What are the benefits and concerns that come with a superfast 5G network?
16.05.19 Industry News
15.05.19 Industry NewsWebsite Development
Within the marketing and media industries, the use of Artificial Intelligence (AI) within customer service and promotional strategies have become increasingly common. Equally, the domestic use of AI technology is becoming more mainstream, with the number of smart speaker users in the UK alone forecasted to grow by 31.6% over the course of 2019. Whilst AI does have a history of negative connotations, there are several reasons as to why AI technology can be extremely useful for both consumers and companies in terms of creating better experiences and augmenting financial growth. Thus, AI is quickly becoming an integral part of digital marketing’s future.
Firstly, AI is often perceived as a threat to human jobs when in reality, it is set to generate a wide new range of job roles and areas of specialisation. A recent study found that the widespread adoption and of machines and algorithms within business operations are predicted to create 133 million new jobs by 2022. Whilst there is currently an industry shortage within the global job market for highly skilled data analysis experts, this demand for workers creates an incentive of higher wages and provides people with the opportunity to upskill and invest time into researching and learning more about the technology which pushes forward improvement and advancement timeframes.
By integrating AI within your business strategy, and therefore aiding the productivity of customer service staff, you will help to improve the experience of both company employees and consumers. For example, implementing an AI chatbot function within your website can help customers with common FAQs, which avoids the need for unnecessary human interaction if that is a desire of the customer. However, should a customer require further help or advice then the AI chatbot can be used to transfer them to a human agent for more personalised assistance. This is beneficial to both parties, as this chat room form of communication generates a written log of this interaction for both parties which enables the customer service assistant to be quickly brought up to speed with any ongoing issues or queries and access to a clear original reference point whilst the customer can save a record of their interaction for any future instances.
In this sense, implementing the use of AI within your business strategy can be extremely beneficial with regards to improving customer experience which therefore improves sales and repeat custom figures. Whilst traditional retail is struggling against the rise of online giants such as Amazon, footwear fashion company Footasylum has benefitted vastly from their adoption of AI and machine learning algorithms within their online marketing strategy. In the past year alone, they have experienced an 8400% return on ad spend, which is 30 times more than the industry average as well as 10 times higher than Footasylum’s standard marketing return of advertising spend (ROAS). Utilising AI has enabled Footasylum to clearly evaluate their customer’s data and determine when and where to focus advertising content in order to mirror the customer’s frame of mind with regards to making a purchase or saving options for the future.
Overall, AI’s key function is not to overwrite or reduce the need for human jobs and human interaction but to boost worker productivity and strategy effectiveness which saves both time and money. Whilst automation in some sectors, such as banking and finance, has led to a reduction of clerks and physical branches this has enabled many employees the opportunity to re-train and specialise in other areas such as loans, insurance and mortgages where customers require and appreciate human support to understand fully. Within digital marketing, the use of AI technology helps to further interpret data and refine strategy which serves to optimise customer experience which tends to lead to higher rates of engagement and conversions and therefore increases profitability.