mindtalks artificial intelligence: Storyboard18 – 2022 – Definitely, maybe: Rise of AI and privacy-by-design, voice commerce and sonic branding – Forbes India – picked by mindtalks

Statistics reveal that by 2023, voice commerce is expected to exceed $80 billion annually
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Building trust in an era of rattling anxieties is challenging. We have technology answering the big questions. We have built tech around people, but the most critical question is different— how do we have trust permeate our engagement models?

1) Trust taking the center stage

With the torrential demand for digital, we need to ensure that consumers can monitor and change their consents, presenting privacy policy in simple language rather than jargon. Consent management will be a gamechanger in propelling this change. Brands are finding themselves pivoting between data security and personalisation. The right balance is essential—we use the data to make informed choices, observe consumer behaviour, and be as transparent as possible with them. It’s time to take a more privacy-by-design approach to brands. Solutions like having access to a digital chain of custody that allows users to check the authenticity, accuracy, and source of digital content are simple ways to address the challenge.

2) Tapping the ecommerce boom

First things first—brands should look closely into what the consumers are looking for. With a massive change to digital, businesses now have the opportunity to capture insights and identify the pockets of growth. If we go granular in using market- and customer-level insights, we can understand how the consumer behaviours have shifted and where their loyalties lie. The hierarchy of needs has changed too. Consumers are willing to give more information about themselves.
Moreover, the social silos also lead people to think individually rather than collectively. Their decisions are more personal than influenced by a set of people, which will significantly impact how they use ecommerce. It’s time to adapt quickly from monitoring trends and indicators to taking the bold steps to strategise marketing.

3) 2022 will be the year of sonic branding

Sonic is helping brands define their DNA. Having an audio element for a brand identity is mostly an afterthought. But that is going to change soon. A classic example is Netflix. The sound sets you up and pre-frames you for what you are about to see.
Sonic DNA creates a brand voice that embodies the spirit of its values, helping businesses generate branding for various consumer touchpoints tailored to the needs of each market and medium. In addition, the sound of voice tech is going to explode as we enter the new year. People do not want to scroll and find anymore. Statistics reveal that by 2023, voice commerce is expected to exceed $80 billion annually. As for global smart speaker revenue, it is poised at $35.5 billion by 2025 (according to data from Juniper and Statista, respectively).

4) BFSI brands to focus more on mobile marketing

Overall, 4.6 billion downloads of new finance apps are happening globally. 80 percent of mobile banking users say it is their primary channel to access their bank account. Mobile banking capabilities were ranked #2 in decision criteria for choosing a bank. With mobile apps, financial services can deliver more meaningful and effective mobile interactions that improve financial health and wellbeing. It’s encouraging to see how banks, specifically, are trying to integrate mobile marketing across channels. It will be interesting to see how the industry makes the experience frictionless for the new millennial in the coming year. Will applying for a home loan be as quick as ordering apparel online?

5) Leveraging AI for accuracy

It’s exciting how AI helped us navigate the last two years enabling marketers to make automated decisions based on data analysis. From calculating ROI to enabling customised experiences or just accurate data analysis, AI will continue to permeate through all aspects of marketing. The good news is that we have a lot of data to help identify patterns, and we can’t wait to sit with data anymore. We will need AI to make even faster decisions, identify patterns, and quickly help decision-makers.

Sunder Madakshira is the head of marketing at Adobe India. Views are personal.

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