By- Shifali Garg, PGDM- General (2019-21)
“The autonomous car dropped Lori at her home and then left for its scheduled service at the dealership. It would be back in time to take her to the airport the next morning. On the way into her house, Lori gathered the drone deliveries from the drop box on her stoop. The familiar voice of Eve, a next-generation smart assistant like Alexa, greeted her in the foyer and gently reminded her of the travel plans for her upcoming conference in LA”.
Today, all this seems a fairy tale to us. But soon it will be the reality of our life. Various companies like Amazon, Google, Microsoft etc are using their AI tools which are currently working in the direction of continuous connection to execute the needs of consumer the moment they arise and even earlier. There are four stages of it namely respond to desire, created offerings, automatic execution and coach behaviour. AI Platforms like Amazon’s Alexa has made ordering food, streaming music, shopping etc possible on our one shout are on second or third stage of it. If you wanted to buy a washing powder, you just need to say washing powder. Alexa will automatically rundown through your previous records, buy cost effective, good product and make payment. In 2 days, it will at your door steps. It will remove the time-consuming process of searching through thousands of products and brands. Today, more and more customers have started using this. The industry is expected to grow from $2 billion to $40 billion by 2020. The customers base is expanding from tech savy people and to different demographics. It is not only changing consumer interface with market but also change the marketing models of various brands. Today, brands are focused on omni-channel marketing channel soon it will be replaced by AI. AI will become only platform for sale, distribution, customer review and advertising. AI tools caring information of customers preferences, needs and consumption, will have great influence on price and promotion and customer relation itself. And at the fourth stage AI will monitor your daily usage of washing powder and will directly order it before it gets finished.
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