Predicting Customer Habits
In this article Windsor Circle announced the release of a predictive model that would help retailers anticipate when a buyer will return next, how much they will spend over a 12 month period and a customers “predicted churn”. While other business are using their own models to predict customer behavior, Windsor allows online retailers to use similar technology in a All-In-One platform for marketing and promotions.
Churn rate is a measure of customer attrition, and is defined as the number of customers who discontinue a service or employees who leave a company during a specified time period divided by the average total number of customers or employees over that same time period. For example, churn rate has been an ongoing concern of telephone and cell phone services in areas where several companies compete and make it easy to transfer from one service to another.
What does this mean?
With this new predictive model Windsor can help its eCommerce clients retain customers by offering them the right piece of marketing at the precise moment it is needed to get them to purchase. They can better predict sales and inventory trends based on this model so there is no shot in the dark aspect of keeping product and customer demand close to 0 value. Windsor Circle is integrated with 17+ eCommerce platforms and 19 email service provider which allows for faster integration when processing large amounts of data and then taking action.