Driving Consumerism with AI
Consumerism shapes the human behavior and social interaction with one another. As more and more people connect to the internet, they are made aware of the plethora of products and variety of options available on the global platform. Additionally, marketing on social media has generated more want of goods and services among consumers. Consequently, people are more susceptible to buying and thereby sharing personal data regarding their needs and the type of products they want to view and buy. The ample amount of data being generated the last five years has accelerated the growth of artificial intelligence to analyze terabytes of structured and unstructured data. Machine learning, as well as neural networking, has been successful in determining customer preferences across the industry.
Today, consumers are connecting with IoT devices on a daily basis. These devices are connecting brand biases and the search history of the consumer with the applications on the consumer’s smartphone. The search histories are then analyzed by AI to find a pattern regarding the consumer’s behavior and based on these insights, AI’s smart algorithms provide personalized content to the consumers.
AI and machine learning are instrumental in generating deeper insights from the data generated across the entire internet by all the online users. These insights will, in turn, throw light on positive and negative anomalies with regards to customer preferences as well as future trends, which helps retail companies and e-commerce to better market their products to a specific demography. The only challenge with content personalization lies in dissecting the data and adding it to other available data sets on past preferences of the consumer to get a personalized pattern. Even though it is effectively being done, yet the time taken to process all the data accurately is a time-consuming and uphill task.