“Intelligence Revolution”: How Leading Brands Will Evolve

“Intelligence Revolution”: How Leading Brands Will Evolve

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“Intelligence Revolution”: How Leading Brands Will Evolve

Many feel that 2017 was an important year for marketing. More corporations embraced artificial intelligence (AI), which now facilitates personalization. Companies started to identify better ways of reaching out to the consumers while mostly relying on technology. 2017 was also big for data management, with organizations gaining more information to better know consumer behavior. Businesses expect more transformations as they progress to the future. Danciu (2013) feels that the future prospect of the business worldwide will have the marketing changes as an influence. The evolutions will be the reaction to the transformations of business practices and marketing environment. Entrepreneurs need to analyze both the major trends that are influencing the consumers, markets, macro environment and the effects on the marketing at business level. Technology will continue to change how companies market their products and services in the next 5-10 years and businesses that embrace the most advanced features will attract more purchasers as well as achieve efficiency in their activities. Coca Cola is a global brand and actually the largest manufacturer of soft drinks globally. The stiff competition in the sector requires Coca Cola to consider how it would transform its marketing practices in future to remain competitive and appealing to buyers, lest it gives in to competitors. Other companies must also focus on how marketing practices are likely to change going forward and make necessary adjustments to fit into the new environment. Businesses including Coca Cola should take advantage of the developments in e-commerce, delivery drones, AI, big data, consumer behavior, and virtual reality to transform marketing practices in future such that they make the exercise more engaging and appealing to buyers.

The Projected Changes in the Overall Marketplace

Increased Reliance on E-Commerce

One of the projected transformations in the overall global marketplace during the next half or one decade would be increased indulgence in e-commerce services. Li (2015) describe e-commerce as the electronic process of buying or selling of products and service over the internet. Today, e-commerce entail a lot of activities and involve many areas such as electronic funds transfer, mobile commerce, EDI (electronic data interchange), and internet marketing among others. The growth in the development of semiconductors used in computers improves efficiency in e-commerce operations, which is now the biggest sector in the field of electronics (U.S. Census Bureau News, 2019). Many companies today transacting via online platforms mostly use the World Wide Web (www) for at least one aspect of the transaction although they may utilize other technologies such as social media and email. Current global trends such as the growth in e-commerce sales indicate e-commerce is likely to become more applicable in future (U.S. Census Bureau News, 2019). More firms will customize their websites so that they become more interactive, and will register with more social media accounts to reach out to more buyers. The companies that only use Twitter, Facebook, and YouTube, for example, will register with other sites such as LinkedIn, Pinterest, Instagram, and WeChat, as well as adopt interactive methods such as Skype. Companies through their increased indulgence in e-commerce practices will hope to overcome the geographical barriers that usually deter firms from reaching out to buyers within particular regions, as well as achieve efficiency.

Even as more businesses are likely to embrace e-commerce to improve its marketing practices in the coming years they need to consider a security concern which is the major threat affecting online transactions. Increased indulgence in e-commerce could put the company’s system at significant risk of hacking, cyber vandalism, malware, and phising among other possible attacks. Businesses need to learn from Uber that relies on e-commerce to transact it services when it became a victim of cyber attack in 2016. The transportation company lost the personal data of nearly 57 million customers, and this caused so much tension when the information reached the public. Future marketers, therefore, need to pay considerable focus on the various approaches of preventing violation such as using encryption, firewalls, passwords and digital certificates.

