In Insight, Tech, Trend

Artificial Intelligence is coming and it’s going to be an agent of change. As AI becomes more important, it becomes less conspicuous. Most agree AI will have a transformative effect on how we market brands, products, and services to consumers.

Curiosity and an open mind will be the biggest asset as the technology advances. Are you ready to ride the wave or will you be left behind?

  • There have been more than $5 billion in 605 VC investments over the last 2 years in AI-related business.
  • Gartner predicts 100 million consumers will shop in augmented reality by 2020. By the end of 2017, one in five leading global retail brands will use AR to enhance the shopping process, resulting in dramatically higher levels of customer engagement.
  • The AI market is projected to reach $70 billion by 2020.
  • Every year $62 billion is lost through poor customer service; AI can help reduce this loss by going above and beyond the capability of humans.
  • 35% of consumers said their biggest concern with AI customer service was loss of human touch.
  • 27% of consumers weren’t sure if their last customer service interaction was with a human or a chatbot.
  • 43% of millennials and 28% of business executives would pay a premium for a hybrid service run by AI that offers direct access to consumers, versus a human-only service.
  • 72% surveyed termed AI as a “business advantage.”

Download the PwC study A Revolutionary Partnership: How Artificial Intelligence Is Pushing Man and Machine Closer.

Photography: Alex Knight via Unsplash.

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