Using machine learning for marketing is specifically useful when creating a personalization strategy, with Netflix and Amazon being perfect examples of such practice. Allowing for hyper-personalization algorithms can generate tailored product recommendations based on vast sets of data on consumer behavior, resulting in a substantial increase in sales conversion and customer retention rates so there is no surprise that sales and marketing are the best areas to implement such systems.
According to Statista, a third of IT decision-makers are interested in rolling out machine learning for business analytics. While a quarter of them look to enhance their security processes, 16% of IT directors use machine learning for marketing. Only 10% of leaders looking to adopt ML do so for customer service purposes.
This is also encouraged by the fact that 80% of machine learning companies target ecommerce and retail industries according to Emerj. Machine learning companies favor ecommerce and retail industries the most, followed by online and social media. The commercial use of machine learning is booming in these industries due to the constant creation of quantifiable data and its relatively easy streaming and storage.
References:
- https://www.statista.com/chart/16951/machine-learning-adoption/
- https://emerj.com/ai-market-research/machine-learning-marketing/
- https://www.mckinsey.com/~/media/mckinsey/featured%20insights/artificial%20intelligence/notes%20from%20the%20ai%20frontier%20applications%20and%20value%20of%20deep%20learning/notes-from-the-ai-frontier-insights-from-hundreds-of-use-cases-discussion-paper.ashx
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