We are all aware of the revolution Artificial Intelligence (AI) and Machine Learning (ML) have brought to the world. From robotics to smartphone applications, the significance of AI-ML is all around us. Although many people find these changes severe and concerning, there is no denying the fact that AI and ML have made our day to day life super easy and convenient.
The significance of AI/ML is heavily availed in the field of digital marketing, especially on top social media platforms. Artificial intelligence and machine learning have a high capability for building brands’ images on social media. It also simplifies social media marketing to a great extent.
If you are still unaware of the true potential of AI/ML, the market overview mentioned here is a market overview to give you a quick glimpse. In this article, we are looking at how AI-ML is going to impact social media marketing.
AI Market Overview For Social Media
According to a report by Mordor Intelligence, AI for social media is estimated to grow up to 3,714.89 million between 2023-2025, which is $815 million in 2019.
There is no doubt that social media is a prime source for users’ intelligence data. With the continuous growth of social media users, the demand for AI is increasing to meet customer preferences. Also, it is projected to increase significantly by 2025.
Major usages of Artificial Intelligence for social media platforms
There are several AI-powered tools providing brands the right insights they need for their business, whether it’s social media content, audience behavior on social media or other details; it covers every angle.
Integrating AI-ML tools allows company owners to enhance their brand equity, find the latest consumer trends and understand the needs of potential users. With the use of AI-ML tools, brands can examine their posts as well as that of their competitors and provide recommendations accordingly.
AI-powered chatbots are now the most trending tools incorporated by brands to boost customer interactions, especially for BFSI sectors.
Companies are leveraging AI technology for personalized product recommendations on social media users’ profiles. For instance, Amazon’s product recommendations powered by AI are integrated into every aspect of the purchasing process.
AI and ML make advertising on social media platforms seamless. Brands have switched to smart social media advertisements replacing the traditional advertising methods like TV ads and pamphlets. There are tools built that are capable of writing ads for you. One of the core abilities AI technology has is predicting, with which brands can scale languages for improved results.
Moreover, AI can also customize ads according to different social media platforms. For example, you can use this technology to write short-form ads for Facebook and Instagram.
With AI and ML technologies, companies can analyze PPC advertising on Facebook and Instagram platforms and use the obtained data to improve ad performance.
The Retail Industry is making the most use of AI in Social Media Marketing
Although every business sector is benefiting from AI and ML, it is the retail industry that’s making the most from these technologies.
Retailers can use AI in multiple areas of social media such as product recommendations, image recognition, data-driven in-store experience, uncovering hidden patterns from huge datasets and effectively searching through consumer’s social posts.
Below are the major reasons and examples of how the retail industry is experiencing continuous growth in social media marketing due to AI.
- Scalefast, a global e-commerce solution provider makes use of AI to examine behavior as well as e-commerce data to offer an intuitive and customized shopping experience.
- Unilever, a consumer goods company, handles AI data centers across the globe to gain insights for various sources such as social listening, CRM, and traditional marketing research. This approach helped it in obtaining a link between ice-cream and breakfast. And with this information, Unilever launched a wide range of cereal flavored ice creams for the brand Ben & Jerry’s.
- Nike, in 2017, came up with an AI system that allowed users to design their own sneakers. The makers put on blank Nike Presto X sneakers and allowed customers to select colors and graphics. This AI-enabled strategy allowed them to boost customer engagement.
- Retail giant Alibaba streamlined fashion retail experience for users with physical “FashionAI ” stores in Hong Kong. It caters to intelligent garment tags for detecting items when touched, the store also includes smart mirrors that have showcase clothing information and also suggests items to coordinate.
- For retailers like Target, Walmart, and others, which depend on increased consumer expenditure and strong competition from e-commerce platforms, AI adoption for boosting sales and loyalty is crucial.
AI-ML growth is estimated to have the highest growth rate
Different geographical locations showcase different growth rates of AI-ML technologies. It can be bifurcated into 5 categories as per location, which is: North America, South America, AsiaPacific, Middle East, Africa, and Europe.
The growth of AI in social media is expected to spread in all these regions by the forecast period. The expansion of AI-driven social media is anticipated to be more for North America and Asia specific regions. As these regions have high technology growth rate along with developed market regions.
The most profitable region for AI is expected to be Asia specific by the forecast period. These regions comprise large customers and are also loaded with enterprises of all scales and sectors. Here are some pointer showcasing the growth of Asia in the field of Artificial Intelligence and Machine Learning:
Seeing the growth of China in AI technology, tech giants are making significant investments with the country. For instance, globally renowned companies like Microsoft Research Asia and Amazon Web services both announced new labs in Shanghai.
In the year 2017, China’s State Council came up with a new generation AI development Plan exhibiting the core of China’s AI strategy.
For many, social media is the primary option for marketing products and services. That’s the reason why industries like e-commerce, retail and BFSI are incorporating AI to social media accounts for user engagement and improving ROI. Asia specific region alone features 2.4 billion internet users in 2020, showcasing the opening of greater possibilities for marketers who are opting AI for marketing their products on social media platforms.
The top-industrial players such as Microsoft Corporation, Google LLC, and Amazon Web Services have set up a high competition in the AI market. These brands are rooting for AI and ML technologies in futuristic applications and tools along with incorporating heavily in social media marketing.
- The multinational corporation, IBM, has joined capabilities with Apple Inc, for AI-ML and cloud for launching two new services: IBM Watson Services for Core ML and the IBM Cloud Developer Console for Apple.
- A popular software company, Clarabridge was announced as the leader and high-end performer in AI-based text analytics wave and AI-fueled Speech Analytics New wave2 respectively.
It’s pretty difficult to excel in digital marketing because of the continuously changing environment of social media platforms and that is where Artificial intelligence comes to the rescue.
Incorporating AI in social media helps companies examine everything in real-time and then make use of obtained data feasibly. Machine learning, on the other hand, dictates data patterns with AI and big data analytics from social media’s unstructured data.
Bhavik Soni is a Creative Writer at Auto Monkey. We provide an original analysis of the latest happenings in the social media industry. Connect with him for the latest Social Media Trends and News plus tips on Twitter, Facebook and other social tools on the web.
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