AI Puts Power in the Hands of the Consumer

November 28, 20189min

Can we foresee a world where Artificial Intelligence (AI) recommends who people should have children with, where they should live, and what their next job should be?

This is not the fantasy of an over-stimulated script-writer. AI, fuelled by ever more powerful algorithms, is capable of constantly updating its knowledge of individual consumers’ patterns of behaviour, private lives, hobbies, likes, and dislikes.

Using such information and cross-referencing it with masses of other demographic data it has the predictive capacity to make recommendations with high degrees of confidence. After all, dating apps and websites use algorithms to match their customers as effectively as possible or to give them advice on how they can improve their chances of finding the perfect partner.

In reality, few citizens want their private lives governed by algorithms, however sensitive. But in the decisions they make as consumers about what to buy or where to go on holiday, AI (an umbrella term that includes natural language processing and machine learning) is already a force to be reckoned with and is set to become far more influential.

Analysts at Gartner predict that 20 percent of citizens in developed nations will use artificial intelligence assistants to help them with an array of everyday, operational tasks by the year 2020. Millions of consumers are already enjoying the benefits of using voice-activated devices. In the UK, Ofcom reports that 13 percent of households use an AI-driven smart speaker such as Amazon Alexa.

The growth of consumer-facing AI solutions is putting greater power in the hands of the customer contemplating the purchase of goods and services. He or she can interrogate the solution and rapidly get a comprehensive picture of what is available, and where and what other consumers think.

Consumer-facing businesses will have to respond. They will have to optimise their entire operations by integrating data such as internal sales and customer records, competitive intelligence, trend analysis and social media preferences. Instead of keeping all the data in separate departmental pools, they will need to bring it all together in a data lake where it can be analysed. Then they can create customer profiles or personas that bring them closer to customers before providing hyper-personalised services, recommendations and updates that are intensely relevant to what individual consumers want.

Is word of mouth changing?

One important source of insight is often overlooked, which is customer sentiment. Every day millions of customers leave opinions about services and products that offer a wealth of insights to fellow consumers. That covers almost every aspect of buying, receiving and using electrical goods, clothing or car parts, or the quality of service provided by legal firms or estate agents. Smart, AI-powered, highly agile customer insight platforms are giving consumers rapid access to the accumulated wisdom of thousands of real fellow-customers.

AI is able to filter out the particular aspect of the product or service that most interests them or to provide an accurate insight into sentiment about a product or service. This is a very potent consumer tool. Research among 2,000 UK consumers by Feefo conducted this year found that 94 percent of respondents now turn to online reviews before buying products or services.

Consumers can get the information they want more quickly than ever

AI will rapidly analyse the information to keep consumers informed in real time. Take a national double-glazing company, as one example. Customers in Bristol may suddenly have started experiencing difficulty obtaining quotes or find installation is shoddy, whereas customers of the business elsewhere in the country are happy.  If you live in Bristol that information is likely to be critical to your choice of supplier.

Equally, two retailers selling the same model of washing machine may generate very different levels of satisfaction in their respective sets of customers. Consumers can quickly drill down and find if these problems are serious enough to affect whether they go ahead and buy a new appliance with a specific retailer. Gone are the days of relying simply on word-of-mouth.

In the travel industry, AI is giving consumers greater levels of insight that they use before deciding on a significant purchase. Smart insight platforms give the millions of consumers contemplating a weekend away or a month in the Maldives, the ability to extract key information from thousands of reviews about any aspect of a holiday, from whether a particular hotel is suitable for their age group or a villa genuinely has disabled access. The power is at the fingertips of the consumer.

Transforming the service sector

The same forces are at work in the service sector. Smart insight platforms provide job-seekers with accurate and up-to-the-minute feedback on how agencies and individual recruitment consultants perform. Candidates can see for themselves whether an agency is suited to their needs, relying on information that comes from real clients and is on a reputable platform operating nationally across multiple industries. They are more likely to put their faith in such information than in the opinions of a limited number of relatives and friends.

In myriad ways, AI will hand power back to the consumer, enabling them to make smarter decisions more quickly than ever. To respond, any customer-facing business will need the ability to detect trends in sentiment and how they relate to specific aspects of their products or services. Research has found that while 78 percent of businesses monitor the “voice of the consumer”, less than a quarter feel they have access to the insights they need to transform their organisation.

That must change. All businesses and professional services organisations need to take customer insight more seriously and use AI-powered platforms to obtain intelligence about their customers that will give them a major competitive advantage. From supply chain managers to online helpdesks and store assistants, access to this information in real time allows everyone to meet the requirements of a much more demanding market of consumers using AI to shape their decisions.


