RevTrax Announces Addition of State-of the-Art Machine Learning and AI Technology to its Offer Management Platform to Deliver Groundbreaking Value to CPG & Retail Brands
NEW YORK--(BUSINESS WIRE)--May 14, 2019--
RevTrax, a leading offer management platform for CPG and retail brands today announced the launch of a machine learning and artificial intelligence capability to its platform to effectively target and deliver the right offers to consumers quicker and more efficiently than ever. The software will allow RevTrax to observe behavior at scale and categorize the behaviors and patterns faster than ever before. Using structures such as Bayesian Networks, probability theory, and other techniques, will allow the platform to replay events, determine causality, and accurately measure results based on a certain set of criteria. With these techniques, RevTrax can rerun actual traffic through modeled scenarios to find optimal outcomes and adjust the flow of traffic for segments of users in real-time to maximize ROI for brands.
This update will allow the RevTrax offer management platform to perform “what if” scenarios, which are crucial for marketers to drive valuable results, by leveraging over 11-years of anonymized consumer offer-behavior. This analysis will take past activity and results and replay them against a different set of offer-values applied to the same model to predict what the consumer will be offered. This will effectively reveal additional insights such as the use of previously unused offer-values to continue moving product but at a lower cost.
“RevTrax’s AI technology enables marketers to run smarter offers at a scale never before possible,” said Greg Hanson, Co-Founder and Chief Technology Officer of RevTrax. “Thanks to the hard work of our data science and tech teams, we are now able to help marketers deliver a targeted offer to desired consumers at exactly the right time. With our AI-powered tool, today’s brands can easily cut costs on their offer strategy with minimal effort. Our technology will help our clients to stop bleeding via over-discounting or creating generic offers.”
RevTrax has developed an AI-based methodology that recommends and changes offer-values for CPG and retail brands across consumer segments with various engagement levels. The AI offer recommendations are based on over a decade of experience studying consumer response to offers and state-of-the-art machine learning algorithms.
“Imagine being able to deliver an offer that is proven to persuade consumers to purchase,” said Jonathan Treiber, Co-Founder and Chief Executive Officer of RevTrax. “Or imagine being able to deliver consistently lower offers to consumers you know don’t need huge discounts. Now imagine all those decisions and segments being analyzed and delivered in real-time. It’s a game changer.”
Recently, RevTrax tested its new AI and machine learning capability on a leading CPG brand that spent $14.5 Million to drive 8.6 Million purchases. Using RevTrax’s AI optimization, they could have reduced the spend to $9.8 Million to achieve the same result, ultimately saving $4.7 Million. In the coming months, RevTrax aims to replicate the result for other top brands as its updated technology is rolled out to its existing CPG portfolio and new clients.
To learn more, please visit: https://www.revtrax.com/#aidemo.
RevTrax delivers smarter offers. The RevTrax Offer Management Platform empowers brands to deploy offers across channels, track the performance, and connect insights to decisions that save money and drive more value from their existing marketing efforts. With a robust portfolio of 6 patents relating to offer security, the RevTrax Offer Management Platform brings control back into the hands of the marketer. Founded in 2008, RevTrax has been rated as one of Crain’s Top 100 Best places to work in New York City.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190514005256/en/
CONTACT: Media: Diana Kozak
North 6th Agency (for RevTrax)
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT HARDWARE COMMUNICATIONS MARKETING
Copyright Business Wire 2019.
PUB: 05/14/2019 08:00 AM/DISC: 05/14/2019 08:01 AM