Pearl Strategy and Innovation recently reviewed the Euromonitor Trends Research and this is our prospective.
About AI
- AI technology can improve efficiency, but more importantly, can improve our daily lives through personalization and consumer or customer experience.
- Chat CPT reached 100 million users within two months of launch. The fastest-growing consumer application in history.
- Consumers can produce a great amount of content from creative writing to music to art with little technical experience. The power of machine learning is in their hands.
- Consumers are using AI to develop resumes and plan trips. The power of productivity and creativity. Experimentation is what is all about.
- 72% of consumers used technology to improve their daily live
- 42% of consumers would be comfortable with voice assistants providing personalized product information and suggested products
- 17% of consumers would be comfortable using a bot to resolve complex customer service questions.
Innovation and Competitive Advantage
You can use AI internally or for consumer and customer engagement. Generative AI solutions can support the innovation process, accelerating go-to-market solutions, content creation, and ideation. The benefit is enhanced consumer insights, customization, speed, and efficiency.
There is no doubt many organizations are adopting AI in their toolbox.
- 53% of professionals said their company planned to invest in generative AI over the next five years.
Case Studies
- Coca Cola developed Zero Sugar with the help of AI.
- Carrefour, a French retailer used AI to launch a new online shopping experience called Hopla
- Google rolled out an online virtual try on feature for apparel.
- Myntra an Indian fashion company introduced a ChatGPT feature for shoppers recommending clothing, accessories and footwear that all match.
If you want insights, strategy or innovation connect with us at pearl-strategy.ca or Susan Weaver at 416-908-2446.
Source: Euromonitor International, AI Trends, 2023
