Random thoughts on marketing and ecommerce trends

The implications for 2023 and beyond are clear: the technology platforms of the future are the new terrain of strategic competition.

Generative AI is everywhere.??Microsoft is investing in the maker of ChatGPT.

Biomanufacturing and other advanced manufacturing techniques are the new and exciting areas where first movers can jump ahead. AI-enabled breakthroughs could represent an entirely new pathway to cleantech, with huge strategic ramifications.

?From a marketing perspective, here are five pointers as to where the technology could be headed this year.

1.???AI will start moving downwards in the funnel

?Marketers are currently using AI only to help with their more basic, top-of-funnel efforts, more as a way to project AI friendliness. But that is likely to change soon.

Marketing operations, analytics, and technology are the key areas of investment?for marketers in the year ahead. AI will start taking on a bigger role in measurement and analytics as marketers attempt to optimize their campaigns. Good organisations and agencies would need to reskill and upgrade.

2. Whats going to slow down forward momentum

More than half of executives worldwide feel their companies lack the expertise and talent to implement AI, according to a Boston Consulting Group and MIT Sloan Management Review survey. Other barriers include a lack of training and knowledge among staff members, buy-in from senior leaders, funding or resources, and awareness about AI.

These barriers are?likely to continue?as budgets are capped, margins are tighter than ever, and layoffs continue.

3. Privacy issues - For all its benefits, there is risk associated with AI technology, mainly cybersecurity and data privacy.

2023 could be the year that the?privacy panic sets in as marketers prepare for privacy laws.

Marketers will need to figure out how AI fits into their privacy plans and ensure they have legal protections in place for consumers and their businesses alike.

4. CX (Customer experience) could become a key area for AI

Marketers will use AI to enhance the customer experience.?Companies are frequently using chatbots?to answer routine or frequently asked customer service questions, freeing up human agents to tackle the larger issues. However, it’s unclear if those automations will result in more efficient customer service.

5. The use of AI in marketing and advertising will become more widespread in the years to come, with many key executives worldwide saying that it will be “critical” to their job functions in another 2 years time. But the amount of resources needed to implement AI solutions (both monetary and human) may mean that its ideal state will take some time.

6. Tech infused physical stores with digital inventories could level the playing field for offline retailers. Digital inventories availability inside physical stores would also create more buying options for customers who have now started visiting stores.

7. Quick commerce may slowdown or get unviable or expensive, thereby questioning the need for undue speed. Questions would also start being asked as to whether quick commerce contradicts all esg and sustainability goals till suitable delivery options are truly in place.

key source of information - emarketer