In this episode, Fabian Hans and Dr. Thilo Pfrang, founder & CEO of behamics and lecturer for behavioral economics, behavioral pricing & AI in e-commerce at different Universities.
He gives us exciting insights into how his company combines behavioral psychology with artificial intelligence (AI) to optimize online shops. The platform analyzes user behavior in real time and uses behavioral science insights to provide personalized nudges. This leads to an improvement in conversion rates and a reduction in the return rate.
We dive deep into the topics of AI and nudging and Thilo shares his experiences and strategies on how to develop personalized and effective nudges. We also discuss the importance of real-time data and external factors such as weather and social media trends and how these influence marketing strategies.
A special highlight of this episode is Thilo’s assessment of the role of human intuition and machine learning in marketing. There are valuable tips on how companies can use the right psychological mechanisms to influence customer behavior and which models are used in addition to the common heuristics.