Neil McIlroy

Neil McIlroy

Neil McIlroy is Head of Product Innovations at Feefo.




Inform. Inspire. Include.
A free way to improve your business.

Customer Experience Magazine is the online magazine packed full of industry news, blogs, features, reports, case studies, video bites and international stories all focusing on customer experience.


CONTACT US

CALL US ANYTIME


UK Trademark UK00002648900

EUIPO Trademark 018131832

Contact Information

For article submissions:
Editor
Paul Ainsworth
paul@cxm.co.uk

For general inquiries, advertising and partnership information:
aleksandar@awardsinternational.com
Tel: 0207 1932 428

For Advertising and Guest/Sponsored posts:
jovana@cxm.co.uk

For Masterclass enquiries:
danilo@cxm.co.uk
Tel: +44 20 86386491

Customer Experience Magazine Limited
Company number: 12450532
International House, 24 Holborn Viaduct,
United Kingdom, London, England, EC1A 2BN

JOBS IN CUSTOMER SUPPORT

Find a job in customer support with Jobsora


Newsletter


eureka effects full spectrum cbd jungle juice cbd oil normal cbd diameter how strong is a 150 mg edible cbd dosage for parkinsons cbd oil in new jersey golden leaf cbd global cbd oil qi kratom choosing the right cbd oil best cbd oil for fibroids cbd oil pharmaceutical sold in sc thru pharmacy sunset cbd gummies review can i take flexeril with cbd oil cbd dosage cat canabiss oil hotel specials sydney cbd broke dick cbd smokable hemp oil level 59 gummy drop chronic boutique what are the effects of cannabidiol email oul cbd taste hemp oil vitamins lazarus cbd coupons nutra health systems cbd alpha vs gamma motor neurons curr opin plant biol pure spectrum cbd reviews head heal cbd oil cbd for erectile dysfunction buy cbd oil tincture cbd oil help lose weight cbd oil spare room cbd oil and xanax interaction isomerizing cbd oil cbd oil vancouver

vape pen globe mech mod blow up new vape box mods voopoo check atomizer vape g pen e cigarette sales jobs vape shops in bloomington indiana best 100 watt mod amazing vapes vapor stick how to know if ecig battery is baf exoskeleton vape must vape juice hercules plus atomizer e cigarette sold in stores digital ecig florida 14x cold filtered butane e cigarette tasty cloud vape china electronic cigarettes vaping airflow does vaping set off smoke detectors azara vape tfv8 cant unscrew holy cannoli vape juice aspire breeze lights smok al85 manual ijoy shogun mod best flavor tanks nico box mod voopoo drag mini mod internal battery sourin air price umbrella vape okc best single coil rta uwell crown tcr smok g priv screen protector juul modifications voopoo u2 amazon vape images

low libido how to get full erection what sex are you estrogen pills at walmart sildenafil pricing alpha stim amazon alternative to viagra and cialis gnc products for erectile dysfunction cialis muscle pain penis pump dangers look at the size of that thing brain focus supplements penis stretch exercises does your penis grow as you get older raising testosterone levels can your penis get bigger andro 400 cvs what works like viagra dr elist reviews sex now that i have your attention viagra purpose how to use your dick buy prescription drugs online legally prices of cialis 20 mg pharmacy personal statement citrulline malate supplement do cock rings work dick size map zyrexin ultra top brain supplements nugenix reviews 2020 taking a huge dick mucuna pruriens testosterone 200 milligram viagra verutum rx review magnesium impotence reviews of male enhancement pills ring penis

weight loss retreats coq10 weight loss dosage best weight loss pill on the market jessica simpson diet pills ketosis and weight loss supplements for toning and weight loss egcg weight loss i remove diet pills reviews nuvigil weight loss vip weight loss nicotine gum weight loss hcg weight loss men chia seed drink recipes for weight loss vegan weight loss diet plan free billy the fridge weight loss weight loss nashville tn zinc and weight loss otc diet pills 2016 best rated weight loss programs diet pills speed up metabolism weight loss gym near me the best prescription weight loss pills andy dwyer weight loss alex jones weight loss krepo weight loss keto lean pills reviews vegan weight loss success stories xtreme lean diet pills quick weight loss program review wiring mouth shut for weight loss coconut oil fast weight loss weight loss medications list reliable weight loss pills diet pills with ephedrine alkaloids mexican diet pills called talla baja sertraline 100 mg weight loss liquid diet quick weight loss forest whitaker weight loss