We’ve all experienced AI in WhatsApp with predictive text in WhatsApp and auto-complete in Google search. That’s a common application of Artificial Intelligence (AI) where the computer tries to behave like humans. Sometimes it’s a great time saver, sometimes it gives us embarrassing bloomers.
There’s no denying that AI is all around us. Next door to India, China is making rapid strides. For many years, China was a laggard in software development but it is now a frontrunner. McKinsey and Accenture have estimated that AI could add up to 1.4% to China’s annual GDP growth in the coming years. PwC estimates that this could mean up to $7 trillion (around Rs 40 lakh crores!) additional GDP for China between 2018 to 2030.
AI is fast transforming the world of personalising consumer experiences. Who hasn’t seen recommendation systems on e-commerce sites – “People who bought XYZ also bought PQR” or “Specially for you, based on your recent browsing”.
Imagine you’re looking at the website of a company selling motorcycles. Maybe you’ve clicked on the image of an interesting cruiser bike. A perky young chap pops up in the corner, telling you of a rally being organised by the same company. You’re immediately buzzing with questions – “When is this rally?”, “From where to where?”, “Who can take part?”, “Who won last year?” Answering you is a chatbot, behaving like a human. Actually, behaving super-human in a way, because it may be answering hundreds of interested visitors at the same time.
Just think of the increased level of conversions on your website if you could respond 24×7 to questions every customer has. Even raise and answer questions that he didn’t have! AI can help him discover accessories and new aspects to your brand.
Or maybe you’re a young woman shopping for lipsticks. What shade works best for you? What’s the occasion – an evening reception or a date with your boy-friend on the beach? How long do you want to wear it – all day, or just for a few hours? Based on your answers, AI-based chatbots can guide you to the right choice.
It’s like having a knowledgeable personal shop assistant – literally at your fingertips.
Talking of fingertips – once you’ve selected the lipstick, the chatbot discreetly tells you what shade of nail polish goes with it.
Didn’t close the sale? If she’s logged into your database and if you have further data points in her profile (for example, demographics and product usage, media consumption habits, social media activities with required permissions to use her data) AI can help you target your consumer with programmatic targeting (or re-targeting) and dynamic ad content – the right message, at the right time, in the right channel.
AI in advertising is all about using a deep understanding of consumer behaviour and tailoring shopping experience to individual tastes and moods. But wait! There are no quick-fixes. You need to walk before you can learn to run. It starts with automation of basic data processes and the implementation of integrated analytics and algorithms, on to content management systems and reporting dashboards.
Aqumena and its associates can help brands along this road, both as trusted advisers and execution partners.