Positioned at the forefront of innovation, Forestreet offers unsurpassed market intelligence that supports companies in strategic decision-making for a competitive advantage. In one of Mercury Labs' early ventures, we embarked on an AI-driven mission to bolster the sales of a prominent institutional publishing company. Our goal? To harness the power of data and AI, personalising product recommendations and amplifying sales.
Objectives:
Collaborate with a top-tier institutional publishing company to craft personalised product suggestions tailored to each customer.Dive deep into individual purchasing behaviours and histories, spotlighting products that resonate with specific buyer preferences.Amplify the sales of high-value, low-volume products, driving revenue growth.Our Approach:
Rolled out a customised Association Rules algorithm, leveraging AI to unearth patterns between products that are frequently bought in tandem.The client could adjust minimum support and confidence levels, offering flexibility in identifying various association rules for sales suggestions.Built interactive visualisations, ensuring the model's outputs were transparent and easily interpretable for client validation.Outcomes:
13% increase in sales using our AI-driven strategyAlgorithm confidence level over 90%, accurately recommending one or more products based on a customer's active subscriptions.By fine-tuning its understanding of individual preferences, the model performed well at suggesting additional purchases.
