Companies must embrace AI, sustainability and purpose to drive growth: Essence

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Updated: May 01, 2020 11:51 AM

The report compiled by Essence predicts the factors shaping up the future of marketing

Companies will need to create new kinds of jobs and embrace new fields in which to apply human creativityCompanies will need to create new kinds of jobs and embrace new fields in which to apply human creativity

In order to connect with the consumers effectively, companies will need to become more transparent, sustainable, and purpose-driven to meet the expectations of the post-millennial generations over the next decade, according to a report released by Essence- a global data and measurement-driven agency which is part of GroupM. The report also highlights the emergence of a new form of marketing interaction, in which companies and consumers outsource decision making to automated personal assistants and bots.

According to the report, while experts are optimistic that AI will eliminate inefficiencies without creating widespread joblessness or eliminating the need for people, individuals and companies will need to create new kinds of jobs and embrace new fields in which to apply human creativity. Moreover, the study also puts emphasis on the shift in preferences from product marketing to services marketing. “Experts consider it unlikely that people will be able to opt out of advertising entirely but expect subtler forms of marketing like product placement and sponsorships – integrated into frictionless services and experiences – to play an increasingly important role,” the study stated.

Advertising plays such an important role in supporting access to reliable news and information, driving culture, and advancing the global economy – we need to make sure it remains sustainable, Kyoko Matsushita, Global CEO, Essence said. “In particular, we expect that the pandemic may increase the use of AI and automation to replace human labor, catalyze increased use of 3D printing to create locally resilient economies and supply chains, and increase people’s readiness to embrace virtual experiences,” Kate Scott-Dawkins, co-author, added.

Furthermore, in lieu of the global regulations, the report highlights that companies will collaborate to establish standards across transactions, identity, and security that will enable new payment and exchange models that will create scalable alternatives to subscription-based commerce. Moreover, biometric data is likely to be established as a key component in consumer identity information by the end of the decade, making it necessary to focus on the development of corporate strategies and policies capable of securing its use.

Read Also: India races ahead of Indonesia, Brazil, US in finance app installs: AppsFlyer

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