Amex and Acxiom create a prediction engine based on purchase data
This is the latest effort to utilize extensive, identified customer records to predict future purchase behavior.
American Express (Amex) tracks about a trillion dollars in annual spending. This week, it is announcing a new effort with data service Acxiom — called Predictive Intent Segments — to use that spending data to predict which individuals are likely to buy certain products.
Let’s say you’re a bike manufacturer that wants “to find households in America most likely to buy a bike,” Amex Advance VP and GM Marc Ginsberg suggested to me.
First, Amex will find personally identified individuals with American Express cards who have actually bought a bike recently.
Then, using the personal identification, it appends the record with additional data that Acxiom has in its database about that particular buyer. Acxiom might have, for instance, recent purchases by the individual using other forms of payment at commerce sites, physical athletic stores and baseball stadiums, and it matches that additional data through the person’s name, address and other personal info.