Lancashire retailer, Footasylum, is reporting an industry leading return on advertiser spend (ROAS), following an investment in artificial intelligence.
It states that its ROAS is 30 times higher than the industry average of 286%.
The firm has been working alongside Peak to introduce AI and machine learning algorithms into its social media advertising campaign. Using Peak’s system, it creates a predicted customer view of people most likely to be engaged with, and be in the market for, Footasylum’s products. These customer segment profiles are then used to target lookalike audiences via social media in order to acquire new customers to the Footasylum brand.
“We’re gaining a lot from being an AI-driven retailer, and the results of our recent social advertising campaigns speak volumes. AI and machine learning are complementing our marketing efforts perfectly, allowing us to speak to customers at the right time when they are ready to make a purchase, and scaling communication back when they aren’t,” explained Tom Summerfield Head of Commerce at Footasylum.
“The aim is to increase efficiency and effectiveness and only invest in marketing at the right time to make a big impact, which is a core part of our strategy moving forward. We’re now excited to expand our use of Peak and find out how AI can influence other areas of the business.”
Richard Potter, CEO of Peak, added:
“So many challenges faced by retailers today can be unlocked by using data to really understand behaviours and build relationships with their customers.
“Footasylum is a great example of a retailer using data and AI to drive forward innovative new marketing methods to engage with customers in the right way, at the right time, with the right offer. These results are only the start of their story, and it’s brilliant to see their customers responding so well to new tactics and technologies.”
