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October 3, 2023

AI-Powered Insights to Boost Business ROI During Festival Rush

With the widespread adoption of Artificial Intelligence (AI), companies are using data and technology not only to manage the holiday rush but also to enhance their overall operations. However, businesses must set clear objectives before incorporating AI into their festive season strategies.  

Bhavesh Goswami, founder and CEO at CloudThat, emphasized the importance of defining goals. He highlighted that in industries such as FMCG and Retail, achieving success relies on the seamless integration of omnichannel strategies. The crucial factor is the adoption of AI to ensure that customers have consistent and personalized experiences both online and in brick-and-mortar stores. 

Goswami emphasized the importance of chatbots and virtual assistants in providing round-the-clock customer support, addressing inquiries promptly. He also pointed out that AI-driven analytics provide valuable insights into customer behavior, allowing businesses to optimize marketing strategies in real-time. 

In industries such as FMCG and Retail, the seamless integration of omnichannel strategies is vital. AI adoption ensures customers receive consistent and personalized experiences, both online and in brick-and-mortar stores. At a recent industry event, it was emphasized that AI is the technology of this decade, primarily due to its quick return on investment (ROI). To measure ROI for AI implementations, setting Key Performance Indicators (KPIs) is essential. 

Experts suggest that businesses can create specific, outcome driven KPIs and metrics for comparing the pre- and post-AI phases of their operations. Accurate ROI measurement involves monitoring and measuring performance compared to baseline data. AI plays a pivotal role in enhancing business operations during the festive season. From demand forecasting to personalized customer experiences, AI-powered insights are a valuable asset for businesses looking to maximize ROI and customer satisfaction during the festive season. 

You can read more on this from the Business World article by Bhavesh Goswami