Bussiness

AI is changing the way businesses expand

Published

6 months ago

April 18, 2024

Admin

AI is changing the way businesses expand

TWIN FALLS, Idaho (KMVT/KSVT) — Brands thought that they were supporting and giving customers what they wanted, but customers weren’t giving the same feedback. A fair amount of businesses, 84%, believed they were providing good or excellent service to customers but in reality, only 54% of customers agreed with that. Gen Z and millennials want 70% of interactions to be digital and personalized. If it’s not, they will generally take their business elsewhere. Brands are now investing in younger consumers and turning to AI for business improvement.

Since brands have been investing in AI they are seeing large leaps in improvement. Nearly 50% of them have seen improvements all around; customer satisfaction, decisions on what to promote in their stores, as well as a target audience.

Most younger generations say that brands are doing great with customer service and engagement on platforms. Older generations are more skeptical about AI though, the younger generations like it and want it more in businesses. Companies from around the world are seeing quite positive results in all aspects from marketing, investments, and increased revenues.

The biggest thing companies have for customers, nearly 60%, is the trust that companies give to them.

Data privacy is one of the biggest concerns for most people. Many want to know exactly what it is being used for, brands are giving out clear and precise data policies to help ease the anxiety of all the information that is stored. The biggest generation with data privacy is the baby boomer generation. All generations though are within a 10% range of data concern so overall, it’s the biggest concern that needs to be kept on its toes. Businesses are now taking data privacy into a more high challenge.

The only place globally that has been successful in being transparent about its AI is Hong Kong.

Many other businesses from around the world say they are spending more time in 2024 in making a balance between the customer experience and data security.