Use of Delivery Drones

Today many consumers value the speed at which they receive the items they order from sellers, and buyers are more likely to be attracted to companies that offer timely deliveries. The increased desire to deliver goods to buyers within the shortest time possible may create a scenario where companies embrace the use of delivery drones to sell the firm as one that uses technological development to solve the needs of its consumers. One factor showing that the future may witnessed increased use of delivery drones is some companies are already applying the delivery drones and are witnessing satisfying outcomes (Maddox, 2019). Airbus, for example, commenced a drone delivery trial in March 2019 to find out if the unmanned vehicles would deliver packages to water vessels anchored offshore (Maddox, 2019). Airbus conducted the trial together with two logistics companies (Maritime and Port Authority of Singapore and Wilhelmsen), and the initial trial successfully delivered a 1.5kg package. Amazon is also on the way of launching the all-electric Prime Air drone, which is expected to commence autonomously delivering goods to buyers. Amazon announced the news in June during the company’s annual conference in June, and it is during the meeting that the e-commerce giant unveiled the newest form of the Prime Air drone (Maddox, 2019). More companies are likely to embrace the use of unmanned aerial vehicles in future as well as drone ships because they are fast, secure. The ability to deliver goods without involving humans is another factor that would appeal to many companies in the coming years and such delivery approaches are set to become rampant. Customers in the coming years would be attracted to companies that can deliver their requests within the shortest time possible, and this would further encourage firms to embrace the technique.

Increased use of AI

Discussions about artificial intelligence (AI) usually elicit a wide range of perceptions and feelings. Some feel that embracing the technology could result in job loss, while on the other part some feel excited about the promising prospects of what people could gain with such advanced technology. Nonetheless Rao (2017) feels that as the conceptual part of computer science becomes relevant and practical to businesses, corporations should choose the type of AI roles they ought to play. Many sectors are likely to embrace the use of AI for marketing purposes because of the strong foundation that already exists with regard to the technology. Businesses are likely to use AI to customize products such that they meet the customers’ requirements (Rao, 2017). Future markets would apply AI systems that are probabilistic rather than deterministic because with the latter approach it is quite difficult to discern whether buyers would prefer a particular product over the other and for what reasons. The banking sector is an example that could improve its marketing activities in the coming years using advanced AI applications. Customers would want where they get services very fast, and where they feel secure about their investment (Rao, 2017). Firms in the banking sector would react to the demand by embracing robotics and deep learning to advance customer experience as well as security. Companies while marketing their products in future will greatly rely on AI to influence how they relate with customers. The system would allow marketers to translate languages they do not understand thereby making it possible to sell in as many international markets as possible (Rao, 2017). Marketers in future will have the chance to interact with prospective buyers in their native language of choice without having to worry about miscommunication.

Increased Application of Big Data

Increased e-commerce practices globally as well as the desire to use AI will compel companies to pay much attention to big data as they move to the future. Big data refers to an area that forms ways to evaluate, and extract information, or otherwise work with data sets that are too complex or large to be handled using traditional software for processing data (Marr, 2015). Marketers in the next 5-10 years will pay much attention to big data it is very essential for marketing specialists to make highly efficient and powerful plan. Coming up with the best marketing plans requires the marketers to have adequate understanding of the market, competitors, and buyer yet this requires huge collection of information from different sources (Marr, 2015). The information could be connected to the target market, the buyers, past and present market trends, competitors or about the firm’s old strategies and their outcomes.  

Future marketers in the various sectors would want to combine big data with other integrated marketing management strategies to achieve substantial outcome in several key areas, especially in informing buyers about the organizational products and services. Companies hope to build customer engagement because big data can offer insight into what many customers need, their nature, and what they do not need (Marr, 2015). Organizations would also pay special attention to big data analytics to achieve customer loyalty and retention because the process can allow the firm to know the factors that influence faithfulness (Marr, 2015). More essentially, an increased number of marketers may pay adequate focus on big data to achieve increased performance in marketing. It is possible to achieve optimization because big data makes it possible to optimize marketing approaches through measurement, analysis, and testing.

Consumer Behavior in the Intelligence Revolution

Intelligence revolution in this case refers to the modern day when people interact with various electronic devices and software. It is apparent based on the current rate of indulgence with electronic apparatus that more buyers are likely to prefer interaction approaches that do not require face-to-face meeting (Lazar, 2017). The developments in e-commerce and the increased access to the internet allow people to do their shopping online, and permit for easy and quick interactions between the sellers and buyers. More people today own smartphones, which makes it easier to interact via online platforms rather meeting physically (Lazar, 2017). The current situation paints a clear image of how consumers might behave in the coming years, thereby making it necessary for operators to consider changing their marketing approaches.

