No one had expected that these industries – Beauty & Skincare and Customer service, which run on a basic human element, would also accept AI
The mighty Artificial Intelligence is not selective in its magnanimity. It does not choose between industries it disrupts, and not every AI-loving company is logistics, healthcare, or marketing.
According to Statista’s ‘In-depth: Artificial Intelligence 2019’ report, the worldwide AI revenue is projected to be $90 billion by 2025. AI will be table stakes in every industry, and some unexpected sectors are leading the way.
Beauty and skincare
In the beauty and skincare industry, AI is helping firms deliver personalization and sustainability. AI is ending the product guessing game and aligning cosmetic styles and styles with skin features of specific shoppers. The beauty market is as big as $445 billion industry where companies are competing to sell different versions of the same thing an AI becomes a differentiator in selection.
AI technology is also helping to develop skin care products tailored to its consumers. AI bots are being used to scrape data, and with ML, they are making connections between different product categories and ingredients. Data is now playing a huge part in developing formulations where AI recommendations ingredients for consumer’s products and cosmetic chemists then use their expertise to create the formulations.
AI is also being used to fundamentally change the products at individual levels. Using AI, companies are also able to provide personalized products to consumers where the information of preferences is filtered through an algorithm that transforms the inputs into precise outputs of ingredient combinations.
In the beauty industry, experts believe that technology can only support human judgment, but not replace it.
Even in the age of AI, people do like to talk to human support. What is pushing customer services companies to get automated systems is the demand by customers who hate long hold times. Enterprises have already using automated systems to process payments and handle information requests. With AI based customer service, customers can serve themselves, allowing companies to allocate their human capital to tasks, such as customer retention.
Gartner has predicted that by 2020, 80% of customer service interaction will be handled by AI. It is becoming a fast customer service must-have.
Natural language processing (NLP), the latest tool in AI’s arsenal can analyze human language and understand context and outcomes. With this, humans are interacting with AI often without even without realizing; it is a bot.
Here too, experts say that AI cannot replace human interaction. AI has become a facilitator that minimizes customer frustration.
As AI and NLP become more sophisticated, the amount of assistance AI can offer is limitless, which not only enhances customer experience but also improves the bottom line.
Experts believe that very soon, the AI discussion will shift from being a disrupter to the standardization of the technology, and companies that fail to leverage AI tools will cease to exist. What is now the edge of possibility is soon expected to become the baseline of customer expectation.