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How Businesses Can Use Emerging Technology To Extract Value From Social Media

Sashank Ravindranath — Tue, 30 May 2023 08:45:50 +0000

While the COVID-19 pandemic did slow the economy down amidst a lot of problems, it also led to an e-commerce surge and accelerated digital transformation by 5 years. What was considered futuristic is now being experienced in the present and businesses who haven’t implemented them are considered outdated. This is because, with growing advancements, comes increasing competition that keeps brands on their toes to constantly adapt to this ever-changing playing field.

Even if your products are the best in the market with minimal competition, there are things that are needed from your end to make your products reach your target audience. And one such channel that can be the best choice for you in the current scenario is your social media game. But if you’re wondering “There are a lot of options like email and SMS marketing, why particularly focus on social media?” Here are some stats that should convince you.

Now that it’s clear why social media is important, let’s move on to how businesses can use social media not just for the sake of it but for its utmost potential. This is where the impact of digital transformation comes into play. With technological advancements happening throughout the e-commerce space, there are also several up-and-coming innovations in social media that businesses can take up to stay competitive. Here are some of them that are currently in the trend.

5 Ways Businesses Can Use Emerging Technology To Extract Value From Social Media

Businesses can leverage emerging technologies to extract value from social media in several ways:

1. Social Listening and Sentiment Analysis

In general terms, social listening is an extension of brand monitoring (where you can keep track of every social mention of your brand), along with each and every necessary social media conversation that includes products that you sell and competing brands.

Primarily insights from social listening are used to identify trends, customer pain points, and sentiment analysis on similar topics, all of which can be used to make data-driven decisions for improvement.

Sentiment analysis is a subset of social listening. While social listening monitors related mentions, sentiment analysis gives insights into the emotions surrounding those mentions and helps you pick the right context for your customers’ conversations.

For example, by understanding customer sentiments, trends, and feedback, you can work on identifying customer needs, improving products and services, and enhancing the overall customer experience.

If you’re wondering where to start, there are several social listening tools such as Hootsuite that you can make use of to do the research on your behalf.

2. Social Media Advertising

Social media ads are a really straightforward but great way for businesses to reach their target audience with relevant messages. With proper research and techniques, ads can be your most efficient option to generate leads, drive sales, and increase brand awareness.

But advertising isn’t just posting about your brand on social media, it has several depths to it that make it relevant. To help you understand things better, let’s look at the two trending forms of social media advertising for now.

Influencer Marketing: The lockdown phase was a blessing in disguise for a lot of individuals who began their careers as ‘content creators’, spending time on social media doing what they enjoy the most. With a fanbase growing for them, they grew into influencers relevant to particular industries. By collaborating with influencers, businesses can reach a wider audience, increase brand awareness, and drive customer engagement.

Personalized Marketing: With insights such as customer preferences, behavior, and interests, you can send out personalized messaging that caters to specific customers. With recent technological advancements and increased customer expectations, you have no option but to embrace personalization in your social media marketing tactics. Advertising campaigns that are tailored to the right customers help you create individualized experiences and spur more sales.

3. Social Commerce

Not just for advertising purposes, recent integrations have enabled social commerce, where shoppers can not just view but browse and shop directly from social media platforms.

Social commerce retail earnings are predicted to reach nearly $80 billion by 2025 in the U.S.

With shoppers spending a lot of time on social media for their personal stuff or for looking at brands, social commerce can be seen as the best option for businesses to enable seamless shopping experiences (where shoppers can directly purchase from social media sites without having to visit your website).

Not just direct selling, social commerce also enables:

Social sharing – Leverage user-generated content to drive conversions and sales
Customer engagement – Easy support interactions and insights into brand content performance, etc.

4. Chatbots

Social media has come a long way from just content sharing to AI-powered chatbots to engage with their customers across platforms like Facebook, Instagram, Twitter, and WhatsApp.

The purpose of these chatbots covers three essential parts of your business’ needs — customer service, customer engagement, and social media marketing. But using conventional techniques is just the bare minimum. With the help of automation, you can extend the capabilities of chatbots by a huge margin.

