Impacts Of Artificial Intelligence In Enhancing Customer Engagement – How AI Can Improve Customer Experience Strategy
In Brief:
- You will find the best dissertation research areas / topics for future researchers enrolled in Business & Management.
- In order to identify the future research topics, we have reviewed the Business & Management literature (recent peer-reviewed studies).
- The role of artificial intelligence in retail and marketing
- Artificial intelligence across all aspects of consumer engagement as of the 21st century
- Growth of artificial intelligence as the new reality in customer engagement
Artificial intelligence in retail marketing
Artificial intelligence can be defined as a human-like intelligence of machines. This together brings the study and design of AI. Success, largely, is directed from agents of AI that perceive the environment and take actions. There is both a science and an intelligence that goes into the making of AI machines. Retailers have carried out market research for several years now such that prediction tools in retail and machine learning, which is again a part of AI, offer palatable relief to shoppers on the move, from the comfort of their homes, wherever they may be present.
Benefits of AI
Artificial intelligence allows upward growth in sales and downward spiralling of costs for companies by using algorithms that gauge current product inventory, staffing initiatives, and customer service online. Chat bots on Facebook messenger send links, images and texts to consumers replacing conventional customer service personnel using them only if the query from the consumer is far too complicated. Stocks are maintained with the help of artificial intelligence as non-availability leads to consumer frustration and dissatisfaction. All this can be achieved by monitoring the marketplace demand and supply chain management. AI reduces recruitment costs allowing more people with relevant skills to be employed reducing the burden of attrition for companies.
Tool in marketing
AI is an important tool in marketing. Depending on the search history, customers can relate to the advertising of items while they shop online for gifts. Central to the task of gift shopping are data on actual gift occasion, sentiment and mood of shopper, relevant recipient detail and other criteria that converge at the final point of purchase maximizing consumer engagement and convenience. Virtual dressing rooms and 3D models enhance retail experience reducing guesswork while shopping for clothes.
AI- algorithm
At the end of a decision is a decision maker, who will help to create an algorithm in which a computer based system can make a far more collective decision in purchase without tacit knowledge of the user, and this is made possible by the implementation of AI across industries. Moreover, the artificial intelligence algorithm can initiate actions with no final user input. This is the future of AI in Business and Management. The application of AI has the potential to amplify, manifold, from search engines to speech recognition, from gaming structures to object detection. In the background, AI continues to monitor customer sentiment on the internet and social media like Facebook.
AI Market
The AI market is growing because of Big Data and Algorithms for most applications available today. To build strong and lasting relations with the customer, brands are now focusing on artificial intelligence, which help companies visualize advertisements relevant to the target audience. Faster ways to interact with customers are being uncovered each day. By upping productivity and reducing costs to companies’ better outcomes in marketing and customer satisfaction can be obtained with AI.
The AI market has been divided into machine learning, natural language processing (NLP), contextual awareness and computer vision with respect to technology in billions. Accurate predictions and suggestions are made from a vast data pool, which show distinct patterns identified by impactful machine learning under AI. Customers answer all account questions, get tech support, and fill out forms and applications, which in turn is driving growth for NLP in the AI market. Artificial neural networks capture multiple levels of data in the form of texts, sounds, and images.
Future scope of AI:
- AI will be far more useful if it augments rather than replace managers in marketing
- The application of AI in marketing strategies, which include the influence to be exerted on marketing business models, sales processes, and customer service and customer behaviour. All this and much can be accomplished in the AI of the future and the present
- AI may provide support to customers in engaging conversations by asking relevant, meaningful questions, social support, and by understanding linguistics and syntax.
- Popular press may exaggerate the short to medium term impact of AI, which is limited
- Issues related to data privacy, ethics and certain other biases will be handled more carefully
- Marketing strategies and customer behaviour will change and this research agenda will further drive and support research in AI
References
- Nadimpalli M (2017) Artificial Intelligence – Consumers and Industry Impact. Int J Econ Manag Sci 6: 429.
- Gaidya V (2018) Organizations to Leverage Artificial Intelligence to Transform their Businesses. J Bus Fin Aff 7: 327.
- Tryon DL (2017) Asset Management System Processes: Implementation of Sensor and Artificial Intelligence. Ind Eng Manage 6: 231.
- Davenport, T., Guha, A., Grewal, D. et al. J. of the Acad. Mark. Sci. (2019).