CleverTap's 2024 Market Research Report Unveils that Brands Implementing Higher AI Adoption See 4x Boost in Conversions
2024年5月16日 - 6:00PM
JCN Newswire
CleverTap, the all-in-one engagement platform, today released
its market research report on "The AI Edge in Customer Engagement".
The report sheds light on how AI is the next frontier in the
customer engagement domain and how brands can implement AI for the
right use cases and gain maturity in AI adoption to drive a boost
in conversion and growth in business value.
The research conducted by CleverTap highlights insights from
analyzing 42 global brands, running campaigns for millions of
customers across more than 50 countries. The research participants
included a broad spectrum of professionals, from technical
specialists in AI to marketing strategists, including profiles like
VPs, CMOs, Data Science leads, Product Managers, and Marketers.
The research study serves as a guide for brands navigating the
implementation of AI. Brands at the initial stages of AI adoption
should aim to progress towards more advanced levels. This will
involve brands needing to shift from using AI for operational
efficiency to leveraging it for personalization, experimentation,
and ultimately, strategic planning and decision-making.
CleverTap has found that in the customer engagement domain:
- 54% respondents achieved faster content generation and campaign
rollout with AI
- 82% of respondents have experienced increased operational
efficiency with AI by streamlining workflows and automating content
generation
- 64% of respondents have used AI to build personalized experiences
and content resonating with individual preferences at scale with
real-time experimentation for optimal engagement
- 39% of respondents leveraged AI for automated decision-making and
taking more informed decisions by analyzing large volumes of data,
predicting outcomes and strategizing for the next best action
In terms of adoption of AI by teams within a brand:
- 71.4% of respondents highlight that AI capabilities are most
extensively utilized by content teams, underscoring the pivotal
role AI plays in content generation
- Followed by growth marketing teams at 57.1% indicating a robust
application of AI in strategizing and expanding marketing efforts.
Central marketing and product teams also integrate AI into their
operations, although to a lesser extent
CleverTap found that brands today miss out on 4x higher conversions
and improved business value due to inefficient AI adoption.
CleverTap also assessed the impact of adoption of Clever.AI,
CleverTap's AI engine in brands by classifying these into three
levels based on their AI-driven use cases in customer
engagement.
The research study categorizes brands based on the value they have
realized through three distinct levels of AI adoption. These
classifications are determined by their use of Clever.AI's
capabilities in driving operational efficiency, enhancing
personalization and experimentation at scale, and automating
decision-making.
- In Level 1, 89% respondents observed operational efficiency as
the primary benefit when utilizing Clever.AI's capabilities
- In Level 2, 90% of respondents observed scalability of
personalization and experimentation as their top gain from
Clever.AI's capabilities
- In Level 3, around 67% of participants in this category selected
AI-automated decision making as their foremost benefit from
integrating Clever.AI
The report further looked at the impact of AI on conversion rates
and on business value. For more information, download the report
here.
https://clevertap.com/the-ai-edge-in-customer-engagement-research-report-2024/?utm_source=organic&utm_medium=social&utm_campaign=2024_Market+Research+Report
Commenting on the report, Jacob Joseph, VP - Data Science,
CleverTap, said, "AI is the catalyst reshaping every facet of
today's brands - from optimizing operations and enriching customer
engagement to revolutionizing decision-making. The insights
highlighted in our 2024 market research report offers a great
strategic approach for brands at the initial stages of AI adoption
should aim to progress gaining maturity and achieve significant
improvements in conversion rates and business value. After all, AI
in customer engagement or in a tech stack is no longer just an
enhancement, but a necessity for a competitive advantage while
addressing evolving customer expectations."
About CleverTap
CleverTap is the all-in-one engagement platform that helps brands
unlock limitless customer lifetime value by helping them create
personalized experiences to retain their most valuable customers.
The platform empowers businesses to orchestrate experiences for
individuals across their lifecycles and design personalized
journeys that span a lifetime. It offers analytics that encompasses
every aspect of the lifecycle, enabling businesses to measure and
optimize each experience in real-time. Its unique AI capability is
insightful, empathetic, and prescriptive, facilitating smarter and
faster decisions. The all-in-one platform unifies experiences from
every touchpoint, paving the way for a new era of customer
engagement.
The platform is powered by TesseractDB(TM) - the world's first
purpose-built database for customer engagement, offering both speed
and economies of scale.
CleverTap is trusted by 2000 customers, including Electronic Arts,
TiltingPoint, Gamebasics, Big Fish, MobilityWare, TED, English
Premier League, TD Bank, Carousell, AirAsia, Papa John's, and
Tesco.
Backed by leading investors such as Peak XV Partners, Tiger Global,
Accel, CDPQ, and 360 One, the company is headquartered in San
Francisco, California, with presence in New York, Sao Paulo,
Bogota, London, Amsterdam, Sofia, Dubai, Mumbai, Bangalore, Delhi,
Singapore, Jakarta, and Ho Chi Minh.
For more information, visit clevertap.com or follow us on:
LinkedIn: https://www.linkedin.com/company/clevertap/
X: https://twitter.com/CleverTap
Forward-Looking Statements
Some of the statements in this press release may represent
CleverTap's belief in connection with future events and may be
forward-looking statements, or statements of future expectations
based on currently available information. CleverTap cautions that
such statements are naturally subject to risks and uncertainties
that could result in the actual outcome being absolutely different
from the results anticipated by the statements mentioned in the
press release.
Factors such as the development of general economic conditions
affecting our business, future market conditions, our ability to
maintain cost advantages, uncertainty with respect to earnings,
corporate actions, client concentration, reduced demand, liability
or damages in our service contracts, unusual catastrophic loss
events, war, political instability, changes in government policies
or laws, legal restrictions impacting our business, impact of
pandemic, epidemic, any natural calamity and other factors that are
naturally beyond our control, changes in the capital markets and
other circumstances may cause the actual events or results to be
materially different, from those anticipated by such statements.
CleverTap does not make any representation or warranty, express or
implied, as to the accuracy, completeness, or updated or revised
status of such statements. Therefore, in no case whatsoever will
CleverTap and its affiliate companies be liable to anyone for any
decision made or action taken in conjunction.
For more information:
SONY SHETTY
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com
IPSHITA BALU
Consultant
Archetype
+91 9590111798
ipshita.balu@archetype.co
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