12 May
Artificial Intelligence allows businesses to make use of consumer data to:
- Gain market and consumer Insights
- Automate tedious and mundane business processes that reduce costs and increase efficiency
- Provide a more personalized experience to their customers
- Helps businesses to scale
Let’s deep dive into the concept of AI.
What is Artificial Intelligence (AI)
It is an aspect of a computer that targets building systems and processes that can function and react like a human operator. AI is not a replacement of people, but the enhancement of human capabilities and transformation of their working processes. AI works through software tools and algorithms to automate different tasks. Their technologies enable the computer to leverage a large amount of data (structured or unstructured) to perform almost limitless tasks by applying problem-solving, rationalization, and predictive analysis.
Role of AI in Transforming Businesses
1. Market and Consumer Insights
The core of every B2C business market is their customer. As a salon or restaurant, if you don’t have good analyses of your market and what interests your customers, then the business won’t succeed. Consumer insight is the analyzed data that provides a better understanding of customer attitude and preference. Doing a manual market and customer insight can be challenging and full of error.
AI is beneficial to B2C businesses for creating analyzed data. AI technologies help collect data from the business target audience, monitors and scan the keywords to give you an insight into what interests your customers. AI can help a retail business create an interactive customer survey that allows for analysis and modification of the services rendered.
AI makes market insight quick, accurate, and free from biases. With AI insight technologies, a retail business can be innovative, competitive, and satisfy its customers. For market insight, AI also uses competitive intelligence to collect and analyze information about a business’s current and potential competitors. The organization can track everything the competitor does, from products or services to their customer base and marketing strategy. The aim is to use the information to make informed decisions about reaching and satisfying your customers.
2. Automation
Automation is vital to the success of any business. It involves using technology to streamline complex business processes to simpler processes, thereby improving service quality and delivery and increasing revenue. AI is the best technology for the automation of digital and physical tasks (like administrative and financial activities).
Robotic Process Automation (RPA) technologies is a form of AI that has intelligence that enables it to perform tasks for retail businesses like;
- Data transfer from email and call systems into recording systems. For example, a salon trying to update address, mail, and contact changes on their customer’s file can perform the task fast with RPA.
- Replacing lost credit or ATM card information on the system.
- Solving the problem of failing to charge for service by extracting customer’s information from online records.
- Extracting provisions from legal and contractual services using natural language processing.
AI can be incorporated in customer relationship management (CRM) processes for automation. It assists businesses with frequent, relevant customer data and updates. AI also automates business marketing, including content creation, digital campaigns, and email marketing.
3. Personalised Customer Experience
With increased access to digital services, customers have high expectations of products and services. A B2C business that cannot meet up these expectations will fade out of the market fast. AI helps these businesses improve their customer experience and stay relevant in the industry.
AI helps businesses identify their customer’s needs or challenges using CRM, then creating personalized services for them. For example, based on a customer’s data, a restaurant owner can find out more about his customer’s choices. Using CRM, he can send a personalised message to the customer giving them options of their favourite food items on the menu. This brings back the customer, as the customer is motivated to eat their favourite food. AI allows you to specify the qualities of customers you want to target, like age, gender, purchase, and online search. This information can be beneficial in providing services for them.
4. Helps the Business to Scale
Scaling up a business means anticipating opportunities and leverage on them to expand your business potential. AI offers many expansion opportunities. It helps with information that can boost the creation of products and services. AI can be used by businesses to scale up content ideas (using content optimization tools) that will be beneficial to their customers.
With AI, a business does not need to worry about data privacy, digital transformation, and compliance with the regulation. The organization can flow with the industry trends without breaching any laws. If you have the right automations in place, they take care of mundane jobs with more efficiency and almost zero errors. This allows the businesses to focus more on other tasks like strategy & planning, innovations and expansion.
AI is Not the Future - It is the Present
Some retailers see AI as fiction that cannot be implemented now. AI is a reality that is not only for tech and large industries but also for B2C businesses like grocery stores, cafes, spas, gyms, and many others. AI is already transforming the world, and it is becoming part of our everyday lives. If you don’t adopt it now, the business world will keep expanding, and you will be lost.
There are different AI technologies available today that will be useful to any B2C business, irrespective of its size. Technologies that help with single vendor strategy, hyper-personalization, data cleansing, and innovative marketing are available for any business. You need to be open to the concept of AI and let it make your business processes easy.
Conclusion
Artificial intelligence is not an optional tool for business; it is a tool that every organization must implement to make their processes easy and gain customer satisfaction. It allows a business (no matter the size) to be innovative and creative, and in the long run, it enables expansion. AI is not here to take over the business world; it is here to enhance and reshape businesses’ performance.
Your business is not too small for Artificial Intelligence implementation.
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