Gen AI can help cut through noise, increase sales and engagement: Report

At a time when consumer-focused businesses are deploying technology to personalise advertisements, buyers are feeling overwhelmed with the choices. Close to 90% of the surveyed customers have abandoned purchases after being bombarded by advertisements, a study by Accenture has found. 

The research surveyed 19,000 customers to understand consumers’ decision-making experiences across the retail, travel, and consumer goods industries. The study emphasises  an urgent need for brands to tap into the transformative power of generative AI (Gen AI) to reduce the “noise” around decision-making and increase engagement, loyalty, and sales.

“Overall, the use of generative AI and AI-powered advisors in retail and consumer goods can enable companies to better understand their customers, deliver relevant and engaging experiences, and drive business growth. In fact, it offers an opportunity to capture the entire purchasing journey, from inspiration to ideation to transaction, as part of a single, seamless, natural conversation,” said Amneet Singh, managing director and lead — Products, Accenture in India.

The report highlights that consumers themselves are on track to adopt generative AI-powered advisors rapidly and at scale over the next two years. Over 80% of respondents in India said that they’re open to using conversational generative AI solutions for advice, support, guidance, recommendations, and queries, among others while shopping. The report further emphasised looking at the core operational processes holistically and using generative AI to unlock value at scale.

To be sure, a study by Capgemini in 2023 found that consumers across age groups are highly satisfied with and show trust in the content generated by generative artificial intelligence tools, a study has found. On average, 73% of users said that they trust content written by ChatGPT and other generative AI tools. This high trust is prevalent across age groups, led by GenX-ers (74%).