“[AI] Analyst Jeremy Goldman really raises the bar when it comes to what people expect from you in his recent “ChatGPT and Generative AI” panel.
As AI matures, it will become more specialized, automating mundane tasks, facilitating personalization, and changing the way consumers, retailers, and marketers use the internet. Here are his eight predictions for the not too distant future.
1. Boom and bust of AI companies
According to analyst Yoram Wurmser, we’re entering a “new era of the internet,” but that doesn’t mean all the glitter will remain gold.
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Worldwide AI spending will grow to $154 billion this year, up more than $30 billion year-over-year. But it also weeds out poorly performing companies.
- “This is the Wild West of AI companies right now,” said Wurmser. “If you can prove that there is an application for AI, you can make money quickly. And many of these are built on very shallow foundations that can be replaced by next generation AI.”
2. Models become more professional
While some AI models now boast a wide range of capabilities, individual systems will niche down in the near future.
- “I think the focus will be on building models that are better suited to the goals of the people working with them, rather than building bigger and bigger models,” says Wurmser. For example, an AI system for a marketer would be specially tuned to drive, measure and respond to his KPIs like clicks and conversions.
- Specialized AI marks a shift from experimentation to increased efficiency, but it could also usher in unemployment.
3. Mundane tasks are taken over by AI (unless otherwise)
AI has the ability to take over tasks such as building spreadsheets, drafting small changes to social posts and retail listings, and compiling data.
- “I think it will have a big impact on innovation and productivity,” said Wurmser.
- But companies can also lean toward AI for creative purposes, leaving the tedious task of supporting AI to humans.
- A focus on AI helping people would be ideal, but it’s not a certain outcome at this point.
4. AI accelerates personalization and product development
AI has the ability to take customer information and turn it into highly specific product recommendations or develop products specifically for specific consumers.
AI personalization can present consumers with too many options, which can lead to decision-making fatigue. Or you can make your customers creep by anticipating their desires.
5. Rapid engineering signals the quality of AI content
According to analyst Dan Van Dyke, rapid writing is a must-have skill for current AI models.
- Van Dyke recommends that content marketers specify frameworks, verb choices, perspectives, and details when using AI. For example, ask ChatGPT to write like he’s a marketer with 20 years of experience, or if you specify copy, it should be nice and light.
- “These additional descriptors that we can use to prompt our engineers make all the difference when it comes to quality,” he said.
6. Consumers Expect AI Disclosure
Consumers already have little trust in Big Tech. “All these companies have a huge challenge to disclose very clearly to the consumers they are interacting with what they are doing with generative AI,” said analyst Debra Aho Williamson. says.
The influx of AI could further erode trust as people expect all content to be influenced in some way by AI.
Alternatively, consumers may ignore low-quality AI content altogether. “As consumers, we don’t necessarily notice it because we have more content, but we don’t have time to pay attention to it,” says Goldman.
7. Humans fill in what AI cannot
AI will eventually overcome many of its shortcomings, but as it stands, humans still play a necessary role in ensuring the privacy, accuracy, and trustworthiness of AI-powered data.
One of ChatGPT’s limitations is privacy.
- “ChatGPT is very clear. [it] Own[s] All the data you give us,” says Van Dyke. This means companies should be careful about sharing customer information.
- “This is a particular concern for retailers in regions with strict data privacy laws, such as the EU, and there is already a bit of interest from regulators there,” said Perkins.
AI also runs the risk of being called plagiarism or a “pathological liar.”
- “I use supervision to make sure I’m not creating content that doesn’t match what I want to do, that the content doesn’t provide false information, or that the content doesn’t plagiarize something else. Please,” said Wurmser.
- Van Dyke warned users to beware of AI “hallucinations” or outright deception and “algorithmic bias.”
Additionally, AI cannot provide quality customer service for every instance. “The technology also lacks emotional intelligence and empathy to handle situations where consumers would probably get a little frustrated or make subtle complaints,” he said. .
8. Auto-GPT turns everything upside down
The field of AI is changing rapidly, making it difficult to make accurate predictions about AI in marketing and retail. That being said, Auto-GPT, where AI can function autonomously with little or no human input, will transform the way people use AI. You can also run intermediate tasks or create a collection of image generation prompts to actually generate those images.
Van Dyke said: Try technology now. But watch out for AI pulses.
