UP FINTECH HOLDING LIMITED 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,
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,
Backed by leading investors such as
For more information, visit clevertap.com or follow us on:
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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:
Director, Public Relations, CleverTap
+91 9820900036
sony@clevertap.com
Consultant
Archetype
+91 9590111798
ipshita.balu@archetype.co
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