Transforming consumer products and retail with Al

Al offers the consumer products and retail industry a chance to reshape operations and enhance the consumer journey.

- MARIA KATHRINA S. MACAISA-PEÑA

The artificial intelligence (AI) market is projected to expand at a compound annual growth rate of 30% from 2023 to 2032, potentially exceeding $110 billion by 2032. AI's ability to create original and realistic content — ranging from images to text — is revolutionizing how businesses engage with consumers, significantly impacting the consumer products and retail (CPR) industry.

According to the EY Future Consumer Index, which has monitored consumer sentiment and behavior over recent years, there is a growing acceptance of AI among consumers in the Asia-Pacific. This growing acceptance can lead to various practical applications within the CPR sector.

This article discusses the transformative potential of AI in enhancing operational efficiency, personalizing consumer experiences, and driving innovation within the industry.

APPLICATIONS OF AI IN CPR

AI has initiated a transformative phase in the CPR industry, altering business operations and enhancing the consumer journey. It facilitates a seamless omnichannel experience, merging online and offline interactions while laying the groundwork for the interactive dimensions of Web 3.0 and the metaverse.

FROM MASS MARKETING TO PERSONALIZED EXPERIENCES