Punchh Launches Predictive Customer Lifetime Value (PCLV)
Punchh, a provider of digital marketing solutions for physical retailers, has launched Predictive Customer Lifetime Value (PCLV), which uses machine learning to predict the lifetime value of each customer. Based on this analysis, retailers can target groups of customers within specific PCLV ranges.
"Machine learning is ushering in a new phase of retail marketing where knowing your customers' history is not good enough. You need to predict their future," said Punchh CEO and co-founder Shyam Rao in a statement. "Simple patterns have always been an important part of retail marketing...but now those are table stakes. The real power of machine learning is being able to predict, down to the cent, which customers are going to be worth your marketing spend."
From the moment a customer walks in and makes his first purchase, Punchh instantly estimates his CLV based on past behavioral patterns, then constantly refines that prediction as the relationship deepens.
Punchh integrates with existing point-of-sale and online ordering systems and collects online and in-store data to generate a complete picture of both digitally known and anonymous guests.
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