Today (September 27), Rakuten Marketing announced the launch of its latest technology built on artificial intelligence (AI) and machine learning (ML), growing the performance and scale of the Rakuten Marketing Prospect product.
The technology will aim to support marketers to identify untapped customers that are ready and willing to make a purchase using better-informed data to accurately notify marketers of audiences that would have otherwise gone unnoticed.
The product moves beyond assumptions about which customers are the best fit. For example, such assumptions can relate specifically to the encroaching holiday season. Rakuten’s recent report commissioned among 6,000 consumers across the globe found marketers shouldn’t make assumptions around key sales times, as behaviour varies drastically across markets. If marketers looking to acquire customers across markets are planning their activity to attract only those consumers who match the behaviour of their existing customers, huge opportunities may be missed.
Rakuten Marketing Prospecting, built on AI and fueled by data, delivers marketers with audiences that they wouldn’t otherwise have found, working smarter to find consumers who not only align with a particular brand but also demonstrate a propensity to purchase and become loyal customers.
The proprietary audience creation product supports better planning and buying decisions in response to industry reports that new customer acquisition costs up to five times more than driving a repeat purchase. The product is built on four core technology and data components, including the audience-creation platform, the company’s demand-side platform, ecosystem data and partner enriched audiences.
“With new channels like connected television, audio and digital out of home becoming part of the programmatic ecosystem, Rakuten Marketing Prospecting has the data to enable seamless experiences. Our AI and ML-driven technology means marketers can dynamically adjust to the specific needs and interests of potential customers,” said Dr Neal Richter, CTO of Rakuten Marketing.
When combined with ad placement data – determining the right ad and price to pay for specific consumers – Rakuten Marketing Prospecting enables engaging and visually rich ads that are relevant, helpful and authentic, delivering a positive shopping experience that leads to a sale.
“Advertising is a pillar of the Rakuten global business, with over 100 data scientists and data engineers dedicated to advertising innovation,” Richter added.
“When paired with Rakuten Marketing Retargeting – used by more than 400 brands today – brands can effectively influence consumers through a variety of ads, spanning devices and publishers, and bring purchase-ready consumers to their site,” he continued.
This announcement follows the appointment of Stuart Simms as company CEO, who commented: “We are committed to leveraging the latest in artificial intelligence and machine learning technology, along with Rakuten’s massive data assets, to deliver ad experiences that people love, and ads that enable our brands to profit. I’m truly excited to make this promise a reality.”