TRANSFORMING MARKETING THROUGH AI: A LITERATURE REVIEW AND FUTURE RESEARCH AGENDA
Keywords:
Artificial Intellience, AI, Marketing, ChatGPT, analyticsAbstract
Artificial Intelligence (AI) has become a buzzword in today’s business landscape and the realm of marketing is no exception. AI’s widespread adoption is due to the presence of digital channels and devices frequented by customers have led to an explosion of customer data - big data. As AI can process large amounts of data, learn from it, and make predictions has revolutionized how companies approach marketing. Nowadays, AI algorithms, natural language processing, and machine learning can process and analyze large amounts of data quickly and accurately and have made it possible for businesses to understand their customers better, create targeted campaigns, and improve customer experiences. AI is now termed as a‘ business disruptor’ and a ‘source of competitive advantage’ as businesses can gain customer insight with respect to customer behavior, preferences, and patterns that would be impossible to do manually earlier. Not surprisingly, globally, businesses are experimenting to leverage AI to optimize marketing efforts. According to a 2020 report published by MarketsandMarkets, the global market of AI applications in marketing will be USD 26.63 billion by 2025, a growth of CAGR (Compounded Annual Growth Rate) of 29.7 percent between 2020-2025. Major AI applications in marketing include personalization, predictive analytics, image and speech recognition, chatbots and virtual assistants, and marketing automation. In this article, the authors aim to give an overview of AI as a domain, review the literature on the impact of AI on marketing and provide examples of how it has been applied in various industries.
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