We live in a world where machines are present in our daily lives. Especially true during the COVID 19 pandemic, many of us are now consuming twice the digital content we used to. Providers like Netflix, shopping platforms like Amazon, and streaming applications like Spotify take up our leisure time as we spend most of our hours at home. It may not be obvious, but all of these big-shot companies have artificial intelligence to thank for their incredible success among consumers.
The widespread adoption of automation is referred to as the Fourth Industrial Revolution – a revolution based on technologies that are merging physical, digital, and biological worlds.
According to economists, the fourth industrial revolution has the potential to improve people's lifestyles through AI-powered products as it continues to become a substitute for human intelligence.
With the economic opportunities brought by automation, global business leaders are investing in ways to adopt these capabilities to their brands. What's inevitable at this point is that the road to AI transformation begins with a successful partnership between humans and augmented intelligence.
Ecommerce has a long way to go before it can fully enjoy the benefits of AI. We continue to see more personalized experiences and better ways of using data as brands explore automation. Chatbots and voice assistance are only two of the countless ways the industry is improving business through AI.
In 2020, businesses are as determined as ever to deliver better digital experiences. Here are the most significant trends we witnessed since the start of the new decade.
Before AI, brands offered products and services without a clear insight into what their customers were interested in. All offers were placed in a single selling table, hoping that consumers will search for what they need and soon check out.
With AI, recommendation algorithms changed the game for shopping. Brands can now learn and offer precisely what consumers want based on previous purchases or recent searches. The customer data helps create a more personalized experience that can tap consumers based on interest, thereby increasing the chance of a sale.
Platforms like Pinterest and Instagram are popular for consumers because they help find unique products. The challenge, however, is looking for the brand that sells the same items.
Now, shoppers can plug in an image on their search bar to find companies offering similar, if not identical, products. All it takes is a few seconds, regardless of where the photo is from. This new trick eliminates the need for keyword searches or endless scrolling.
Seeing the potential of visual search, many marketers have made it their goal to optimize their digital presence for visual search by the end of 2020. Among the anticipated benefits are improved visibility and increased engagement.
Nothing beats a personal conversation. It's the best way to build relationships with customers and foster brand loyalty. Contrary to widespread knowledge, most consumers prefer websites, apps, and chatbots to address their brand-related queries. Around 60 percent of shoppers lean towards self-service tools because of its faster response time.
With this insight, the third trend that we will likely see as we move forward in 2020 is increased chatbot use. An estimate of 80 percent of businesses will invest heavily in a chatbot for their customer service and check out processes.
With every passing day, as we generate and accumulate more data, we will rely more on the machines to make decisions through comprehensive insights. A decade from now, many expect that AI will step in to free us from the dreaded tasks, even the most complex ones like driving. Alongside humans, machines will help bring better ways of working – from large scale projects like factory monitoring to mundane tasks. Even in healthcare, big data and AI is already contributing in significant ways.
While AI and Big Data are exciting trends, how it will fit your business will still depend on your current position in the market. Without careful planning and consideration, implementing digital strategies can bring more harm than good. As such, there’s no denying the importance of making informed decisions based on insights and business intelligence.
At Intelegencia, we strive to adapt to what's new. When the AI trend started in the market, our team of experts quickly researched and found ways to apply it to the current eCommerce landscape. As a company built on making intelligent use of data, we are actively developing capabilities that make predictive decisions. Included in our roster of advanced technologies are natural language processing (NLP), computer vision, and the like.
Trust that our goal will always be to deliver maximum results to our clients as we push forward-thinking strategies. AI is closing the gap between brands and customers. If you're looking for ways to reach your market better, talk to us!