AI, or artificial intelligence. So, what is this, and how will it affect us? Of course, the thing that comes to mind is the Terminator series with cyborgs that act and think like human beings. We are a few decades away from this, but many think it is coming our way. For now, AI involves the accumulation of billions of data points covering a topic and then a computer analysis and projection of this data. This involves new “thought” and concepts for companies, marketers and government. It’s a new world for sure.
One of the leading AI interfaces is an open platform called ChatGPT. As AI develops, the technology has the ability to increase abundance, change the global economy, and aid in the discovery of new scientific technology – to give humanity new unforeseen capabilities. AI programs can solve problems, make decisions, understand speech and talk like we do. Basically, a computer can learn without being told what to do. By its nature, AI is intuitive. It can automatically find patterns and make predictions. Chat GPT falls into this category.
But, how will this affect the beauty industry?
One area where AI is making a significant impact is in virtual makeup, analyzing facial features and skin conditions, determining hair styles, and recommending new and different treatments. From seeing what a treatment can do before its done, to synthetic images, to performing a consultation, to virtual videos is coming soon. The goal is a seemingly intimate interactive experience for the customer. This will change how businesses in our industry compete for customers and in the generation of revenue.
Regardless of how AI will impact your business, human interface, touch, psychology and customer service will not likely be replaced. Keep you eye on AI, but keep a closer eye on your customers. Making customers feel good about themselves cannot be replaced by a computer. And remember, it is approximately 10 times easier and less expensive to retain a customer than to gain a new one.