Its ability to identify micro-segments reduces the period from the conception of a new idea until it is released to the marketplace.
The Data Team’s distinguished clientele consists of HDFC Bank, Singtel, Indian Oil, Central Group, Credit Mantri, SEBI, and ICICI Lombard.
What lies ahead for such AI solution service providers?
In today’s tech-savvy world, customer intelligence is a must-needed asset required for the continuity of business. Its importance is felt highly in the BFSI sector since banks need to respond faster and make the customer feel special and give assurance that their money is safe with them. AI solutions extract relevant customer information and provide hyper-personalized products and services that can truly help financial institutions improve revenue per customer and connect with customers like never before.
Similarly, for a telecom company’s continuity in the long run offerings such as high data speeds and free voice calls is passe’. The telecom company must understand every subscriber’s preference and build a customer profile that will aid them to deliver delightful customer experiences resulting in more stickiness and usage.
Therefore, such startups will have good business opportunities ahead since the legacy brands will require this valuable data to accelerate their business and transform into a digitally native business.