Let’s start with the most persistent problem of an e-commerce business, post-purchase issues, and customer queries around their order status. With over 40% of support tickets created around the post-purchase, it is understandable that customers are worried about their orders going haywire during the shipping and delivery phase.

But it doesn’t have to be that way. Instead of waiting for your customers to take the first step, you can take a proactive approach to engage with them regarding their order details from time to time. This simple action just stands to provide multiple benefits for your business by improving customer relationships and brand loyalty while reducing costs and the time taken.

5. Virtual Reality (VR) and Augmented Reality (AR)

Thanks to technological development over the past few years, VR and AR, classic science-fiction tools can be experienced today, in our lifetime. With fierce competition from multiple directors, e-commerce brands too couldn’t stay far from such technology and have started to use VR and AR primarily in advertising to create immersive experiences that can help businesses connect with customers in new ways.

Virtual product try-on tools and augmented previews can be extremely beneficial for the apparel and accessories industry to convince customers who are sitting on the fence over the doubt of the product working out for them to go for the buy,
Brands can partner with social media applications like Instagram to create filters that users can use for fun in their content. This can really boost your efforts to spread the word about your brand and increase engagement rates.

Overall, integrating VR and AR into social media platforms helps in engaging users, driving conversions, and providing unique and interactive shopping experiences.

Final Word

With growing technology, social media will continue to evolve. To keep up with the ever-changing conditions, you will need to adapt your strategies in order to consistently stay ahead of the curve.

In conclusion, by using techniques such as social listening, sentiment analysis, social media advertising, social commerce, VR and AR, etc, you can extract valuable insights, enhance customer engagement, optimize marketing efforts, reach new markets, and drive business growth in the digital landscape.

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5 Ways AI Can Transform the Retail Industry: Examples and Benefits

Sashank Ravindranath — Mon, 25 Apr 2022 11:54:25 +0000

The retail industry has been undergoing a digital transformation for years. It has improved in speed, efficiency, and accuracy, thanks, in large part, to improved data and predictive analytics technologies that allow firms to make data-driven business decisions. None of these insights would be possible without the internet of things (IoT) and, more importantly, artificial intelligence (AI).

Retailers now have access to high-level data and information, which they can utilize to improve operations and open up new business opportunities. In fact, AI in retail is expected to create $40 billion in additional income over the next three years. Many industries use the term artificial intelligence, yet many people don’t fully get what it means.

Artificial intelligence and machine learning refer to the technology that can collect, process, and analyze large volumes of data to predict, forecast, inform, and support retailers in making reliable, data-driven business decisions. These technologies can even work on their own, transforming raw data from IoT and other sources into actionable insights with the help of advanced analytics.

AI Applications in Retail

AI has a significant impact on the retail industry, accelerating and automating a handful of functionalities. Below, we’ll discuss a list of AI applications in retail to give you a headstart:

Provides valuable data to keep track of Inventory

In the retail industry, artificial intelligence is improving demand forecasts.

AI business intelligence systems foresee industry movements and make proactive changes to a company’s marketing, merchandising, and business strategies by mining insights from the marketplace, customer, and competition data. This has ramifications for supply chain planning, pricing, and promotional planning.

Creating interactive chat programs in the retail business is a fantastic way to employ AI technologies while improving customer service and engagement. These bots use AI and machine learning to engage with customers, answer common questions, and direct them to useful answers and outcomes. As a result, these bots collect crucial client data and then label the data that can be used to inform future business decisions.

Maintaining appropriate stocks is a major concern for retailers. By connecting more aspects of their business and using AI to help with inventory management, retailers may get a holistic view of their stores, customers, and merchandise.

Helps you understand customer behavior

The more you understand customer behavior and trends, the more you’ll be able to meet demand and provide the best products possible.

AI might help retailers improve demand forecasting, pricing, and product positioning. As a result, customers have access to the right products at the right time and in the right place.

