CONSUMER LOYALTY AND AI
Sanjeewaka Kulathunga explains how technology assists brands and business
AI is here to stay and growing rapidly in response to the speed at which consumers are embracing its applications. Lifestyle concerns, spending patterns, motivational modifications and value adjustments are a few examples of the behavioural effects that vary from generation to generation, and sometimes between genders too.
Success in business today and the future depends on having a plan that can handle technological disruption, which artificial intelligence is bringing with it. Businesses that prioritise the needs of the customer in every area will surely reduce the risk and capitalise on business possibilities.
There’s no doubt that AI has greatly benefitted consumers. In reality, they have become used to comfort. Who would have imagined that making reservations, doing online shopping and keeping an eye on your home security would be as simple as a click?
One of the advancements brought forth by AI is the recognition of faces and fingerprints. And because it works without the use of human intellect, it has saved people time. Imagine how much more time we could devote to other activities if our chores were handled by artificial intelligence. AI has opened up new possibilities.
A growing number of businesses are turning to artificial intelligence to develop competitive strategies as they go mainstream in the global economy.
The uses of AI vary from voice activated Google Assistants, and Siri and Alexa who translate your query into a response using natural language processing, to Tesla’s offer of smart automobiles, as well as YouTube’s provision of data driven results that are based on consumers’ actions and interests.
Consumers respond to marketing strategies when they are based on artificial intelligence insights offered by corporate marketing teams. The impact of AI on consumer behaviour is increasing daily.
There’s no doubt that consumer spending will rise as a result of the key elements of artificial intelligence and machine learning, which enable teams to decode enormous bundles of data and narrow these down in a way that allows them to identify target audiences, what they are searching for, conduct trend analyses and create funnels that are more user focussed.
This will ultimately reduce the amount of time spent by marketers on winning clients and easily convert prospects into customers.
AI is used to generate information on clients including how frequently they visit particular websites, what they search for, their geolocation and the devices they use to log in. A brand can be developed to offer a more individualised customer experience thanks to predictive personalisation.
Customers no longer have to deliberately set aside time to visit a store to purchase certain goods. With the data at their disposal, businesses will develop concepts that can vastly improve the customer experience.
Virtual shopping has become popular. When a product is brought to a customer’s home even before it has been purchased, the potential buyer can test it out and decide whether to buy it or not.
In this way, customers will feel as if they are the only ones receiving this experience or effort. The secret to turning business prospects into competitive conversions is through the personalisation of products and services, which appeal to the needs and wants of consumers.
Accumulated data and information related to consumer behaviour patterns enable businesses to create bespoke customer experiences, which increase the likelihood of buyers switching their loyalties to that specific brand. According to Microsoft, 97 percent of consumers feel that a brand’s customer service is a key deciding factor in retaining their loyalty.
With the rapid expansion of AI in the marketing sector, it’s possible for brands to provide better customer service through chatbots, which can provide speedy responses since they can handle many requests simultaneously whilst being available 24/7.
By using clustering and the information gathered about clients, it’s simple to match their preferences and propose the specific product or service they’re looking for. These minor details may convince consumers to remain loyal to the brand.
Loyal clients are one of the most important assets for any business today. This is because businesses aren’t able to cultivate this loyalty quickly. To meet or surpass consumers’ expectations and win their loyalty, it takes years of hard work.
The attitudes, requirements and expectations of clients are abundantly revealed through AI techniques. Based on this data, businesses can run their operations, and improve the quality and price of their products to better suit the needs of their consumers. This way, businesses can maintain an advantage over rivals and gain the loyalty of their clients.