AI-powered Insights To Boost Business ROI During Festival Rush

The festive season is a prime time for businesses to capitalise on increased consumer spending, expected to hit its highest point since 2020. With the widespread use of Artificial Intelligence (AI), companies are now using data and technology to not only handle the holiday rush but also improve their overall operations.

But before incorporating AI into their festive season strategies, businesses need to establish clear objectives. Bhavesh Goswami, founder and CEO at CloudThat, emphasised the importance of defining goals. He said, “Identify your core challenges and explore AI solutions that directly address your pain points. Begin by leveraging cloud-based AI services and user-friendly AI tools.”

“75 per cent of businesses already use AI and the percentage is expected to reach 90 per cent in 2025 itself. In the festival season, companies can use AI to accurately forecast demand, identify target customers and stay ahead of the competitors,” added Goswami.

He emphasised that in industries such as FMCG and Retail, achieving success relies on the seamless integration of omnichannel strategies. The crucial factor is the adoption of AI to ensure that customers have consistent and personalised experiences both online and in brick-and-mortar stores. “Over 60 per cent of consumers expect a more personalised shopping experience during the holidays and AI is the key to delivering on that expectation.”

High ROI

During the recent VMware Explore event, Wipro CIO Anup Purohit stressed that the quick return on investment (ROI) makes AI the technology of this decade for all businesses. 

But to measure the return on investment (ROI) for AI implementations, it is crucial for businesses to set Key Performance Indicators (KPIs). According to Vinay Konanur, Vice President – Emerging Technology at UNext Learning, businesses can come up with specific and outcome-driven KPIs and metrics they could use to compare pre- and post-AI phases of their business operations.

Also, to measure ROI accurately, it is essential to monitor and measure performance while comparing it to the baseline data. “Businesses can subsequently modify their modus operandi with respect to data compilation and management to enable comparative study and visualising outcomes for seamless communication,” added Konanur.

"AI opens up avenues for them (businesses) to uncover crucial details that not only help them minimise OpEx but increase RoI as well." -- Vinay Konanur, VP (Emerging Technology) at UNext Learning

AI-based Personalisation

In the rapidly evolving landscape of customer service and brand loyalty, experts in the field have emphasised the pivotal role of AI-powered technologies in delivering exceptional customer experiences.

Konanur said that customer service is often neglected post-sales, leading to a gradual erosion of enthusiasm in brands and businesses. He emphasised, “Only a business that continues to deliver in customer service dictates a loyal fanbase.” 

To address this challenge, he suggested leveraging technology, including chatbots, incentives, loyalty programs and hyper-personalisation, to provide quick conflict resolutions and maintain high-quality post-sales support. He highlighted that these strategies can lead to positive word-of-mouth and attract both new and returning customers.

Bhavesh Goswami, echoing the sentiment of personalisation in customer experiences, said AI is key to meeting expectations. “By leveraging AI-powered tools, we can offer highly personalised product recommendations, ensuring that customers discover items tailored to their preferences and needs.” 

Furthermore, Goswami emphasised the importance of chatbots and virtual assistants in providing round-the-clock customer support, addressing inquiries promptly. He also pointed out that AI-driven analytics provide valuable insights into customer behaviour, allowing businesses to optimise marketing strategies in real-time. This, in turn, results in more effective holiday campaigns, increased sales and higher customer satisfaction levels.

According to a Meta-YouGov study, 69 per cent of Diwali shoppers find personalised content on Facebook and Instagram ads makes their shopping easier.