Remember when you patronized your neighborhood store for the personal attention and knowledgeable recommendations from a shop owner who actually knew you? Probably not. But your grandparents certainly do.
It has been that long since retailers and consumer goods makers knew individual customers well enough to understand and deliver exactly what each desired.
But thanks to artificial intelligence (AI) technologies, especially machine learning (ML), that is changing.
Many retail and consumer products companies are hesitant to experiment with AI, because they lack internal expertise. But you can begin your AI journey without fielding a team of data scientists and getting started should be straightforward.
Capgemini research and experience shows that AI innovators take a five-step approach to ensuring the success of their AI initiatives:
- Start with quick wins. Simpler solutions have a greater chance of success, and they’ll give you experience for more complex undertakings.
- Develop your data maturity. Successful AI solutions require mature data management. Make sure you’re following data best practices, such as integrating datasets across the company and augmenting internal insights with external streams.
- See through the eyes of the consumer. Don’t make the common mistake of prioritizing business needs, such as cost and ROI, over customer needs, such as consistency and relevancy.
- Treat AI as strategic. Companies that scale AI successfully give it strategic focus.
- Increase investments for the long run. Over time, AI will require more significant strategic investments. Some 42% of AI leaders have globally scaled AI-enabled interactions, according to the “Secret to Winning Customers’ Hearts” study, while only 2% of AI laggards have.
Download this paper to dive into more details on these best AI practices to drive success in customer engagement.