We don’t realize it yet, but the reality is that we use Artificial Intelligence (AI) for almost every thing that we do online! Google, Amazon, Facebook, etc, heavily use AI to provide the services which they offer. Google Search uses AI for predicting the exact nature of our query. The same is applicable for Facebook, Amazon, Flipkart and a host of other tech companies.
We use voice commands to talk with Siri, Alexa or Google and get an answer for all our questions immediately. Isn’t it great when you receive quick responses from any website’s chat-bot, no matter what the time is, or which country you are living in? Yes, marketers know that this attracts consumers. Using AI, brands get a better understanding of what consumers want. AI allows marketers to understand a consumer’s behaviour on his website and on Facebook, Amazon and other sites that could share data with him.
In today’s business world, every corporate is focused on gathering data in order to build a consumer’s personality profile, which allows marketers to target them in a manner that makes sales easier.
AI allows companies to gather more data and apply it effectively by using techniques like adaptive learning, machine learning, natural language processing and computer vision learning. These allow marketers to analyze the online market data and offer deep information insights, which help in generating more sales. Any insight that a marketer gets is worth its weight in gold! That is an additional bit of information, which can be the key point that helps them sell the product.
AI-based virtual assistants like chat-bots help consumers, who get all the information they need by simply logging on the website. AI bots also provide 24-hour assistance to its customers, thereby providing better customer service. By being available 24*7, the bots are eliminating any chances of a consumer leaving the website without being convinced, thus increasing the chance of a sale.
AI’s tremendous growth in the field of marketing is due to the increasing demand for digital assistance and data science. AI helps companies in lead generation and customer acquisition. It helps the marketers to optimize the ads they run online. Their ads are shown only to those who are genuinely interested in these products. Content placement, media buying and campaign optimization is extremely necessary as per the interests, behavior and the need of customers. This is true specially for companies such as Google and Facebook, which depend heavily on advertising for all their revenue.
According to MRFR, the growth of AI in marketing is expected to generate a value of over USD 21 billion by 2023. Currently, the key players in the field are IBM, Google, Microsoft, Samsung and Amazon.
The latest trends provided by AI in the field of marketing are individual personalization, social media image recognition and conversational marketing. This allows a unique message to be crafted for each consumer. This helps marketers identify individual consumers in nano seconds and lets the platform say exactly those things which can convince them to buy the product. Due to the constant updates in the algorithms of these AI bots, companies are able to offer more relevant content to the user and thus enhance the overall customer experience.
AI also provides a 360-degree opportunity for the growth of all industries
- For large MNCs – AI helps to boost growth and profitability and transform businesses. For example: In manufacturing, this sector could see a share-of-profit increase of 39% due to AI-powered systems – whose ability to learn, adapt and work over time can eliminate faulty machines and idle equipment. This can help manufacturers utilize less space, less raw materials, less labor and produce/ sell more in a short period of time.
- For entrepreneurs and young companies – AI can work 24*7 and can play a major role in identifying the ideal consumers. It is one of the most inexpensive technologies which can help young companies chart out a future path – only on the basis of data received.
- For society – AI can help improve public safety by securing consumer data. As it can work 24*7, any human error that could be involved is also eliminated. AI is predicted to soon eliminate driving, as AI software are now used in autonomous/ self driving cars.
In India, AI is growing is growing at a scorching pace. Titan, one of the most trusted Indian brands, has been a darling of the stock markets. It is one of the first established Indian brand that understood the importance of AI in providing personalized experiences to the customers.
It launched a chat-bot on its e-commerce store to engage its shoppers in a better way. The chat-bot conducted automated intellectual conversations (which were in line with the brand’s strategy) with customers by understanding their behavioral pattern and offered them a highly personalized shopping experience. This helped Titan to get a much better engagement rate and improve conversion rates.
As technology changes rapidly, marketers are modifying their strategies to stay ahead in highly competitive markets. India is the next battle ground forAI, machine learning and analytics are playing a major role in speeding up this shift.
BSE Institute is a 100% subsidiary of India’s oldest and the world’s largest stock exchange BSE. It has developed an online platform, bsevarsity.com to train students and working professionals to about various topics and subjects that are in vogue. BSE Institute’s short term course on AI, helps students and marketers get a foothold n this rapidly evolving field. A simple course on Artificial Intelligence can help you to learn all about Artificial Intelligence and start contributing at your workplace from Day 1!
In the future, AI will enable marketers to create a new experience for customers and meet their needs like never before. Marketing is expected to get more intelligent and AI will be at the center of it.