Understanding Online Customers: A Continuing Challenge

The Struggle is Real

Knowing your online customers and their expectations remains a persistent problem for many companies, despite the advancement of new technologies like artificial intelligence (AI) that promise to help decipher the eternal business riddle and unlock more revenue.

Panel Discussion at Fortune’s Brainstorm Tech Conference

A recent panel discussion at Fortune’s Brainstorm Tech conference in Park City, Utah, highlighted the modest progress in data crunching and analysis, while emphasizing the need for further improvement. The panel featured industry experts from companies such as Zillow, Salesforce, and Mastercard.

Real Estate and AI: A Magical Combination

Jeremy Wacksman, Chief Operating Officer of Zillow, shared the company’s experience in adapting to rising consumer expectations. With the rise of generative AI, Zillow can now provide users with immersive 3D walkthroughs of listings, making the homebuying experience more engaging and interactive.

Machine Learning and AI: Unlocking Customer Insights

Susan Emerson, Senior Vice President of Go-to-Market Strategy for AI Products at Salesforce, discussed her company’s use of machine learning and AI for years. Salesforce has been able to collect more detailed and specific customer data, enabling them to drive more adoption and "unlock trapped value."

Microsoft Copilot: Boosting Productivity

The panelists also discussed their internal efforts to get employees to use Microsoft Copilot, an AI assistant that helps users create content, automate repetitive tasks, and produce code while using Microsoft apps. The goal is to make workers more productive by having AI handle some of their tasks, allowing them to focus on more strategic work.

Privacy Concerns and the Value-Privacy Tradeoff

Companies collecting data about customers to better personalize products for them raises questions about privacy. The panelists acknowledged that the tradeoff between value and privacy is a moving target, with customer expectations changing over time. They emphasized the importance of transparency in data usage and respecting consumers’ decisions about who to share their data with.

Conclusion

In conclusion, understanding online customers and their expectations remains a significant challenge for many companies. While advancements in AI and machine learning have improved data analysis and personalization, there is still much work to be done. Companies must prioritize transparency and customer privacy while continuously adapting to changing consumer expectations.

FAQs

Q: What is the main challenge facing companies in understanding their online customers?
A: The main challenge is deciphering customer expectations and adapting to changing consumer behaviors.

Q: How is AI being used in the real estate industry?
A: Companies like Zillow are using AI to provide immersive 3D walkthroughs of listings, making the homebuying experience more engaging and interactive.

Q: What is Microsoft Copilot, and how is it being used by companies?
A: Microsoft Copilot is an AI assistant that helps users create content, automate repetitive tasks, and produce code while using Microsoft apps. Companies are using it to boost employee productivity and make workers more efficient.

Q: What is the value-privacy tradeoff, and how do companies address it?
A: The value-privacy tradeoff refers to the balance between the benefits of sharing data and the potential risks to consumer privacy. Companies must prioritize transparency in data usage and respect consumers’ decisions about who to share their data with.

Q: How do companies collect customer data, and what are the benefits of doing so?
A: Companies collect customer data through various means, including online interactions, purchases, and user feedback. The benefits of collecting customer data include better personalization, improved customer experiences, and increased revenue.

Q: What is the importance of transparency in data usage?
A: Transparency in data usage is crucial for building trust with customers and ensuring compliance with regulations. Companies must clearly communicate how they collect, use, and protect customer data.

Author: fortune.com

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