Business to consumer or B2C refers to a commerce transaction between a business and an individual consumer. Traditionally, this term is used to describe a process of selling products directly to consumers but now mostly is being used to describe the transaction between e-commerce (online retailers) and consumers.
Due to which consumer business is getting affected in an optimistic way with new technologies being introduced in the market. There is no doubt that technology has altered the way companies conduct businesses. Furthermore, it not only helps in improving communication but also in increasing productivity and understanding customer behaviour.
Tech advances that are affecting Consumer business
We are living in an era of futuristic technologies. However, there’s a big misconception that B2C businesses cannot be helped with tech advances. In this section, we’ll explore how tech advances will impact consumer business.
Impact of AI on consumer business and marketing
Foremost Artificial Intelligence will affect marketing is by nurturing leads through social media in a crucial way. I can hear the skeptic saying how? Through content targeting and behavioural segmentation which will not only produce 20% more sales opportunities but also AI will be able to discover and start the nurturing process. Business owners should consider implementing Artificial intelligence in their business process for more growth and efficiency.
E-Commerce Reaches New Heights with machine learning
You’ve been shopping for a new pair of shoes on an e-commerce website, the next thing you know is that your social media feed is filled with multiple footwear ads which is nothing but machine learning. As a matter of fact, this example of analyzing data based on a user’s buying history is the future for e-commerce.
With machine learning comes a lot of information and perception, allowing an individual to know their customers on a personal level which can help B2C companies understand what exactly customer is looking for.
Integrating Chatbots giving 24/7 customer assistance
Chatbots will play an important role in the future of customer service as can they can quickly achieve customer service resolution with minimum escalations. How many time have you been kept on hold when called at customer service and yes it is progressively very frustrating but with chatbots in the picture, the period of being on hold is now gone. Chatbots are the next big thing when it comes down to quick responses with superior customer experience and engagement. Embracing this technology will not only help B2C companies in monitoring consumer data and gaining insights but also in a better lead generation and nurturing process.