Why use AI for Business Growth and Tackle the ‘New Consumer Trends’?

We are witnessing a massive consumer revolution! This colossal tidal wave of change will affect every big as well as small business and their products. We'll call this wave the ‘consumer shift’. FYI: The shifting behavior depends on earning, taste or technology. You must have noticed that consumers heavily influence earning and taste, but technology falls under the jurisdiction of industries.

Every innovation leads to huge steps of the Industrial Revolution. Every step taken toward operational efficiency and production stability allows users to evolve too. This consistent process of transformation gives birth to ‘new consumers’.

Now the question that arises for businesses is “How to survive this cut-throat competitive market?”, the answer is through adapting modern technology. Learn the use of AI in business, helping them to grow steadily & tackle the new consumer trends.

AI is becoming An Obsession for Every Business

People can’t stop talking about AI! It's a huge debate, the topic is raising questions & concerns for every individual. How will it change work, its cultural impact, and should you leverage it for the betterment?. There are millions of questions and the answer lies in practicality. Businesses across the world have started integrating AI to explore adequate advantages. Possibly the biggest reason was AI helps to unlock efficiency and scalability irrespective of the area of business.

When we researched more we learned Three primary things from the above-mentioned % Generation Awareness graph:

• Gen Z and millennials are aware that AI is the next big thing and they are highly invested in using it to maximize productivity.
• Gen X understands that AI is taking over the market, but they are skeptical about utilizing it.
• Being aware of technology is important as the phase we are at, we are still learning about AI.

A natural language processing AI broke the internet in September 2022, when it was introduced to the world. Soon people started to experiment using it. There are tutorial videos, cheat sheets, and even extensions available that help you utilize the tool to reap the benefits. The only problem is that, the tools are only able to mimic a fraction of power, AI used in business-related functions and operations needs something scalable and secure.

What The New Consumer Wants! (Mention Gitex)

Every quarter there is a new trend in technology and people start to quickly unveil its perks. A single technology-based information can bring colossal changes in consumer demands. On the other hand by integrating that technology one can counter those changes like the use of AI in business. This cycle that explains how fast consumer demands change and how to counter it can be understood using an example of Pizza Shop.

Mr. Takashi invested in a pizza shop. He wanted to achieve his dream of making pizzas and our dream of eating ‘em!!! His idea was quite clear and no problem with finances, but there was a huge problem standing in the way. The street that he selected had a lot of pizza sellers, so he wanted to stand out and give fierce competition.

At first, he received decent profit, people wanted to try new and they were going bonkers about the pizzas. But, soon the sales started to run low, it looked like there were hardly any customers interested in Mr. Takashi’s Pizza joint.


There were three primary reasons due to which the sales were running low.

Customization: The street was also famous due to tourism. People from around the world craved the taste of their hometown.

Health consciousness: People who lived around became health conscious due to a new gym opening around the corner.

Online Delivery: The shop was at the end of the street. People were either too tired to order on the phone or too lazy to take the long walk down the street. Come on now, Don’t Judge! we’ve all been there.

Our conclusion is that Mr. Takashi did not have an efficient online ordering system, fewer options due to limited inventory items, and no healthy food products. He wanted to change this and get back on the profit train. One lazy afternoon during mundane business hours a stranger visited his shop and talked about how the magical touch of modern technology can help your business sales to bounce back.

“What is it?” Mr Takashi asked promptly.

“AI-powered business intelligence”. Answered the mysterious stranger.

“It went straight over my head?” Mr Takashi questioned.

“Yeah, same for our readers, so let me explain that next”.

What is AI-powered business intelligence?

Business intelligence

It has been enabling companies to leverage the power of data to gain a competitive upper hand. Businesses often utilize BI tools, technologies, and methodologies to reach the high efficiency-performance threshold. To put simply, the information you gain from your business operations is like raw ore and BI tools can turn them into valuable metals or materials.

Sure using BI tools helps you to welcome high sales and profit, but the process is time-consuming. Hence, experts perfectly synchronized AI and business intelligence to reduce time, cost, and inaccuracy.

AI-powered Business Intelligence

Whether you are a small business owner or a huge franchise king, consumer satisfaction is the key to success. There are strategies that can help you if you want to know your consumers, identify the pain points, and eliminate them too. But can AI enhance something like BI that is already at its peak. Well it does, if BI is super Saiyan Goku for business then, AI in BI is like a mastered ultra-instinct form.

Why use AI for business growth?

Let’s Apply AI-powered BI to Mr. Takashi’s Pizza Place:

Prediction

BI with the help of AI can allow you to analyze what your customers prefer.

• For your business, it will single out the toppings and sauces your consumers crave for the most.
• On the outside, it can integrate suggestions for you to make sauces and use toppings that pizza lovers generally love the most.
• Combinations of pizza toppings and sauces lead to personalization and it allows you to tackle customers' new preferences beforehand.

Optimization

Now that you know customer preferences you will have to manage your inventory, AI can help you with that too.

• Forecasting likes, and learning consumer behaviors, and preferences will suggest you to purchase the right stock of ingredients at the right time.
• If there is more demand for healthy food in the town at an event, you will be able to strategize your menu accordingly.
• On the other hand, using AI for business will also suggest to you the nearest seller saving cost and time.

Automation

You can focus on other important things or become progressive when you let Artificial intelligence automate tasks for you.

• Want to maintain a high-quality rating when it comes to online deliveries? Let AI-based computer tools assess the quality of your pizzas. The past rating data will help you understand how you achieved such a high quality of food. Now you can consistently produce similar results or opt to achieve higher too.
• During times of events or special occasions, you can run automated marketing campaigns promoting offers, new pizza launches, outlet launches, discounts, and invites. This keeps your customers well-connected and informed, hence building a loyal customer base.

Segmentation

Customer segmentation is a powerful way to either beat the competition or acknowledge the diversity in your consumer base.

• AI crafts strategies for your business to excel based on spending habits, tastes, order frequency, and much more.
• The strategies developed by AI-powered BI are used to keep high-value customers coming back for more. It can also make the new ones to order more frequently as your pizza shop made them an offer they can’t resist.

Dynamic Strategies

Dynamic pricing strategies is the best, but an underrated reason to implement artificial intelligence in business. We all have habit of comparing prices online and go for the cheapest yet quality option. AI will study the prices of your competitors and the spending habits of other customers to reduce or alleviate the cost of products.

People also prefer combos, so you can make a combination of pizzas and sides with the optimum profit brackets for your customers. With the help of AI you can provide pricing options and your consumer won’t have to ditch your pizzas as a last-minute dinner choice ‘cause of the pricing threshold.

Epilogue

Sure the market is experiencing a new consumer trend with each passing year and it will continue to do so. If you ask us “How to tackle those ever-changing trends?”, we will insist you to use AI in business as everyone has been doing. There are plenty of AI solutions out there depending on the scale of businesses, but if you want to develop a personalized one, we prefer to hire an artificial intelligence development company.

If you are like Mr Takashi, who wants to revamp his pizza place for better sales, using AI tools to enhance business intelligence is what we will prefer. Choosing the right solution and ideating with experts can lead your sales to a profitable trajectory and deal with ‘The New Consumer Trends’.

Technology