Predictive analytics can help you order the right amount of inventory, ensuring that shops don’t have too much or too little on hand. AI may be able to track data from online channels, enabling better e-commerce activities.

New kinds of AI can help you understand customer intent and personalize the shopper’s journey accordingly at the retail edge. One instance is marking some areas in stores using heat mapping. Cameras and computer vision combine to indicate which items are picked up, returned, and where the customer goes after leaving the shelf.

Empowers you to offer stellar customer support

Whether it’s a little boutique or a worldwide behemoth, businesses strive to deliver quick, customized, and delightful shopping experiences.

Customers should be able to locate what they’re searching for easily, obtain assistance when needed, and check out swiftly. These operations are streamlined by AI to help generate more fulfilling client experiences.

Customers are being recognized by mobile and digital portals, which are personalizing the e-commerce experience to reflect their current environment, previous purchases, and buying activity.

Artificial intelligence (AI) systems are continually evolving a user’s digital experience to develop hyper-relevant displays for each interaction. Customer engagement may be measured using digital signage with computer vision, and real-time advertising tailored to the audience can be served. AI gives additional opportunities to tailor experiences, from the retail edge to the cloud.

Manages fluctuating pricing

AI applications in retail outlets might aid in the pricing of items by showing the anticipated results of various pricing schemes.

Systems collect information on other items, promotional efforts, sales numbers, and other data in order to carry out this task.

Business owners can showcase the greatest deals to attract new clients and increase revenue. eBay and Kroger both use Artificial Intelligence to optimize their pricing and remain flexible in their capacity to modify rates and promotions based on the data they collect.

The price of a product is forecasted based on demand, seasonal trends, attributes, the release date of new versions of the same item, and other factors. Its most obvious application is in the travel business, but it might also be utilized in retail.

Consider an app or service that allows your consumers to see how the price of a product will change in advance. This is doable and simple to accomplish using Artificial Intelligence.

Improve shopping experience

During the buying process, Artificial Intelligence (AI) may also help in the detection and segmentation of your customers’ emotions. Walmart has already employed face recognition technology for this reason.

Each checkout line is equipped with cameras, and if a customer becomes agitated, a business employee will talk with him or her. Mood tracking will surely contribute to the formation of stronger client relationships. Business owners may utilize behavioral economics to build a customized strategy for each consumer using Artificial Intelligence technologies.

Wrapping up

AI’s role in the retail industry is increasing exponentially all the time.

Applications in retail are not only bound to a software end but several other fields such as Internet-of-things and robotics also play an important role in the development of such systems so this process includes most of the major engineering disciplines and because of such facts, any company that fails to focus on such developments might struggle to stay contemporary or compete internationally.

Such innovation not only increases the overall working skills but also eliminates the requirement for traditional or antiquated systems with intelligent automation, such as inventory management.

AI is simply changing the way stores function for the better. You can put your shop in a better position to make better decisions, increase sales, and eventually improve customer retention by implementing AI. So, there’s no better time than now to start incorporating AI into your daily operations.

As you consider how to include AI into your retail organization, keep in mind the several advantages listed above. You may be well on your way to attaining a whole new level of business growth in the months and years ahead with the correct AI technologies.

This article is a contribution by Melanie Johnson.

Melanie Johnson is an AI and computer vision enthusiast with a wealth of experience in technical writing. Passionate about innovation and AI-powered solutions. Loves sharing expert insights and educating individuals on tech.

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Digitization of Supply Chain: The Rise of Digital Supply Networks

Deepa Shankar — Tue, 22 May 2018 13:33:06 +0000

The supply chain has come a long way from traditional linear networks to what it is today: dynamic, digitized and interconnected with information flowing in from every part of the network. These new age supply chains are open systems or Digital Supply Networks (DSN). What works today is actually a hybrid of traditional methods with digital networks. Sensor-based data sets help DSNs merge views of the supply chain and use-case appropriate latency responses to dynamic events.

