Visa and Analytic Partners have teamed up to provide artificial intelligence (AI)-powered data analytics designed to help merchants and brands optimize their marketing spend.
This collaboration brings together Visa’s merchant relationships and consumer spend insights and Analytic Partners’ commercial decisioning platform, the companies said in a Wednesday (Oct. 16) press release.
“The volume of data available to merchants can be overwhelming, and if they don’t get it just right, it’s a missed opportunity for growth,” Jeni Mundy, global head of merchant sales and acquiring at Visa, said in the release. “Bringing together our scale and insights with Analytic Partners’ deep expertise in Commercial Analytics, we’ll enable our clients to achieve greater success in their lines of business.”
The companies will launch their partnership in the United States and later expand it globally, according to the release.
They have also made exclusivity commitments for other merchant and brand marketing spend optimization offerings and services and plan to collaborate to develop new and enhanced analytics solutions, per the release.
“Commercial Analytics helps merchants and brands understand which consumer and commercial levers to pull, so they can drive more actionable opportunities for growth,” Nancy Smith, CEO of Analytic Partners, said in the release. “This can ultimately improve their ability to deepen loyalty and attract new customers.”
AI-powered data mining, a technology at the intersection of machine learning and big data analytics, is reshaping industries and driving decision-making across the corporate landscape, PYMNTS reported in September.
Companies are using these techniques to gain a competitive edge in areas ranging from predicting consumer behavior to optimizing supply chains.
In another, separate deployment of these techniques, Google said in August that it will roll out new AI-powered tools in its Merchant Center in time to help retailers sell during the holiday season. These tools include new insights and shopping ads updates.
In June, Intuit, the maker of TurboTax, Credit Karma, QuickBooks and Mailchimp, said it would preview a new AI system designed to help businesses increase revenue through smarter marketing. The system is intended to proactively give marketers opportunities to win more business by recommending optimal times to target customers and by generating personalized content.
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