AI or Artificial Intelligence has always been a topic that has intrigued everyone. AI is basically a simulation of human intelligence in machines with the same kind of reactions and actions. AI has always been intended to think and work like humans, but certainly more efficient. The number of applications where AI could be used is almost endless, and due to the same reason, many companies are now trying to integrate AI into their operational process. It can be in production or simply just research, but the technology has taken the entire market and industry to new levels. One of the most impacted fields has been consumer behavior and how AI helps industries in understanding it. From the last couple of years, AI has been changing the behavior of the consumers in buying products, which gives the companies the opportunity to stay ahead of the curve. Let’s have a look at how AI is helping the companies gain a competitive advantage.
Understand the customer’s preference
It is one of the most critical areas where AI has made the most changes. With the use of AI, companies have been trying to understand what interests the users more and how they react to a certain change in their website or offers. Not only this, but AI analysis also helps the companies to know when the consumers will be buying more and when not. For example, if a consumer goes to the company website to buy a product, it might happen that out of 100 viewers on the website, only 10 make a purchase, 20 add the items in the cart, and the remaining 70 leave either from the home page or after browsing a few pages.
What AI does is that it helps the company understand as to why the user left the side and what kind of improvement will make them stay longer and make them buy the product. Using this data, the companies make the necessary changes and note the behavior of the users again. Using such data makes it possible for companies to interact with customers in a way that they are influenced to buy the products.
Faster user experience
AI has also been one of the major components in providing customers with an efficient and faster experience. Most of the websites with the AI components are much faster in responding to a customer’s query. In this fast world of the internet, if the user does not get an efficient response, they are more likely to move on. AI makes sure that it immediately responds to customer queries with the least possible time. For example, AI Bot chat of customers makes sure that they get a reply to their message and query immediately, no matter if a person is available or not. Using the previous chats with customers and entries, the AI learns to respond to the customers in a much better and effective way.
AI driven voice assistant
One of the best uses of AI could be found in the voice assistant devices and services that we have today. AI assistants have led to a much faster and personalized response for customers. Now you can simply visit a store on the mobile device and use the AI voice assistant feature to search for a product, order them or simply add to your cart. You do not even need to type or search for the product by typing. This is not just it, the companies have been trying to make the entire experience from selecting the product to making the payment voice-activated, where the AI would simply do the job for you at a faster pace.