Thinking about probable tomorrow had been a subject of study for over two thousand years, when Chinese historian Ssu-ma Chi'ien (145-90 BC) analyzed social patterns. In 1901, the English writer H. G. Wells published a series of writings by which he tried to imagine the 2000s world.
But it was in the 1990s that the term futurology became one of those trendy buzzwords and began to be used with such force that there was not a single guru, consultant, economist (and, even, confessed to you, happy hour wheels) that let she pass in vain.
Talking about futurology has become a hell of a cliché when the subject revolves around modernity and the new times, the future of the market and its consumers, what life would be like in 2020 with so many rapid changes.
But could any futurologist predict where artificial intelligence would actually arrive and how machines would become so intelligent as to impact the everyday retail market?
Investing in Artificial Intelligence (AI) seems to be a path of no return. It is estimated that by 2022 AI spending will exceed $ 5 billion. The figure, however, is justified when we analyze the profitability projection of the retail and wholesale sector: around 60% in 2035.
So if the investment is irreparable and it is almost mid-2019, we can only understand what will be the trends and functionality of AI tools that will be part of yours, mine and our “future”.
Most likely you have heard of machine learning, right? If not, familiarize yourself as it will govern the business of virtually every sector of the economy - from services to products.
Imagine that the machine can be programmed to learn to think and analyze large-scale data to predict consumption and behavior trends. And draw conclusions after studying your customer's last purchase: if it took him long to buy such a product; if after purchasing he migrated to another section or spent too much time on the payment page. The same can be done in physical stores, with the help of cameras and sensors (visual search).
So much and so valuable data can maximize the positive results of customer interaction and lessen potential errors and friction. Knowing your customer in depth can certainly make the process of business expansion more assertive, make the buying journey more effective and enjoyable for him and much more profitable for you.
In this technological whaling, there are the processes of personalization, research and chatbot. Already using any of them or have something on the way? According to the Boston Consulting Group (2017), brands that work with customization increase their sales by 10%, two to three times faster than those that do not use. Knowing your customer's next purchase wishes and preparing a personalized offer at the next login or email can guarantee a significant increase in the final ticket.
Another differential will be to understand the universe of customers (and potential customers) and their behavior. Improving your site's search engine or product search terminal will make customer satisfaction more impatient. Then you can answer me: "But my clients are in no hurry, they are in their 60s." And I answer you with a resounding "You think!" Have you ever imagined that their grandchildren (the frantic Y or Z generation) might be helping them in this quest?
And without missing a single second of this precious audience, chatbots need to be viewed as the first hosts of any brand. This tool should be programmed (and always adjusted) for 24/7 service, with agile and polite answers and, preferably, solving consumer questions and problems in an online environment. A guarantee of satisfaction, return, repurchase and recommendation.
Without any futurology, I suggest you start putting all this learning into practice today without leaving room for the unexpected tomorrow.
Jitender Jagga is a seasoned Marketing Analyst and Blogger. With his skills, he has been helping fellow marketers and brands worldwide. You can reach him out at: http://onlinedeal.co