Artificial Intelligence: Skyrocketing Growth in Spending by Businesses Anticipated

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Artificial Intelligence has established itself as the answer to most problems we face around us every day. AI is heavily implemented in our mobiles and smartwatches and is even in traffic lights to industrial machinery. Many small business owners are even hiring finance assignment help services and online tutors to learn about AI and implement them in their business. This also explains the meteoric demand for engineers proficient with artificial intelligence. There is no scope to deny that artificial intelligence helps small and big businesses make faster, smarter and more accurate decisions. AI is already transforming the way businesses are done. So, here we discuss in detail how artificial intelligence can help businesses grow in ten major ways –

  1. Boosts Revenue with Smarter Recommendations

Various E-tailers widely use AI in their product recommendation systems. Many leading online retailers like Flipkart or Amazon uses AI in their systems that automate suggestive procedures. The software analyses the user data and creates a pattern to suggest the products most suitable for the buyer. Since most of us shop online nowadays and we are all familiar with how it works. The main role of this tool is not just suggesting.

For example, if you buy a running shoe, the tool will suggest you to but track pants and socks. This method is a proven method for facilitating sales. We often don’t realise what we need unless it is shown to us. Thus these online sellers use the customer’s purchase history to suggest other products and increase their revenue.

  • Chatbots for Better Customer Engagement

Chatbots are AI-powered software that is programmed to mimic a human conversation. We have several implications of Chatbots over mobile apps, websites, phones, etc. Our fast lifestyle has made us impatient and we demand fast service in every aspect of life. However, realistically it is not possible for humans to immediately respond to human complaints 24/7. Chatbots provide an ideal solution in such cases by offering customised customer service within seconds.

Some of the most popular Chatbots are –

  • Pop-geo –National Geographic Chatbot
  • SnapTravel
  • BabyCentre UK Bot
  • Chatbotler of Marriot Chain of Hotels, among many others.

Digital markets are considering Chatbots as the most promising trend in the tech industry with the potential to transform the customer experience completely.

  • Create Excellent Content Marketing Strategies

Mobile apps have made online shopping a fast and enjoyable experience. According to statistics, millions of consumers shop online every second. Leading online sellers have identified that when consumers shop on their portals, it gives them the best opportunity to position their business in front of them.

But how can they achieve that? The answer is content marketing! Content marketing is a strategy to attract and engage customers for an optimum delightful shopping experience. It can be in the form of blogs, ads, social media posts, video clips, podcasts, webinars, etc.

AI plays a vital role in doing this. It uses algorithms to analyse old data and make the most suitable content for potential customers. AI helps you to see the most popular contents, which keywords to use, what to write, and when and where to publish to build a strong brand.

  • Sentiment Analysis to Measure Customer Emotions

Sentiment analysis is a new concept marketers use to monitor and analyse people’s emotions through different texts. Businesses also use this sentiment analysis to measure customer feedback from millions of reviews, forums, and web pages.

AI has made analysing emotions quite easy by merging social data. Companies use sentiment analysis to track the perception of customers about the brands. It also helps to gain insights, improve products, respond to customers and boost customer service.

For example, the leading travel and tourism site, TripAdvisor, makes extensive use of sentiment analysis. It allows them to extract detailed insights from customer feedback. As a result, TripAdvisor understands how the customers feel from their reviews, and works on improving their experience.

  • Competitive Intelligence

Artificial intelligence has made the process of conducting competitive intelligence easier than ever. Motorola pioneered this technique before many companies like Uber or Apple implemented it. Through competitive intelligence, companies can collect and analyse information about their existing and potential rivals. Through AI tools, you can track back to see everything your competitors have applied to gain an advantage. You can even forecast what others can do to promote their products.

The main objective of these tools is to make the most well-informed and well-analysed decisions.

Here is an example of how companies must use AI for competitive intelligence –

Google paid close attention to the mistake made by Yahoo while designing their interface and improving their own.

  • Sales Forecasting to Grow the Business

AI also helps businesses to forecast future sales figures after analysing past trends. Modern AI has made software so powerful that users can even simulate future business scenarios to counter uncertainties. Aided by this software, businesses can easily understand the problems and get enough time to rectify them before any mishap happens.

For example, JusCollege, an academic start-up, used AI to forecast and manage huge volumes of contacts generated by their sales pipelines. They used the data optimally to increase their net revenue from 1 million USD to 20 million USD in just two years.

  • Price Optimisation

Companies spend hours deciding the ideal price for their products and services. Price being one of the key factors in attracting customers is always a matter of concern for companies. Although marketers say that we have entered the world of value, we cannot deny that pricing still affects sales figures.

AI helps companies consider factors like brand reputation, price history, quality, competitor price, demand, etc., and give the ideal price. Since AIs use scientific algorithms, they usually guarantee 100% accuracy in predicting the optimum prices.

Prime examples of companies that use this method are Uber, Lyft, Walmart, and others.

  • Tighter Online Security

AI is also helping companies prevent online fraud and secure them financially. For example, most banks and credit card companies use AI to safeguard their gateways. However, online security is not a monopoly for only financial companies.

As most businesses are gradually moving online, they all look for options to decrease Cybersecurity threats. Online threats can come in the form of identity thefts, ransomware, account takeovers, etc. Irrespective of the nature of business, any company can fall prey to Cybersecurity issues. Hence, they use tools like Tessian, Darktrace, Falcon Platform, etc., to ensure ironclad security.

You can find the abundant use of AI security daily while using Google. This is because it always prioritised a strong Cybersecurity culture. They constantly use Machine Learning techniques and AI to filter their email servers. With the help of AI, they can detect any dubious activity within seconds and alerts the users about any authorised usage.

  • Creates Delightful In-store Experiences

The general shopping pattern has inclined towards online mode in the last decade. However, brick-and-mortar stores are still relevant and usually generate a lot of profit from repeat sales and after-sales service. However, the physical stores are also trusting AI to offer a more chic and customised shopping experience than before.

The need of customers are ever evolving, and companies understand that they need to ditch traditional methods to attract the new generation of customers. Customers now want faster checkouts, fewer crowds, and instant product support. AI obliges them by making all of these possible. Many leading retail stores like Lowes and Sephora are already on the course to becoming smart shops.

Lowes launched their own AI, LoweBot, that helps customers to navigate easily through their huge stores without getting lost. Customers can also use this AI to get instant product information and even recommends products by asking relevant questions. Whereas Sephora uses its own AI, Color IQ. It scans a customer’s face and recommends the shades of foundations and makeup that will look best on them.

  1. Reduces Costs and Saves Time

According to Forbes, AI can help an average Fortune 500 Company save 4.7 million USD just by automating the processes. Automation helps to speed up the time of doing a task, thus boosting productivity in less time. With faster operations, the company can also save millions on operational costs. For example, Netflix used machine learning to save one billion USD in 2017.

Parting Thoughts:

AI is the future not only for business giants and for everyone. Humans have their own limitations. AI helps us to abolish these shortcomings and understand what to do and how to gain the upper hand over their competitors. So, go through this blog and understand how AI can help businesses grow.

Author Bio:

Samuel Livingstone works as a professor in a reputed college. In addition, he freelances for My Assignment help websites and offers academic writing help to students in his free time.

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