The concept of artificial intelligence or AI technology has been around for a while. However, in more recent years, it has seen significant advancements and has contributed notably towards developing solutions for both the business and consumer markets. The ability of AI to process large amounts of data and data points makes it useful for a number of tasks that require elaborate data analysis. Various applications of AI have made it into our lives including personal assistants, smart homes, personalised news feeds and smart gadgets. Some of the trends that are expected to dominate the year are;
In an age where businesses are ruled by the extent of customisation they can provide to customers, AI has come in unbelievably useful. According to reports, almost 56% of shoppers come back to a website if it recommends related products and displays personalised ads. By collecting and processing customer data, AI can provide useful insights. They can also suggest relevant, personalised products for users. E-commerce businesses can make use of this technology more effectively as their practices revolve around customer shopping habits.
An excellent example of personalisation through AI are fitness apps, that collect data from a user’s daily eating, sleeping and physical activity and then suggests appropriate diets, workout plans and other useful insights regarding a person’s health. Social media website also tend to use similar algorithms to personalise news feeds and ads for their users.
The first company to explore the tech behind image-based searches was Google. Ever since then other platforms have rolled out similar features including Microsoft and Pinterest. The Pinterest Lens is commonly dubbed as “a Shazam for objects” and is able to find related images to a certain picture. This technology also works around the concept of AI and is increasingly trending. Visual searches allow for a better and precise search for users with better and more refined results.
Chatbots have been the most popular application of AI, ever since its applications have become more widespread. Chat assistants allow businesses to carry out more personalised and effective customer services. Answering simple queries and carrying out mundane repetitive tasks has never been easier. The trend for implementing chatbots is expected to grow with time. Businesses are saving a lot on customer service as they have to hire fewer representatives and can address queries instantly. It saves time for both the user as well as a company as any complaint or question is dealt with immediately. They can also help people navigate a business’s services or products more effectively.
Predictive analytics is another useful way for businesses to analyse customer data. It is being used to analyse consumer behaviour from their purchasing habits and is enabling effective fraud detection. The predictive analytics technology is enabling businesses to implement their Know Your Customer (KYC) requirements more effectively. KYC requirements for businesses obligate retailers to verify their customers’ identities and monitor transactions for suspicious activities.