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How AI is changing consumer behavior

Artificial Intelligence (AI) is significantly impacting various aspects of life, including consumer behavior. Here are three ways AI is changing how consumers interact with brands and make purchasing decisions:

  1. Personalization and Recommendations

    Impact: AI algorithms analyze a plethora of data points, from browsing history to past purchases, to offer personalized suggestions to consumers. This personalized experience makes consumers more likely to engage with a brand and make a purchase, changing the traditional “one-size-fits-all” approach to marketing.

Example: When you shop online on platforms like Amazon, AI algorithms recommend products based on your past behavior, seasonal trends, and what similar consumers have viewed or purchased. This kind of personalization influences not just what you buy, but also how you shop, making the experience more interactive and tailored to your needs.

  1. Enhanced Customer Service

    Impact: AI-driven chatbots and customer service tools are redefining how brands interact with consumers. These AI solutions can handle a wide range of queries and issues, offering almost instant support. This not only improves customer satisfaction but also influences consumer expectations for speedy and efficient service across all industries.

Example: Many companies now deploy AI chatbots on their websites or social media channels that can answer queries, solve problems, or even help with the purchase process 24/7. This level of service changes consumer expectations and can be a deciding factor in brand loyalty.

  1. Dynamic Pricing and Promotions

    Impact: AI algorithms analyze market trends, demand fluctuations, and consumer behavior to adjust pricing in real-time. This dynamic pricing strategy can affect when consumers choose to make a purchase, as they may wait for the most opportune moment or act quickly to take advantage of a promotion.

Example: Airlines and ride-sharing services often use AI to adjust prices based on various factors like demand, day of the week, and even current events. This can influence consumer behavior as people try to “game” the system to get the best prices, and it can make consumers more price-sensitive and strategic in their purchasing decisions.

In summary, AI is making the consumer experience more personalized, efficient, and dynamic. These changes are influencing consumer expectations and behavior, driving a shift in how brands need to interact with their customer base.

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Shifts in Social Media for 2024

  1. Hyper-Personalized Content Algorithms

    With advancements in machine learning and data analytics, social media platforms could offer users an even more personalized experience. Instead of a one-size-fits-all algorithm, users could tailor their own content feeds, selecting themes, topics, or even the types of interactions they want to see more frequently.

What Could Start This Trend: Increasing consumer demand for meaningful online interactions and the fatigue from irrelevant content. Advances in AI could also make this level of personalization more achievable.

Examples: Social media apps offering a dashboard where users can adjust the types of content they see, or even personalized AI “curators” that learn from your behavior and periodically offer to adjust your settings.

  1. Virtual Reality Social Spaces

    As Virtual Reality (VR) technology becomes more accessible, social media could expand into fully immersive 3D spaces where users can interact as avatars.

What Could Start This Trend: The success of platforms like Meta’s Horizon Workrooms and VRChat could encourage more mainstream social media platforms to integrate VR experiences.

Examples: Facebook (Meta) or other social media giants launching VR zones where you can hang out with friends, attend events, or even conduct business meetings. Augmented Reality (AR) filters could also advance to become more interactive and multi-user.

  1. Ethical and Transparent Algorithms

    In response to growing concerns about privacy and the ethical implications of data use, some platforms might start to prioritize transparency in how their algorithms work. Users might even have the option to opt into “ethical algorithms” that are designed to minimize harm, reduce polarization, or otherwise align with the user’s values.

What Could Start This Trend: Public and governmental scrutiny over algorithmic decision-making and its societal impacts. There might be regulations that force platforms to be more transparent or ethical in their algorithmic choices.

Examples: Platforms could offer “algorithmic transparency reports” that allow you to see why you’re being shown certain content or ads. Users could have the ability to select algorithmic themes like “reduce polarization” that adjust how content is shown to encourage more balanced perspectives.

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Help Our Crowdfunding Campaing

We are creating a new business called Curious Mondo, online free live classes. One that will impact many lives. You can help by donating any amount.

Get to know more here:

 

Let us tell you the basics of this project and our vision for it. We believe Curious Mondo will impact the lives of many people around the World and you can be instrumental in this process.

Curious Mondo will provide Free, Live, Online training in different categories: Arts and Crafts, Business and Marketing, Design, Photography and Technology, Beauty and Wellness. These are in depth courses focusing on improving the skills of professionals or providing new skills for people to start a new business. All of the courses given by experienced experts in the respective areas.

Fund us now!!!!!
 

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5 Ways To Engage Millennials At Work

5 Ways To Engage Millennials At Work

by Xavier Roy-Perras

Millennials are an interesting bunch, and they’re surprisingly easy to engage at work.

Many people over complicate what they’re looking for and have false stereotypes about them.

They’re not entitled, they’re not spoiled, they’re definitely not lazy.

In fact, since they grew up with the internet, they’re one of the most resourceful, knowledgeable, and capable group of workers.

All millennials really want is to be respected (just like any generation of worker), and to be taken seriously.

You should take this seriously, because by 2025, 3 out of every 4 workers globally will be Millennials.

Being a millennial myself, here are 5 ways that I guarantee will work to engage millennials at work.

