- GenAI has rocketed on to the scene. ChatGPT reached 100 million users within two months of launch and a flood of other apps have quickly followed
- Consumers are using generative AI tools to draft CVs and resumes, plan trips, develop recipes and create music and art
- Impact of this technology cannot be ignored and companies prioritising authentic automation will be ahead of the curve
- Euromonitor’s Global Consumer Trend ‘Ask AI’ is about ongoing experimentation and shifting consumer expectations
LONDON, UK – Consumers’ use of GenAI has seen one of the fastest technology adoptions in human history with 72% using tools such as Chat GPT to improve their lives, reveals a Euromonitor expert.
Rabia Yasmeen, senior consultant at Euromonitor International, said this was a trend that could not be ignored and that companies prioritising authentic automation would be ahead the curve.
Yasmeen said: “Generative AI is prompting an ecosystem reset. New tools are turning into co-creators for consumers, influencing their decisions and changing their expectations of brand engagement.
“This technology will become more deeply woven into our daily lives, so businesses need to leverage AI tools to improve personalisation and enrich the customer experience.”
Consumers keep testing the capabilities of this technology and they expect brands to do the same
GenAI tools have burst on to the world scene with ChatGPT reaching 100 million users within two months of launch, one of the fastest-growing consumer applications in history. A flood of other apps that lean on the same large language models (LLMs) have quickly followed.
Yasmeen said: “Rapid adoption can be attributed to the accessible nature and ease of use of these platforms. Consumers can produce a plethora of content, from creative writing to music and art, with little technical expertise.
“Advanced algorithms and LLMs combined with simple interfaces are placing the power of machine learning in their hands. People are using these tools to draft resumes, develop recipes, plan trips and make avatars—among other tasks. Productivity and creativity tend to be the main drivers of use thus far, but new applications continue to pop up.
“The Ask AI trend is all about ongoing experimentation and shifting consumer expectations of generative AI solutions. Customers are experimenting with the technology and they will expect businesses to do the same.”
42% of consumers comfortable with voice assistants giving product information, only 17% are happy using a bot for complex questions
When it comes to current technology such as chatbots and voice assistants, more than 40% of consumers are comfortable with voice assistants offering personalised recommendations, but less than one-fifth felt the same about using bots to answer complex customer service questions.
Yasmeen added that Generative AI could enhance or refine these functionalities, resulting in a better user experience. “The Ask AI trend could give your brand a competitive advantage, if these tools are used effectively — both for internal purposes and customer engagement.
“Generative AI solutions support the innovation process, which could accelerate go-to-market strategies. Content creation and ideation can be achieved at speed for faster delivery. And businesses that leverage the capabilities of this technology can synthesise user data to guide new product development. Plus, integrating customer inputs will help companies customise marketing campaigns, merchandise and services at scale.
“You can also improve search functionality, product discovery and personalisation. Using generative AI integrations to capture an enhanced level of customer insight, you can build unique user experiences. For example, create smarter virtual assistants that curate responses to individual queries, so shoppers can immediately find what they need,” said Yasmeen.
53% of professionals said their company plans to invest in generative AI tools over the next five years
With more than half of all professionals saying their company planned to invest in generative AI tools, Yasmeen explained that businesses should evaluate their internal processes to identify opportunities for generative AI technology to improve output.
“Adopt these tools to automate and optimise the customer experience like personalised chatbots or ads. Also analyse and leverage user data from generative AI integrations for targeted marketing and new product development.
“The potential impact of this technology cannot be ignored, and companies that prioritised Authentic Automation are ahead of the curve. But governance remains a grey area. You need to understand the implications of generative AI and establish clear standards for responsible implementation in your organisation,” said Yasmeen.
For further information see Euromonitor’s Global Consumer Trends here.