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Conversational AI Platform

Guides

Table of Contents

1. What Are Consumer Insights?
2. How Do AI Consumer Insights Help Businesses?
3. AI Powered Consumer Insights
4. Consumer Insights: Use Cases
5. Frequently Asked Questions

WHAT ARE CONSUMER INSIGHTS?

Imagine gaining an insight into your consumer’s mind, where you are able to explore their thought patterns, decision-making process, and preferences, in order to deliver customer experiences catered to their needs – this is exactly what Consumer Insights do.
By harnessing the power of AI Consumer Insights, retail brands can simplify every single consumer that visits their store or website into a robust profile, one that includes everything about their buying journey, perceptions, sentiments, their approximate lifetime value, and spending power.
By gauging what consumers think of your brand, and how they perceive your products, you as a retail brand can focus on delivering products and services that meet consumer needs and expectations accurately.

This information is crucial in the discovery of areas of improvement, bettering marketing strategies and advertisements, creating a successful sales funnel, and being able to predict future retail consumer trends based on historical data and insights collected.

Consumer Insights are therefore imperative for high-quality retail experiences and allow retailers the ability to stay ahead of their competitors, thanks to a 360-degree view of exactly what their consumers want.
Here are a few of the different steps AskSid employs while gathering and analyzing retail consumer insights:

HOW DO AI CONSUMER INSIGHTS HELP BUSINESSES?

Future-proofing of your business is always a top strategic priority, and gaining a transparent understanding of your consumer’s needs allows you to work smart and deliver better retail experiences. It’s simple, think of consumer insights as having very honed good listening skills, making you a brand that cares about unmet consumer needs and where they aren’t being met.

Conversational AI providers like AskSid collect millions of consumer insights from every single conversation that occurs on a brand’s digital and web channels. Not only does this provide a comprehensive database to analyze, but provokes conversations about what is lacking, what can be improved upon, and what needs to be done to deliver exceptional shopping experiences, rather than just the ordinary.

Marketing teams and Customer Support teams in specific are highly reliant on this data to be accurate and timely so that they can do more than just keep tabs on their consumers, they can jump in to proactively help whenever needed.
Here are some of the top business benefits retail brands can gain from consumer insights:

AI POWERED CONSUMER INSIGHTS

Gain comprehensive micro-level knowledge on what your consumers want with insights that are put through rigorous levels of analytics to identify the desires, needs, and motivations of your high-value consumers. The impact of insights cannot be understated – they truly do help brands transform customer experiences and sales. But how do insights work? With AI, of course!
AI powered consumer insights are demand signals that are gathered using AI and Machine Learning models and analyzed using AI analytical models to arrive at a blueprint of your consumer’s needs and requirements. AI powered insights are automated and take away the stress of research, assessment, and analysis from marketing teams, allowing them to access the final results and re-focus their valuable time to strategize on ways to use these insights to deliver better outcomes.
Some examples of answers AI powered consumer insights could help brands with include:

CONSUMER INSIGHTS: USE CASES

FUTURE OF CONSUMER INSIGHTS

As AI and its allied technologies advance, so do the capabilities to transform the future of retail. Data as is predicted will be front and center in terms of business strategies, and insights will be a big part of making sense of collected data.

Consumer insights convert raw data into a solid direction for brands to move in, to get closer to perfecting customer experiences. All the steps and actions required to improve on existing processes, online shopping journeys, the way products are presented online, marketing campaigns, and even the quality of customer support on offer, are made available to those ready to invest in consumer insights driven by AI.

And currently, with brands pushing omnichannel support and shopping, it becomes even more crucial to track customer sentiments and response to everything the brand is offering. Collating, analyzing, and arriving at actionable insights being automated is a big win for any retail brand looking to improve its business holistically.
Because this process is automated, brands can now reallocate resources to higher-value tasks such as reviewing insights and understanding what changes need to be made. The way that consumer insights have been changing the way some of the world’s biggest brands approach various aspects of the retail process, the future of consumer insights looks extremely positive. By collecting AI powered insights, brands are now entering a new era where strong businesses are built on a foundation of data and knowledge, and the only way to go for them is up!

Here are a few examples of consumer insights:

  • Firmographic data
  • Usage information
  • consumer loyalty information
  • Consumer service data
  • Competitor analysis
  • Socio-demographic data
  • Brand perception
  • Market research
  • Trends analysis
  • consumer surveys
Consumer insights involve gaining an understanding of shoppers by harnessing consumer data that factors behaviors, traits, experiences, and feedback to create a living and breathing ecosystem driven towards the improvement of the product or service. In simpler words, consumer insights are the window to what a consumer thinks or feels about a business.
Insights that are drawn out using AI models that segregate consumer data into a set of variables and characteristics that allow businesses to answer questions surrounding ideal consumer profile, target audiences, buyer’s journey, patterns, perception, consumer sentiment, and consumer lifetime value.
A consumer insights platform helps maximize consumer lifetime value by anticipating their needs and allowing businesses to adapt to these and deliver richer consumer experiences.