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The emergence of AI technology has revolutionized the structure of tech companies. Google, Facebook, and Microsoft’s parent company Meta has just released their quarterly earnings. These firms shares have recovered and it is the same as many other technological companies. Artificial intelligence has taken the world by storm. Talking about artificial intelligence has changed the perspective an stalk about the economy. CEOs and tech giants are using words like inflation, headwinds, and recession less frequently in calls with analysis and investors about half of the Nasdaq 100 companies have reported. Indeed, it’s a striking change as compared to the last year, when such concerns caused significant market declines.
It’s a normal action from investors and merchants to start thinking about cutting costs as soon as they get aware of the recession. Retailers start making their action plans and try to improve marketing budgets to perform better instead of cutting them. When the market improves, impulsive, short-term cost cutting may create long term losses and lower brand recall. Instead, companies and business should think about the usage of data and AI to use effectively to increase the customer flow and saves their operations from downturns.
Customers and motivated to make online purchases for specific purposes and at various steps of their journey. For the best possible total consumer experience, in-store and online shopping are directly proportional to each other. By experiencing and using new technology retailers stay up with consumer experience improvements. For instance: AR enables shoppers to have experience before making a purchase. As now people have shifted towards online purchasing, having an attractive app experience may attract more clients. IKEA is one of the best example of a company that has developed unique and inventive methods to leverage technology and digital platforms to provide the best shopping experience while addressing the frequent obstacles to physical buying.
Retailers must have to look their strategies on serving their current clientele during a recession instead of seeking for new customers. As AI is becoming popular therefore, consumers have many options to switch to other brand. Building strong relationships to customers is becoming very difficult these days. For example: Sephora, a leading cosmetic brand introduced its loyalty program almost ten years ago, and has since updated it to consider both the demands of its clientele and the potential of contemporary technology.
In addition, Sephora’s next move was to bring innovations in its online and physical stores. Sephora planned to launch an app after witnessing that 80% of their customers were using their phones to enhance their physical purchasing experience.
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