Accenture has found that new AI tools can provide hyper-personalized experiences for customers, leading to increased loyalty. Consumers are expected to widely adopt conversational AI in the next few years as they look to simplify their purchasing decisions. This trend towards using AI to streamline decision-making processes is seen as key to developing deeper relationships with consumers.
A recent survey by Accenture found that in the last quarter of 2023, 74% of consumers abandoned purchases due to feeling overwhelmed. Despite efforts to enhance customer experiences, 71% believe it’s becoming harder to make purchase decisions. The information overload is impacting confidence in buying choices, spanning from small items to major purchases.
Seventy-three percent of consumers feel overwhelmed by choices but 51% are open to using conversational AI. Generative AI is improving search from simple to semantic, making it more transparent. Consumers may want to browse independently, seek expert advice, or outsource decisions. Companies can use technology to personalize experiences based on individual consumer data. Empowering consumers will change how they view brands, integrating them into everyday life beyond just a single purchase.
In order to stay relevant in the future, companies need to build deep and hyper-personalized relationships quickly. Generative AI technology will play a key role in enabling companies to do this on a scale never seen before. Research shows that 75 percent of consumers want faster and easier ways to find options that meet their needs, and generative AI-powered advisors can provide the personalized advice they desire. These tools are expected to shift consumer marketing towards evidence-based information rather than mass advertising. Additionally, multi-modal search engines are being developed to prevent frustrating experiences like trying to buy products that are out of stock.
