The Rise of AI in Market Research: How Technology Is Changing Everything
Market research his something that is essential for launching for a new product,introducing any new offer or growth ebusiness inorder to increase the sales to the next level.What I want to say is that it helps businesses understand customers,study competitor’s behavior and make better decisions. If we go few years back, this process of market research required a lot of manual work like doing surveys,interviews,data entry and long hours of analysis.However,in today’s world, things have changed because there is Artificial intelligence (AI). Yes, AI is drastically changing the ways market research used to done.Al can collect datafaster,analyse huge amounts of information within seconds and it can even predict what customers’ desire in the future. Because of all this,AI has become a trend that is disrupting the market.There are some of the positive as well as negative effects of AI in market research. As for the positive,
- It helps in faster data collection asAI tools can scan millions of social media posts, reviews and website activities within minutes.
- It helps in better accuracy as AI reduces human errors,the insights that we get from AI is often
- It is cost effective; businessessave time and money because AI automated repeated tasks like collecting and reviewing reports and give valuable feedback.
- It helps in predicting insights,AI doesn’t just tell us about what’s happening in the world but it also helps in predicting the future.
Never the less,with positive light comes darknessas well.
- Even though AI can analyze numbers,but it can not fully understand human emotions or the way a person thinks.
- AI has a lot of data in its hand, the more the data, the more privacy concerns, it can lead to risks related to customer information.
- Also over dependency on anything is a threat and something that’s not really right, so companies should not always rely on technologies because it may never be equal to a human’s intelligence, because evenAI is created by humans only.
AI is truly transforming market research by making It faster,smarter and efficientin many ways. It is helping companies understand customers and make better decisions about their preferences,behaviours and what not.However,it comes with many challenge slike privacy concerns and of course lack of human judgement.The best solution is to combine AI tools with human intelligence.
Author:
Mr.Bhavesh Maharwade
Research Scholar
iFEEL
Co-Author:
Dr.Gaurav P. Petkar
Assistant Professor
iFEEL