Digital Supply Networks consolidate information from many different sources and locations, from across vendors and stakeholders to drive the chain ahead. The priorities of a supply chain are still the same, over the years: Volatility, velocity, volume, and visibility. All these are digitized today. Needless to say, digitization lowers computing charges, makes storage cheaper, and reduces costs of bandwidth among other things.

The new age methods and tools in DSNs that make a huge difference are powerful analytics, visualization, scenario analysis, predictive learning algorithms and easy access to data. Organizations are keen to collect real-time data and study them in a digitized manner to learn things better. State of the art robotics, drones, additive manufacturing and autonomous vehicle play a major role in implementing these methods.

Manual intervention has been made minimal in most logistics operations now. Robots man warehouse functions. Drones are being sent out to finish last mile deliveries. Uber tests driverless cars. These developments help with the functions of the supply chain. There is exchange of money, time, information and physical goods in every leg of the chain. Lower computing costs and real-time data sharing goes a long way now.

It is no longer a mean feat to gain insight to every step of the supply chain operation. Digitization enables systems to gather data from everywhere and present them in any format you need. The linear flow of designing, creating, and moving physical goods is still intact with the addition of new inter-linkages that enable digitization.

Connectivity, with technical capabilities, has reduced hiccups that have plagued supply chains for aeons. Data predicts disruptions. Real-time data can hasten decisions. Damage control is handled effectively from various corners of the world. Inefficiencies and potholes are identified easily from the data generated by efficient systems.

With the advent of 3D printing, some businesses are shifting to different business models altogether. The requisite materials are shipped across destinations. On the last leg of the journey, 3D printing enables the business owner, with a careful network of logistics and supply chain, to just assemble the final product with 3D printing technology and deliver it to the customer.

Leveraging shipping data analytics to cut supply chain cost

The Beginning of the drone era in shipping: Should your business be worried?

How analytics can transform supply chain management?

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How is AI set to transform logistics?

Bianca Barath — Thu, 11 Jan 2018 11:43:50 +0000

Plaguing issues that worry logistics companies are diminishing margins, fuel wastage, idle time, turnaround time and speed of deliveries in the supply chain. And Artificial Intelligence can help with these problems. And that is why logistics companies are looking at AI for a fundamental transformation to handle movement of goods. AI is used in tandem with other technologies like Robotics & Automation, 3D Printing, Big Data for best results.

Tech giants like Apple, Amazon, Facebook, Google invest a lot of time and money on AI that can be used with real world issues. And one of those is to do with supply chain management of how goods are sent from one point to another. The future of AI in logistics is about driverless cars and deliveries. Drone deliveries are being tested as we read this. Uber has been continually testing its potential with deliveries. The Internet of Things or IoT, the most happening study subject of AI, is most likely to assume to major part of logistics in the future. It offers the possibility to interface just about anything to the Internet and can enable information driven co-ordinations.

We are looking at augmented AI with machine-human interaction and collaboration. Augmented reality offers the “smart glasses”, especially in order picking. These are smart glasses that enable intelligent, hands-free operations. Robots can replace human intervention in warehouses. They are lighter, more flexible, easier to program, and more affordable. As of now, several cutting edge technology majors are using “collaborative robots” that work side-by-side with human employees. These robots are of great help in supporting repetitive and physically demanding tasks in logistics.

Self-driving vehicles have made great inroads in logistics. We also have autonomous forklifts and other self-piloted equipment that greatly optimize warehouse operations. Very soon, we are looking at a future where self-driving vehicles in logistics will be to overcome regulatory and security challenges to deploy autonomous vehicles on public roads.

Amazon made news with its drone delivery service recently. Drones are unmanned aerial vehicles (UAVs) that can do last mile deliveries to end customers. Though it looks like a great prospect, drones will still require a bit more time before mainstream adoption as of now. But research in the arena looks promising. Drone deliveries could avoid traffic delays that occur on road.

3D Printing is another area that is being studied. There are several products that can, instead of being manufactured in large mass-production facilities and shipped around the globe, be sent to warehouses as product designs. These designs can be digitized and transmitted to small factories closer to the customers. And these smaller factories could manufacture with the help of 3D printing technologies.