Business News

  • Written by Mark Smith

Many people associate artificial intelligence with potential job losses and the threat of machines taking over, but leading behavioural economics and customer loyalty agency, Customology warns Australian retailer industry to change how they approach artificial intelligence or run the risk of losing their customer’s loyalty.


Artificial intelligence, even though still in its infancy, has moved in leaps and bounds over the past few decades, with technology being used in businesses to help with logistics, gather information and manage complex stacks of data. The technology is now at a point where it has the ability to work effectively for retailers as part of their business strategy to retain customers and drive growth.


Customology General Manager, Michael Barnard said that retailers who are introducing artificial intelligence into their business need to understand the technology needs to be trained just like any member of their staff, it is not a simple plug-and-play piece of software that will drive immediate results.


Australian retailers are at the crossroads of a very exciting time for their business, which can see them successfully harness the power of artificial intelligence to secure their future place in the market,” Mr Barnard said.


They need to commit to rolling out the technology as part of their business strategy and sticking with it so that the AI is able to be integrated effectively within the company’s business platforms and channels,” he said.


Too often, businesses expect a quick win when the reality is that AI will significantly assist companies with the speed of decision making allowing more complex customer focused pathways for communications. AI won’t of course be of any value to companies that aren’t responsive or open to new channels and business tools.


Michael Barnard said retailers should consider how artificial intelligence will complement the roles of their staff in store, as face-to-face human interaction is critical to engaging with customers and building their loyalty with businesses.


Artificial intelligence can help with generating leads and making personalised recommendations for products to customers, but it can’t replace the connection made between two people which is vital for building customer loyalty,” Mr Barnard said.


Additionally, AI helps free up staff to concentrate on the more strategic elements of their job. This means that they can add that human touch to the customer engagement process consolidating loyalty and driving value for customers.


Customology is one of the leading customer loyalty and behavioural economics agencies mixing technology, data science and marketing to influence customer behaviours. The agency works with leading brands including; Flight Centre, The Coffee Club, Michael Hill, Bridgestone and Suncorp. This latest appointment is testament to Customology’s growing success and ambitions, and their leading industry insights.

About Customology
Customology is a leading behavioural economics and customer loyalty agency, specialising in creating customers for life, helping brands understand their customers and develop measurable programs to keep them coming back. Customology is a mix of technology, data science, and marketing which influence customer behaviour to ultimately drive repeat sales.


For more information about Customology, visit www.customology.com.au

3 Tips for Better Management

Running your own team, whether it’s the whole business or simply one department, means making sure that you are a good manager. Being a manager is a lot harder than many people assume, and often mea...

Research reveals the avoidable task 92% of people and businesses are wasting time on

New research commissioned by Zoom2u, an innovative platform that provides radically fast and reliable deliveries, reveals that despite massive tech advancements in the delivery space, 92% of Austral...

JB Hi-Fi battles on despite Amazon

Expected to be one of the most vulnerable companies amid Amazon Australia’s arrival, an emboldened JB Hi-Fi has posted an increase in revenue of 21.8% over 2017-18, to total $6,854.3 million. The gr...

The Customer First Approach of Graeme Holm

Graeme Holm is one of the co-founders of Infinity Group Australia. Mr. Holm has extensive experience within the finance industry. He is accredited to work in a number of financial areas, and he has wo...

How To Have A Successful Marketing Campaign

When it comes to your marketing campaign, you are going to want it to be as successful as possible. Otherwise, you will have wasted time and money on it, and your business won’t grow. There are a nu...

Yenem Engineering Services is set to change the engineering game

Yenem Engineering Services is set to change the engineering game once again, with the launch of its new brand, Engineers on Tap. Engineers on Tap is all about efficiency and the concept does away wi...


Independent Candidate for the Seat of Gippsland East, Matt Stephenson

MATT STEPHENSON TO GO INTO THE RING WITH BULL A sixth generation East Gippslander is “throwing his hat in the ring” to challenge Tim Bull at the forthcoming state elections. As an aspiring Independen...

Malcolm Turnbull press conference with the Minister for the Environment and Energy

Well the Party Room today has today overwhelmingly supported the National Energy Guarantee, and as a consequence, we are one step closer to cheaper and more reliable energy. This policy is part of ...

Independent Parliamentary Budget Office exposes Shorten's lies

Bill Shorten's false claims about so-called insecure work lie in tatters today, following an analysis published by the independent Parliamentary Budget Office (PBO).  The PBO’s independent analysis...


AYANA Komodo Resort, Waecicu Beach

  20 August Sydney, Australia – 15 September 2018 marks the launch of the first and only 5-star resort on the island of Flores, AYANA Komodo Resort, Waecicu Beach by AYANA Hotels. Alongside the spe...

Discovering South Australia

Hey there! Have you ever thought about visiting Australia? Just imagine road tripping in a Winnebago with your family in tow and enjoying the beauty of the Down Under. If you have never enjoyed visi...

Lake Macquarie for an adventure to match every budget

Explore the environs of Australia’s largest saltwater lake on a shoestring and still have a blast If your tastes for travel out weight your wallet, and low cost or no cost activities are what you ...

You might also like