International marketers are likely to react to buyers’ behavior in the intelligence revolution period by adopting measures that would make it possible to facilitate online transactions. Marketers could increase their focus on social media marketing, which is fast developing in many countries because more consumers, especially younger buyers nowadays communicate via such avenues (Lazar, 2017). Rather than just posting products on social media avenues such as Facebook, Instagram, and Twitter companies will offer buyers the chance to get reviews about the products from various users, which shall help them make decisions whether to purchase or not (Lazar, 2017). Furthermore, companies are likely to provide mobile numbers that consumers can call directly to access services or inquire about such products. Allowing consumers to call and talk to service providers shall offer surety to buyers as well as offer the chance to solve the other issues buyers would require more clarity.  

Virtual Reality

Marketers in the next 5-10 years will find virtual reality (VR) a vital tool for marketing and will allocate more funds to improve the area. The technology indulges users in an entirely virtual condition that is created by a computer (Ryan, 2016). The most developed VR encounters even offer freedom of choice and movement where users hear sounds. One major constraint that makes it hard to market using VR is someone needs to put on a special virtual reality headset to have the experience but in future the problem is set to disappear. Developments in AI will influence VR experience and buyers would be able to use the technology through their smartphones, smart TV, and imacs.  

How Coca Cola Could Respond to the Predicted Changes

Response to E-Commerce

It is apparent Coca Cola will have to pay more attention to reaching out to its customers using e-commerce in the coming years if it aspires to remain influential in the sector. Already, the company is reaching out to buyers via e-commerce platforms such as its website and social media avenues which indicates that the group is committed to observe the latest trends (Coca Cola, 2019). Coca Cola is likely to react to the increased activities over e-commerce platforms by ensuring buyers get quick response whenever they inquire about a product. The company while relying on the advancements in AI shall employ a voice assistant that utilizes voice recognition, speech synthesis, and natural language to respond to different inquires from buyers. Employing voice assistant would allow the cut the cost of hiring employees who need to be alert at all times to offer timely responses to customers (U.S. Census Bureau News, 2019). Coca Cola while moving into the future shall acquire more insight on how to improve its e-commerce activities, and this will influence marketing styles over social media as well as on the company’s website. The company will also modify its website such that it is easier for customers to interact with the company, and will post more adverts on different social media avenues.

Adopting better e-commerce services in the coming years will allow Coca Cola to witness significant growth in various aspects of its operations. The company shall have the chance to sell more products because it would not have to worry about limited shelf space. More essentially adopting better e-commerce practices will allow the company to offer its products are relatively lower prices because it would cut on the transportation cost to different retailers (U.S. Census Bureau News, 2019). Coca Cola, however, must be very careful and embrace some of the suitable ways of preventing security breach if it wants to uphold integrity in its e-commerce transactions considering the escalating cases of cybercrime all over the globe.   

Response to Drones

Coca Cola has not yet ventured into drone delivery but the chances are high that the company could embrace the approach in the next to ten years as a way of advancing how it markets itself to customers. Coca Cola could assign some people the duty of investigating how the company could use drones to deliver packages to buyers, and this would include finding out the possible negative effects of employing the technology. Being a large company, Coca Cola could follow the suit of Amazon and manufacturer its customized drones so that it cut the cost of acquiring the unmanned aerial vehicles. The company would try to develop drones that could lift heavier goods to allow for the delivery of many items at a go (Maddox, 2019). Coca Cola is likely to gain through its adoption of drones because buyers would not have to wait for long before they get the items they order from the company (Maddox, 2019). Furthermore, the Coca Cola would improve its buyers’ perception regarding how the company employs sophisticated technology to provide effective and quality services. It is apparent that such an approach would market the company further, and it is more likely to generate more revenue following the satisfaction purchasers would experience. More fundamentally, embracing the use of delivery drones could cut on carbon emission, which is one of the major areas of focus for companies as the world move towards greener approaches to sustain the environment.

