Some recent studies show that around 80% of shoppers use the help of their smartphones for searching their finds and making a purchase. Over half of the internet traffic shopping comes from mobile devices these days.
Some other statistics show that around 40% of users will visit competitors after a bad mobile experience. An alarming 84% have experienced some difficulty completing mobile transactions.
All these points portray that the value of mobile marketing is on the rise. AI presents a viable solution for hyper-targeted marketing, as 64% of consumers demand personalized buying experiences based on their prior interaction with a brand.
AI is maximizing profits and ROI through dynamic pricing:
AI & ML helps businesses to set dynamic prices automatically instead of fixed rates. It helps in maximizing the profit margins.
· Dynamic pricing adjusts prices depending on the current market demand. It focuses on the amount that the customers are willing to pay.
· Customers in need of a discount get converted into potential buyers. Later, the same buyers will purchase even when no discount is available.
· It is one way to target the price cuts toward only those who can potentially be customers in the long run.
Real-time ad bidding using AI improves efficiency and returns on investment.
Here again, owing to strong analytical skills, ML algorithms can develop the ideal mix for advertisement, presenting it to the appropriate audience at the right moment. Google has already been experimenting with several mobile search ad enhancements. The outcomes thus far are encouraging.
Mobile Advertising Fraud Detection and Prevention:
The attempt to deceive advertisers, publishers, or supply partners via mobile advertising technologies is known as mobile ad fraud.
Hackers have developed various strategies for their playbooks to take advantage of the growing marketer’s ad spending. Fraudsters are peeping into advertisers’ budgets.
Several types of mobile advertising frauds exist, including fake impressions, click spam, click injection, fake installations, and SDK spoofing.
Ad fraud detection is challenging and needs constant data analysis and monitoring. And here is where AI shines.
Intelligent algorithms can formalize massive amounts of data at a rate considerably faster than any human analyst, identify anomalies, and provide alarms for more research.
More encouraging is that deep learning advancements enable today’s AI-powered fraud detection systems to self-tune their performance over time, learning to anticipate, identify, and mitigate future risks.
AI Virtual Assistants and Chatbots:
Chatbots are AI-powered computer programs that engage with people in a human-like conversation. They ask questions or respond to a particular query the same way a human agent would. The programs will use messaging apps to automate business transactions like booking flights, processing orders, managing personal finances, solving customer queries, and more.
Businesses worldwide are either developing their messaging apps or using already existing ones like Facebook Messenger, Slack, and Kik to convert more customers.
An AI Chatbot will be available 24X7 and lower conversion barriers. They can enable customers to place orders by speaking or chatting with them directly on their smartphones.
Most multinational companies now use chatbots and virtual assistants, including Air Asia, HDFC, Starbucks, Domino’s Pizza, Pizza Hut, and Spotify.
Companies that get thousands of customer resolution calls daily use AI-based chatbots.
AI Chatbots not only solve customer queries but also finds the opportunity to upsell or cross-sell and present to the customer at the right time.
Now, if you lose your credit card or have to enable your credit card for international transactions, you do not call a human agent; instead, you talk to a chatbot. After solving your issue, they instantly suggest increasing your credit limit or taking another service from the bank.
Isn’t it amazing?
Hyper personalized mobile Ads using consumer data analysis:
Now, mobile marketers can craft targeted and personalized marketing messages with the help of AI. They can create unique ads and offers by spotting behavioral patterns and trends.
The latest AI algorithms give marketers insights into consumers’ preferences by analyzing their online user behavior. It also lets marketers know the best time for sending promotional messages.
Customer data is analyzed to understand how customers will behave and what they are willing to buy and ask for. The same analysis can locate customers’ demographics, social behavior, and more. While checking out such data with AI, marketers understand what repeat purchases the chosen customers will make.
You can see wide use of such predicted analysis on product recommendations made by e-commerce sites.
Some sites like YouTube, Netflix, and Spotify also use algorithms working in that same manner. The main goal is to offer users an enhanced experience through music, video, and movie recommendations.
The use of AI along with Blockchain:
AI integration with blockchain technology goes very well. Traditional AI systems are vulnerable to potential privacy faults. Such issues are some that decentralized data can help with.
Blockchain helps revolutionize how marketers can use AI to enhance mobile marketing campaigns. While doing so, Blockchain will preserve the rights of individuals as well.
Fintech companies are taking the privilege of integrating AI with Blockchain to provide financial services on mobile devices. That allows them to advertise their essential services and convert users to paid customers. Our article on using AI in the FinTech Sector covers this in more detail.
The power of voice search recognition:
Voice search recognition has a lot of potential in mobile marketing. Some voice-based devices like Google Home Mini and Amazon Echo are revolutionizing how consumers work with media and utility apps on their smartphones.
Using this AI voice technology along with sophisticated smartphone devices is now growing. According to some reports, around 36% of consumers now have smart home speakers, and 54% state that the speakers can understand their words pretty well.
Around 47% of consumers use the power of voice assistants on smartphones the most. Then you have smart speakers coming a close second at 31%.
· These AI-based voice assistants learn from customer requests, queries, interactions, media preferences, and instructions. Continuously analyses the customer interests and intents.
· Then, it provides marketers with the much-needed data to help profile and segment prospective customers.
· Based on these data points, mobile marketers and advertisers can now present more personalized and hyper-focused messages whenever customers want to hear about them.
The final say:
When dealing with enormous amounts of data, AI algorithms are more suited to identify patterns than the human eye.
Based on customers’ prior interactions, brands may successfully aggregate and cluster data to generate comprehensive user profiles for specific targeting.
The most admirable aspect is that smaller businesses can now afford AI-powered advertising for mobile devices. It will be interesting to see how mobile advertising evolves in 2023 and beyond as new solutions enter the market.
