CleverTap, an all-in-one engagement platform, has released its market research report on “The AI Edge in Customer Engagement”. The report sheds light on how AI is the next frontier in the customer engagement domain and how brands can implement AI for the right use cases and gain maturity in AI adoption to drive a boost in conversion and growth in business value.
From what it’s understood, the research highlights insights from analysing 42 global brands, running campaigns for customers across more than 50 countries. It’s believed that the research participants included professionals, from technical specialists in AI to marketing strategists, including profiles such as VPs, CMOs, data science leads, product managers, and marketers.
Reportedly, the report has found that in the customer engagement domain, 54% respondents achieved faster content generation and campaign rollout with AI, along with 82% of respondents having experienced increased operational efficiency with AI by streamlining workflows and automating content generation. Moreover, 64% of respondents are understood to have used AI to build personalised experiences and content resonating with individual preferences at scale with real-time experimentation for optimal engagement, and that 39% of respondents leveraged AI for automated decision-making and taking informed decisions by analysing large volumes of data, predicting outcomes, and strategising for the next best action. In terms of adoption of AI by teams within a brand, 71.4% of respondents highlighted that AI capabilities are extensively utilised by content teams, followed by growth marketing teams at 57.1% indicating an application of AI in strategising and expanding marketing efforts. Seemingly, central marketing and product teams are also believed to integrate AI into their operations, although to a lesser extent. The report has found that brands, today, miss out on four times more higher conversions and improved business value due to inefficient AI adoption. The research study categorises brands based on the value they have realised through three levels of AI adoption, them being Level 1, where 89% respondents observed operational efficiency as the primary benefit when utilising Clever.AI’s capabilities, Level 2, where 90% of respondents observed scalability of personalisation and experimentation as their top gain from Clever.AI’s capabilities, and Level 3, where around 67% of participants in this category selected AI-automated decision making as their foremost benefit from integrating Clever.AI.
“I believe the insights highlighted in our 2024 market research report offers a strategic approach for brands at the initial stages of AI adoption should aim to progress gaining maturity and achieve improvements in conversion rates and business value. I think, after all, AI in customer engagement or in a tech stack is no longer just an enhancement, but a necessity for a competitive advantage while addressing customer expectations,” Jacob Joseph, VP – data science, CleverTap, said.