In the digital era that we are living in, all forms of business and industries have ventured into digital media, helping them to collect data from numerous sources and cataloging this data for formulating their marketing and advertising campaigns. This invasion in the digital world backed by the introduction of Artificial Intelligence (AI) has transformed the face of businesses all across the world. In industries ranging from automobiles to medical or BFSI, AI has made its way in! Artificial Intelligence (AI) is the science of infusing human-like intelligence into the machines and making them smart so that they can take their own wise decisions. Machine Learning (ML) is the ability of these programs to learn from the past data so that they can handle similar or more complex situations in future.
Programmatic advertising is another influential part of the digital advertising industry, and the amalgamation of Programmatic with AI and ML has brought about a transformation in the entire advertising industry. With the audiences’ omnipresence, data scientist are employed to track and analyze the collected data, and give advertisers a perspective on the current market trends.
AI and ML come in the picture as they are wired to collect all the data and dig into it to find plausible links in the user’s behaviour patterns which will then help in providing right product communication to the right audience at the right time. Thus, bridging the gap between the brands and the target audiences. AI & ML are also empowered enough to make their own decisions like, which consumers are more likely to convert or which platform guarantees more yield and increased conversion rates.
All these data collection results in a more personalized experience for the customers, which helps marketers achieve better KPIs. Experience-based Data Management Platforms (eDMPs) help in achieving these goals. A research by Forrester indicates that customers having a high-quality experience with a brand are 3.6x more likely to make additional purchases and are 2.7x more likely to be retained by that brand.
The AI and ML technologies hold quite a promising future for the programmatic advertising industry. Advertisers may soon wake up to the day when they only have to provide inputs on parameters like the campaign budget, the product information and set the KPIs, while AI and ML will efficiently manage the aspects of the campaign to deliver the best results.
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