The programming of computers to do tasks that requires human intelligence like reasoning, learning, problem solving and perception is coined as artificial intelligence. With AI submerging in main streams more and more companies and business are adapting toward AI to build competitive strategies. The applications of artificial intelligence ranges from voice powered Google Assistants to Siri and Alexa that converts your query into answer through Natural Processing Language and to Tesla introducing smart cars to YouTube showing data driven results based on your behavior and interests. Where marketing departments are making marketing strategies based on the insights provided by Artifical Intelligence so are the consumers reacting to it. Here we look at the how artificial intelligence is influencing consumer behavior.
Increase customersspending:
It is no more doubt that customers spending will increase as one of the core element of Artificial Intelligence i.e Machine learning let the teams to decode the huge data accumulation that narrows down the information in a way that helps them to identify target audience, what are customers looking up to, do trend analysis and then creating funnels that are more user focused hence lessening the time spent and ultimately will convert prospect into conversion.
Costumers spending are more likely to increase because once marketing teams have identified their target audience they can build up their marketing strategies around it. They know when to do email marketing at what time users are more likely to open the email. With increasing competition businesses are paying more attention to what do they offer, whom to offer. Lets say if we somebody want to start a business he/she can know the latest trends the consumers are into. If somebody wants to target women and teenage girls and wants to know about their interests thy can reach the data through artificial intelligence. They might start up classic fashion style brand, start selling out makeup products. In this way they can have an accurate information and can maximize their profits by building strategies around it.
Personalized Consumer Experience:
Through artificial intelligence the information about customers is driven like how many time a user go through certain websites, what they look for, about their geo-location, about the devices through which they are signing in. Predictive personalization has helped the brand to come up with more personalized consumer experience. Now consumers do not need to specifically take their time out to go to a store to buy a certain product. With the data available brands will come up with ideas that enhances consumer experience. There has been trend of virtual shopping where specific product is been shipped to customers place even before shopping so they can try it out and then make them decide whether they want it. In this way customers feel that experience or effort is just made for them. Personalization is the key to convert your prospects into conversions.
Boosting Customers loyalty:
With the help of insights about consumers behavior pattern, brands which are coming up with more personalized consumer experience its more likely that customers loyalty will shift towards those particular brand. According to Microsoft 97% of customers say that customer service is important factor when they choose a brand. Artifical Intelligence has helped further to enhance customers service Through Chat bots customers get quick response as they can deal with multiple queries at a time and are available 24/7. Through clustering and data collected about customers one can easily match their likes and dislikes and recommend them their particular option of product or service they are looking for that. These little nuances can convert your customer into regular client.
Great convenience to customers:
There is no doubt to say that Artifical Intelligence has brought great convenience to customers. In fact they are now accustomed to convenience. Who would have thought booking appointments, virtual shopping, monitoring your home security would be just a click away?
Face and finger print recognition is one of the innovations resulted by AI. More importantly it has saved times as it functions in a way that does not involve human intelligence. Imagine how much time can we give to other things if we are not bound to do tasks that can be operated through artificial intelligence. Artifical Intelligence has created horizon of new opportunities.
Customers will shift to voice technology:
Several leading retail and financial organizations will shift towards voice technology because customers feel comfortable using this. Voice searchers are easier for customers for queries and get better results than textual queries. In addition, the use of digital a assistant in daily life means you are more open towards using voice over technology in daily life. The oldest barrier has gone, and now people prefer voice over texting.
Bridging the gap between personalization and privacy:
The privacy should be the main concern of every industry and it is realized that consumers want their information to be secured by the brands and it is an important analysis to build a securing policy using AI tools. When customers are satisfied with the business policies and they would find that they are getting several advantages as a result their trust will build on business brands. Consumers get thrilling and exciting outcomes from AI tools and techniques. The AI tools usage will increase the customers trust over the different businesses in the market
The Verdict
No doubt artificial intelligence is playing an important role in every aspect of life and especially in retail. Due to AI businesses are earning more profit due to competitive advantages it gets due to AI. However there is dire need of informing people about its useage so that more and more people can use AI as AI is our future!
