Artificial intelligence algorithms are making it easier than ever for companies to predict what any given customer might buy next, based on that person’s previous purchases. It’s now generally expected for shoppers to enjoy a customized browsing and buying experience. This also translates to service industries, not just retail. Take the hypothetical example of a community credit union. A member representative notices that a member is using a student ID and offers to explain the available student loans or student discount offers. Even if this doesn’t result in a loan application, the member will certainly remember that the credit union employee went the extra mile to customize the banking experience. That member is more likely to stick with the credit union for years to come.
All these changes and improvements to digital technology has changed the consumer behavior and had an impact on commerce greatly. With technology constantly morphing and growing, more changes can be expected in the near future.
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