How AI technology is helping to 'loop' customers back into the high street stores
Tech platform LoopMe has launched a new tool which leverages artificial intelligence (AI) capabilities to encourage customers to visit shops.
As retailers across the UK and Ireland report significant drops in footfall, PurchaseLoop Foot Traffic aims to target users more effectively.
The solution users AI to deliver mobile ads to customers at the moment they are most likely to enter a store.
Mobile video platform LoopMe - which reaches over two billion devices globally - employs algorithms that optimise ad placements in real-time.
The PurchaseLoop Foot Traffic then banks on that educated knowledge, assisting retailers with their advertising spend.
"We are helping to distinguish the consumers that best respond to this type of advertising model," CEO & Founder, Stephen Upstone told independent.ie.
"Customers are asked if they are happy to answer surveys and those who are, are asked to answer certain questions about store locations and visits," he said.
"We also work with third party providers such as Adsquare, Unacast, Factual and Placed who collect anonymous location data; this all feeds into our AI to build a model for effective advertising."
This highly accurate predictive model - designed to encourage new audiences into stores - is seen as an essential measure for business owners, and rigorous testing has already proved its pulling power.
"A campaign run earlier this year with Placed saw a 16pc rise in foot traffic, and we expect to see even greater increases with AI driven foot traffic optimisation, resulting in re-gained revenues for local stores," said Mr Upstone.
LoopMe - which has offices across the world including in New York, Paris and Berlin - has partnered with a number of high-profile brand names.
These include Diageo (Guinness), Heineken, Paramount, Subway, Lidl, Kildare Village, Bank of Ireland, Samsung and Microsoft.
The company's PurchaseLoop product has already been recognised as 2017’s best tech innovation at Digiday’s Video Awards.
The firm's vice president, Pete O'Mara Kane - who originally hails from Navan in Co Meath - reports that the partners for the Foot Traffic solution have not yet been announced but are "globally recognised".
"With the knowledge that AI-powered campaigns increase foot traffic to store, we forecast significant increases with AI driven foot traffic optimisation. This translates to revenue wins for local stores," he said.