The history of human civilization demonstrates that technological capabilities have been the primary driver of innovation, product development, and consumption in the marketplace.
Need an example? Well, how about fire for cooking. The fire was invented after finding a spark due to the rubbing of two stones.
Bread is another example of innovative thinking by humans that has existed since the ancient ages. Bread continued to become more popular and is now mass-consumed around the world in different kinds, flavors, and styles.
The car was also launched and introduced to consumers in the 20th century and, with this invention, people had to be taught to use this new product by the companies themselves.
Therefore, Henry Ford’s statement of “if you ask customers what they want they will say better horses” was true in those days and is still true to this day.
Today, consumers push companies to continue to build better, bigger, faster, and more reliable products.
Something very modern that people can relate to is Instagram, which was launched to fulfill the photo-sharing appetite happening around the world.
Artificial intelligence and the Internet-driven economy has made consumers smart (and powerful) by providing them with free and quick information based on their preferences.
A.I. is used a lot in social media, empowering users to connect, interact, and transact with preferred people in a digital space. On LinkedIn, A.I. encourages professional exchanges.
On Facebook, it enhances personal connections and matches each individual with advertisements catered to their online activity. On dating sites, it pairs people together using accomplished algorithms.
Today, in the consumer empowered economy, product innovation is driven by changing human behavior and his/her attitude towards technological capabilities and product offerings designed using artificial intelligence algorithms.
Humans place the highest value on convenience and control when purchasing products for consumption. Customers want the ability to quickly purchase a product and have it delivered right to their door in a timely manner – all for the best possible price.
Without Artificial Intelligence and Machine Learning, this is not possible. With Artificial Intelligence and Machine Learning, it is.
A.I. and Machine driven algorithms are enabling personalization, speed, and quality in product development and product delivery in ways that we never imagined possible.
Amazon’s A.I product recommendation model enables free as well as quick search and comparison features for each product. The A.I and I.O.T drove programs to help monitor the shipment of each product and the delivery at the physical address assigned to it.
The COVID- 19 pandemics of 2020 led to an economic shutdown and, once again, proved the power of consumers in this technology-driven world.
The world’s population, while suffering physically, emotionally, and financially at the same time, used A.I. to their advantage while in self-isolation at home.
In a way, A.I. was used more than ever during the pandemic but was also used less. Many warehouses, offices, and workspaces were closed, but A.I. was at work for us as we all sat at home, fighting boredom with our handheld devices and computers.
At the same time, this slow time – the first time in a long-time where our lives were truly disrupted and we had a minute to catch our breaths – made us really think about what is valuable to us.
The change in human behavior has reset our human value system and the pricing standards of the products we purchase. What good is an expensive automobile if we have nowhere to go? Why does my mobile phone only have so much to offer for such an expensive price?
As the economy entered the downturn during and following the pandemic, we moved towards a discounted economy where consumers want more value at a given price.
Our lives can be halted in an instant, and we need to be smart about how we spend our money and where we lay our profits. As the old saying goes, it is not good to lay all of your eggs in one basket.
This phenomenon of people questioning where they spend their money does not translate into companies operating at a lower margin and accepting a decrease in revenue. If anything, companies attempt to make up for lost revenue during a time when we’re all negatively affected.
During a recession, companies attempt to be lean and this means that Machine Learning and A.I. are looked at as possible solutions when companies try to save money.
Most of the standard process-oriented jobs will be automated using Robotic Process Automation enabled by Artificial Intelligence. Companies will adopt Artificial Intelligence algorithms to implement frontline sales applications, customer experience design, back-office operations such as accounting, legal, human resources, and even supply chain management.
Most of these tasks will be completed through smart collaboration between humans and machines.
A recession can serve as a time of great reinvention as companies across the globe re-adapt to a smaller budget and their sights on increasing profits.
In consumer-driven economies, winners will win big by adopting new business models using the technology available to them.
Facebook’s partnership with Reliance Jio in India will enable neighborhood stores (Kirana) to transact digitally with customers and realize the nation’s goal of ease of living and ease of doing business.
The mission is accomplished by artificial intelligence-driven customer-centric roadmap execution.
This customer-centric roadmap is made possible by adopting customer-focused Artificial Intelligence models like customer segmentation models, customer acquisition models, product recommendation models, customer retention and loyalty models, customer lifetime value analysis models, product bundling models, and customer’s voice and sentiment analysis models.
You can read more about this in an article by Mckinsey.
The Internet-driven global economy of the late-1990’s brought 2 billion citizens out of poverty for approximately 20 years. Technology gave way to new opportunities, new money, and new advancements.
The A.I.-driven economy promises ease of living that is appealing to all of us in this day-and-age and will allow us to find the best products, services, and experiences, rather than what is available to us through the geographic location.
Global citizens can have a high standard of living by paying the optimal price of reskilling, upskilling, and adapting to new behavior.
If you want to start learning Artificial Intelligence learn by starting with Python as it is mostly used in AI.
Check out the Best Free Python Courses and Tutorials.
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