BrandWagon MarTech Summit & Awards 2024 Highlights: Changing times, changing minds – New Outlook for faster and better ROI

“AI can be of two types. One is on-device AI where it is protected and the other is cloud-based. The companies should give options to choose on-device AI or cloud-based AI,” Ranjan added.

“AI is not supposed to be doing things standalone but be collaborative. It should be collaborating with you on the same canvas,” Ranjan said.

“AI should improve the efficiency, it should not replicate humans,” Chaturvedi stated.

“AI is fairly young. It is evolving and we have to compliment it with the right sources of information. It is generating something, not copy-pasting,” Jaiswal highlighted.

“At this point, you have to train the AI but also you have to train yourself,” Dayal added.

“Consumers are more human that they need a personal touch. The market is saturated and there are players still coming up,” Dayal stated.

“AI cannot be generative alone. Consumers smell through what has already been there, what is novel, and what they are interested in,” Arya added.

“On account of COVID, retail participation has increased in the stock market sector,” Arya stated.

“The biggest use case of AI will be a smartphone,” Ranjan specified.

In terms of adaptations, Ranjan spoke about how brands are making use of AI.

“Personalisation is being taken to the next level. Every person is different and their interests are different,” Ranjan said.

Next up, we have a panel discussion on ‘AI = evolution of communication’. The panelists for the session are Alok Arya, CMO, Equentis Wealth, Shivam Ranjan, head – marketing, Motorola – Asia Pacific, Avlokita Dayal, chief marketing officer, Amplify, Nishant Jaiswal, VP – digital marketing, Zupee and Saurabh Chaturvedi, co-founder, The Quirky Naari. The panel will be moderated by Anushree Bhattacharyya, editor – brand and marketing, FE Digital.

“The AI is able to process a mind map of the complex information that can be distilled into addressable content opportunities,” Dogra highlighted.

“With the power of AI, we are able to automate the process of content creation. We have 1000-2000 ad variations, having 27 languages with various content tonalities,” Dogra specified

“AI will amplify our abilities to do much better,” Dogra said.

Next up, we have another standalone session titled ‘AI-Assisted Experiences in Digital Media’ by Arjun Dogra, national sales director, Huella Services.

“Personalisation from first-party data makes the brand more humane,” Kumar specified.

“Real-time personalisation increases response rates, improve each customer’s experience and maintain a consistent dialogue,” Kumar added.

According to Kumar, first-party data and personalisation is the new marketing currency.

Kumar emphasised on the importance of customer development platform such as Salesforce, HubSpot that can help grab information from online and offline sources to give customer behaviour patterns.

“The first-party data is more reliable since the data has the user’s consent as compared to third-party data,” Kumar added.

“The true power of first-party data is realised when one knows how to leverage it to its full potential,” Kumar said.

“First-party data is needed for marketers and is supported by all sectors including fashion, SaaS, and retail, among others,” Prady highlighted.

According to Kumar, using first-party data reaps the maximum ROI since the data can be easily analysed

“First-party data is data which is shared with the website only when the website interacts with the users,” Kumar stated.

We come to the end of our first group discussion. For the next panel, we have a standalone session on the topic ‘Unlocking the Potential: The Significance of First-Party Data in Shaping Tomorrow’s Insights,’ which will be hosted by Prady Kumar, CEO, NP Digital India.

“The focus lies on mitigation of the total amount of AI-oriented financial risks,” Mago concluded.

On being asked about the usage of AI-driven fraudulent methodologies, Mago stated that every platform has its own fraud detection activity in place. “Bring the customer on board, and have your own fraud mechanism in place, along with validating the customer,” Mago added.

As per Khanna, the focus lies on the number of interactions done by a user on a specific creative. “We analyse and then capture the interaction,” Khanna added.

“I think brands understand what an engagement metric is. Then, we move on to the need for that channel of communication for the user,” Khanna said.