So most of us especially those of us who live in Zimbabwe and primarily use Android phones, use Google as our default browser. I’m sure a lot of us got caught up in the ChatGPT frenzy and for a moment abandoned Google and I know some started using Microsoft Edge because of the ChatGPT integration with Microsoft Edge chatter around the internet. ChatGPT is:
An AI-powered bot that acts like your friend optimizing your search on the internet and giving you the answer in a format you would most prefer.
After its launch we learnt that it would be integrated with Microsoft Edge, this sent the competitors of Microsoft Edge, and Google into an overdrive and they tried to make a similar software called Bard AI. Let’s just say Bard AI did not take off as smoothly and vibrant as ChatGPT. But we can do a postmortem of the 2 systems. Why would Google be pressured into creating a rival product when it enjoys over 60% of internet search engine dominance? Well mainly because we know AI is the way to go now. It has reshaped many industries and the retail space is the latest to benefit from this ingenious way of applying tech to your business.
Because of the COVID-19-induced recession, most retailers had to scale down production, lay off a few workers, cut expenses here and there, and ensure they survived these perilous times by all means. While cutting expenses seems to be the only way to navigate through these murky waters right now, making a few changes to how businesses operate, and making use of technology might be a little bit more costly right now, but it might pay off and prove to be a great investment.
The onset of the pandemic fast-tracked the adoption of technology. Life post-COVID-19 has become more and more about technology and how it can be used to better our day-to-day lives. AI in its different forms has reshaped the way retailers operate in the following way:
1. Help in Advertising
So many advertising tools use AI these days and the cost of engaging these systems doesn’t have to break the bank if optimized properly in true functional style. With a little more research and ingenuity, brands have automated their paid advertising systems using AI solutions like Albert which uses machine learning to run, optimize and target advertising campaigns. This simply means if a brand has financial fissures due to the recession and they are looking for a way to cut costs, why not cut that traditional marketing budget and engage a system that will involve reasonable acquisition costs and is likely to deliver more than the traditional methods?
2. Improve Clients/Customer’s Interface With The Business
All around us, Artificial Intelligence is known to be the creativity driver, and brands that use ingenious ways to conduct business through AI post the pandemic have a head start in the almost reset or renewed playing ground or market. With the use of algorithms, machine learning and some automated systems like intelligent bots, brands are improving their customer interface and this in some cases has made customers prefer a brand that makes their life more simplified and bring value to their day-to-day interactions. This means businesses will always have to scout for the right Artificial Intelligence tools and help develop them as they see their importance in their line of business. To put it bluntly, brands that aim to please will be pleased by their results when pleased customers flock in.
3. Cut Costs
Costs or rather traditional costs like traditional advertising, in some cases like hiring ad agencies or having a fully functional marketing department focusing on traditional marketing methods, may be reduced either in the long run or in the short run, which is an ultimate goal of most businesses. Marketing departments if they make use of AI can then focus on optimizing the systems employed to convert impressions and reaches into cash and customers. While in some cases customer support services etc may be scaled down to manageable costs.
Ultimately AI is the magic wand that can actually cut costs and increase productivity simultaneously.