Coca Cola, however, would have to consider the possible constraints it would experience in its attempts to employ drones in future. The team must understand that achieving the desired outcome in this area is a culmination of several months of intense preparation by the company’s dedicated team, and the strong collaborations with the various partners, as it pursues a new form of relating to buyers (Maddox, 2019). Coca Cola while moving towards using drones must be aware of the high cost associated with producing such devices and make necessary plans to avoid plunging into a financial crisis (Maddox, 2019). The team in charge of evaluating how the company could employ drones should also understand the regulations that the production and flying of such devices and take appropriate measures to avoid the legal repercussions that could interfere with the business operations.

Future Application of AI at Coca Cola

It is encouraging Coca Cola is already applying AI in its marketing activities, an indication that the company is dedicated to improve its marketing approaches as it moves towards the future. Greg Chambers who serves as the Global Director of Digital Innovation at the world’s largest beverage maker that serves at least 2 billion drinks everyday believes that AI is the foundation of everything the company does, and further thinks the technology is the core that influences experience (Coca Cola, 2019). The company markets its soft drinks in more than 200 countries and acknowledges the task is not easy because consumers in each of these markets prefer particular tastes with regard to calorie contents, sugar level, and flavors (Coca Cola, 2019). The company uses AI to stay top in the game to collect and analyze huge amounts of data from many sources to find out which of its about 500 brands will attract buyers in a given market. The team in charge of digital innovation knows it must continually transform its system as it moves to the future to keep with its mission of creating value and making a difference.

Coca Cola moving to the future would most probably increase its training to workers on AI to allow for innovation and increased performance in the area. The article by Rao (2017) informs that whereas many business leaders are keenly aware of the possible values of AI a substantial portion is yet to take advantage of the technology. Rao (2017) refers to the 2017 PricewaterhouseCoopers’ Digital IQ study of senior executives globally, which showed that 54% of the respondents said they are putting significant investment in AI today, but only 21% affirmed their corporations had the appropriate skills needed to prosper with the technology. The benefits Coca Cola experiences now with AI will encourage it to pursue further means of improving the technology because it is principally an enabler of productivity. Even though the company might have to cut its staff, the technology will basically transform work operations and might ultimately create jobs for those who shall operate and manage the system. It is apparent that Coca Cola would want to review its AI software as it progresses to the future to keep with the latest trends, and to avoid the stiff competition that would prevail in AI use. The soft drink manufacturer would want to invest in the technology as well as update its software knowing very well that the technology transforms the nature of research and development (R&D), collaboration, decision making, and creative art with regard to marketing practices (Coca Cola, 2019). Nevertheless, Coca Cola would have to be ken on the possible factors that could obstruct its future application of AI such as the escalating cybercrime threats, which breach data privacy and security, and algorithm bias whereby the systems only perform well with the data they recognize among several other barriers. 

Response to Big Data

Large and small to medium enterprises are increasingly paying attention to the effects of big data in their services and Coca Cola is not an exemption. The management in its efforts to improve future marketing practices shall acquire software and hardware that makes it possible to overcome some of the challenges many companies witness in this area such as data analysis, transfer, sharing, information privacy, data storage, and data collection among others (Marr, 2015). The company would take note that data sets expand rapidly with one of the reasons being that they are increasingly collected using cheap and many avenues, including mobile devices, software, microphones, aerial, cameras, and radio-frequency identification among other approaches.

Apart from acquiring hardware and software that would allow for the handling of big data that would accumulate in the next 5-10 years, the Coca Cola will consider how the approach improves marketing practices, and use the information to make informed decisions. Coca Cola will better understand its target audience through the analysis of the collected data. The insight shall guide the soft drink maker to come up with products that meet the requirements of a particular group of consumers (Marr, 2015). Analyzing the information collected using big data approaches will also make it possible to understand the marketing approaches other companies utilize, and how these influence the buyers’ decision to purchase (Marr, 2015). The company while applying big data in the coming years will consider whether the technology offers the chance to understand the industry conditions because knowing the trends and prospects would influence decision-making (Marr, 2015). The other important measure Coca Cola would embrace in future as it applies big data is to make it goals clear on what it wants to achieve from big data evaluation to have guidance on what it needs to do to avoid the complications it currently experiences.

