With increasing awareness about data’s value, businesses need to handle customer information responsibly and transparently.
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The rise of AI and the demand for hyper-personalization of services is a double-edged sword. AI allows businesses to build stronger connections with their customers through tailored experiences that meet individual needs and preferences, from custom product suggestions to individualized customer service.
Yet, as these “convenient” AI services become the norm, should businesses still attempt to exceed customers’ expectations? According to the, focusing on delighting the customer doesn’t always pay long-term rewards. Surpassing customers’ expectations does not always ensure loyalty.
This new focus on data privacy plays a significant role in shaping customer loyalty. Businesses that prioritize data privacy and provide clear communication about their data handling practices tend to earn consumer favor., companies that are best positioned to build digital trust are more prone to see at least 10% annual growth in both their gross and net profits compared to other businesses.
In this evolving landscape, the burden falls on businesses to find a delicate balance. They must meet consumer expectations for personalization while alsoThe growing influence of AI is not only changing how businesses operate, but it’s also transforming the AI ethics landscape and prompting consumers to think more deeply about the ethical aspects of business.
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