Bethany Walsh
Sep 18, 2021
Some of the world’s biggest companies, including Apple, Google and Microsoft, are increasingly turning into artificial intelligent Butlers for consumers. They save consumers time by helping them open new bank accounts, buy groceries and subscribe to cable TV.
The market foundation is in place and AI assistants will take over a large portion of the consumer conversion. Scholars predict that soon AI assistants will use data to predict consumer preferences, automatically select and purchase products or services, negotiate and execute deals, and even automatically form alliances of buyers to ensure optimal terms and conditions. Human decision-making can be completely ignored. People are increasingly delegating personal tasks to algorithms, such as finding the best way to drive and deciding which Facebook posts to view, and robo-advisers are investing billions of dollars through automated transactions on behalf of consumers.
There are two basic types of AI assistants, one is notification type and the other is marketing type. Both types generally share a common set of characteristics: continuous search, delegation automation, network effects, and scientific personalization.
Given that data is now one of the most valuable assets in the world, AI assistants can make money by collecting, analyzing and selling the data they gather from transactions. So two main models are likely to emerge: the notification model of Google, Microsoft and Apple, and the marketplace model of Amazon. The key difference is that Google, Apple and Microsoft don’t sell most end products or services, except for a few core technology products.
To be clear, Google, Apple and Microsoft aren’t exactly neutral parties. European antitrust officials, for example, have ruled that Google is cracking down on direct competitors -- other information sites -- by removing them from its search results. Being classified as a notifiers does not mean that AIis completely neutral and unbiased in the information it provides, nor does it mean that it will always serve the best interests of consumers.
Both models have competitive advantages. Amazon could weaken the position of notifying AI assistants by refusing to sell their own products to them or using laws to prevent them from getting prices. But the success of AIassistants will depend on being seen as neutral, which will benefit notification AI.
Artificial intelligence assistants will continue to monitor transactions, represent consumer consumption, make extensive use of network effects, and scientifically tailor recommendations. The success of artificial intelligence assistants in pursuing these characteristics will help determine their ultimate market share, social benefits, and regulatory requirements.
A. Continuous help
The artificial intelligence assistant will provide the function of continuously monitoring market development. For example, Google Flights offers "tracking prices" for specific journeys, sending emails when prices drop. In addition, customers can choose whether to enable similar functions for other types of expenditures, and then artificial intelligence will constantly look for suitable products.
B. Commissioned automation
Even if consumers know that there are better market choices, they may change their minds because of the burden of decision-making or the time required to change behavior (such as opening and closing an account). For many transactions, artificial intelligence assistants will enable consumers to delegate final decisions and changes to assistants. This authorization makes them more likely to benefit from the best products on the market.
C. Network effects
In most digital markets, the more people who use the product, the more valuable the product- this dynamic is called network effects. In a weaker network effect, artificial intelligence assistants will benefit from more people using them. More people will provide more data for analysis and improve forecasts.
D. Individualization of science
After consumers voluntarily provide passwords for various online accounts to artificial intelligence assistants, and after serving specific consumers for a long enough time, artificial intelligence assistants can access a large amount of personal data, including past transactions, online search data, and social network data.
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