Coca Cola’s Response to Consumer Behavior in the Intelligence Revolution

Coca Cola’s marketing team already understands the shifting dynamics in consumer behavior at a time when technology is rapidly transforming communication and focuses on reaching buyers via the trending avenues. The company now posts videos, images, and official statements about its old and new products on various social media avenues, and gives consumers the chance to offer their views or like (Coca Cola, 2019). The next 5-10 years will witness a scenario where buyers define how they want the services and products and all these will take place online platforms. Coca Cola will rely on an app that is now part and parcel of many companies such as Amazon and Walmart. Buyers will have the chance to perform many operations via the app such that it may not be necessary to shift through the company’s website and various social media avenues to get the latest news from the company. Improving communication and adjusting to the buyers’ behavior in future shall improve customer engagement and satisfaction thereby offering Coca Cola the chance to generate more revenue.

How Coke will respond to Virtual Reality

Coca Cola will not relent in improving its digital innovation so that its customers enjoy virtual experience to have a clear glimpse of what they want to purchase. The company in the next five to ten years may allow buyers to have virtual reality experience through smart billboards that it will erect in strategic places, as well as through mobile apps, and these shall enhance marketing activities for the company. Coca Cola, however, will have to consider the high cost that accompany the creation of VR (Ryan, 2016), and if possible partner with the manufacturers of such apparatus to lower cost of advertisement. Advertising using VR allows the buyers to have a 3D experience of the products they want to buy, and allows for more interaction with the service providers.

Conclusion

Marketing practices and approaches are likely to witness significant transformations as businesses move into the future and this require companies including Coca Cola to consider making suitable adjustments that would allow the firm fit into the business environment. Companies operating in the various areas and wish to improve their marketing approaches in the coming years shall take advantage of technology growth to increase their buyers’ experience through improved and reliable e-commerce services, and timely and safer deliveries using drones. The present innovations in these areas set the foundation for future developments to allow companies attract more purchasers. Marketers are likely to use AI to customize products, and it is encouraging many companies including Coca Cola are already making significant strides in this area. Coca Cola is set to be part of other companies in using big data to acquire vital information about the buyers, the market, and competitors, and the group plans to change its software and hardware to accommodate more content. Marketers are set to be more conscious about buyers’ behavior in the next half to one decade because more purchasers are turning to online platforms to learn about new products and to buy. Coca Cola shall allow its customers to do more than they can now on social media avenues, including offering ideas that influence R&D. Coca Cola like any other company that would want to transform its marketing operations in future will make it easier for buyers to experience the various brands through VR, which will improve the buyers’ interaction with the products. Coca Cola should expect to experience some hardships while applying the technological approaches, including financial challenges but these should not deter it from achieving its future marketing goals.

References

Danciu, V. (2013). The future of marketing: an appropriate response to the environment changes. Theoretical and Applied Economics, 5(582), 33-52.  

Lazar, M. (2017). Click. Buy. Done. These ‘m commerce’ statistics show that smartphone shopping is viral. Retrieved from https://www.huffpost.com/entry/click-buy-done-these-m-co_b_11657372

Li, Z. (2015). Online Versus Bricks-And-Mortar Retailing: A comparison of price, assortment and delivery time. International Journal of Production Research, 53(13), 3823–3835.

Maddox, I. (2019). Drone delivery: Toward the future. Retrieved from https://www.intermap.com/blog/drone-delivery-towards-the-future

Marr, B. (2015). Big data: 20 mind-blogging facts everyone must know. Retrieved from https://www.forbes.com/sites/bernardmarr/2015/09/30/big-data-20-mind-boggling-facts-everyone-must-read/#7ee1015517b1

Rao, A. (2017). A strategist’s guide to artificial intelligence. Retrieved from https://www.strategy-business.com/article/A-Strategists-Guide-to-Artificial-Intelligence?gko=0abb5&utm_source=itw&utm_medium=20171012&utm_campaign=resp

Ryan, S. (2016). Virtual reality: Coming soon to a clothing store near you. Retrieved from https://www.forbes.com/sites/currentaccounts/2016/01/28/virtual-reality-coming-soon-to-a-clothing-store-near-you/#6869bf0ace3e

U.S. Census Bureau News. (2019). Quarterly retail e-commerce sales 2^nd quarter 2019.