1. Ask For Their Input

Don’t think that just because they’re younger than you that their ideas don’t count – trust me, they do.

Ask them for their ideas, you can even use a tool to collect these ideas. There are many tools that can do this, some more robust than others, but realistically you’ll want to start with a simple and free tool to test the waters.

Remember, the point of this is to increase employee engagement among millennials.

2. Be Transparent

Millennials, because they grew up with the internet and live on social media, are used to an incredible level of transparency.

They expect the same type of transparency at work, which is not normal for most traditional workplaces.

No one works well when they don’t have all the information for context, but especially millennials. They value that trust relationship so much more than others.

3. Offer Flexible Schedules

Did you know that 45% of Millennials would choose workplace flexibility over pay? Use that to your advantage, and offer them the ability to live and manage their life around their work.

Again, this all comes back to trust and respect. Trust them that they have your company’s best interests in mind and that they don’t need to worry about asking you to go for a doctor’s appointment.

4. Give Frequent Feedback

Everyone wants frequent feedback, but millennials are especially after frequent feedback.

For them, everything is instant. Netflix, Google, Social Media. This generation isn’t used to waiting around for anything.

You need to keep that in mind with work. Their attention spans are near zero, so you need to be consistently engaging them in a conversation.

5. Use Technology At Work

Millennials won’t respond well to outdated technologies or processes at work.

There are so many tools that you can use to help increase transparency and communication at work.

Slack, Skype, Facebook, Google Hangouts, any of these tools will do, but you need to remember that all millennials want is quick access to information and an easy way to get answers that they’re looking for.

You’ll notice that most of these ways are free and relatively easy to implement. All it takes is a commitment from leadership to help this group grow.

One of the biggest issues is the misunderstanding of who they are and what they’re like. Once you get past that and remove any biases you might have, you’ll be good to go.

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Increase Productivity with a Stellar Home Office

by Kaitlin Krull

Some people think that working from home must be like a dream: wake up, have a cup of

coffee, and leisurely complete all our work with no effort at all. However, those of us who work

from home will tell those people that the experience is often fraught with distractions and less-

than-ideal work spaces. We at Modernize understand this struggle and have tons of ideas for

beautifying your work space while increasing productivity. If you are living with the same kind of

work-from-home problems, check out the following tips to help your home office go from

distracted to productive.

Keep work and home life separate

One of the most important things to do when setting up your home office is to clearly delineate

your work space. A home office is best kept in its own room if possible, otherwise in a quiet

corner of the house with access to natural light. Your home office should ideally have a layout

similar to that of a traditional office, with a desk, chair, and filing or storage units. If you are

interested in a diverse work environment, which is said to increase productivity, then consider

having a larger meeting table and a comfortable sofa or chairs for informal chats in addition to

your regular desk space.

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Who Are America’s Affluents, And What Are Their Top Spending Categories?

Some 67.5 million American adults lived in a household with annual income of at least $100,000 (“affluents”), a 5 million (or 8%) increase from last year, details Ipsos in its latest annual study of the affluent population. As such, 28% of the adult population can be classified as affluent, as can 23% of all US households. So who are these affluents?

While Millennials (18-32) comprise 22% share of affluents, roughly two-thirds of affluent Millennials qualify on the basis of their parents’ income rather than their own. (The definition of affluence is based on living in a household with annual income of at least $100,000, rather than personal income of that level.) The most highly represented generation is Boomers (50-68), who represent 38% of the affluent population. (For details on advertising to this prized segment, see the MarketingCharts Debrief, “Advertising to Baby Boomers: The Why and How.”)

The affluent and wealthy also are far more likely than the general adult population to have postgraduate coursework (study or degree), with 31% of affluent adults and 43% of the wealthy having at least 5 years of college, versus 10% of the adult population at-large.

Somewhat unsurprisingly, these high-income adults also tend to be in managerial and professional positions: 63% of affluent adults and 66% of wealthy adults hold these roles, compared to 23% of adults in general.

When it comes to race/ethnicity, the data indicates that the affluent and wealthy adult populations are less diverse than the population at-large:

84% of affluents and 83% of wealthy adults are white, compared to 79% of general population adults;
6% of affluents and 5% of the wealthy are black/African American, versus 12% of the adult population; and
8% of affluents and the wealthy are of Hispanic descent, compared to 15% of the general adult population.

Past-year affluent spending was greatest for the following categories:

Automotive – including the purchase price of vehicles and motorcycles, as well as auto maintenance and supplies ($398 billion in aggregate spending; 20% of total spend);
Personal insurance ($227B; 11% share);
Home & garden ($208B; 10% share);
Education expenses ($201B; 10% share); and
Groceries ($193B; 9% share).
While total spend on automotive, education, alcoholic beverages and groceries grew the fastest, those aggregate increases were driven more by the increase in affluent population size than to average spending per affluent, which decreased across most categories.Sales Coaching

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Success ain’t For Cry Babies

Here is another episode of BuzzBooster Tv. This week we invited business coach Robert Imbriale to discuss success, failure and why success ain’t for cry babies. This is episode 124

Check the Buzz and Biz app on Roku for more episodes.
Online watch past episodes here