This systematic review examines the role of artificial intelligence (AI) in market research and its impact on customer insights. While existing research has extensively explored AI's influence on marketing, education, and customer experience, a noticeable gap remains in understanding AI's role in reshaping the market research industry. This study aims to fill that gap by focusing on the unexplored territory of AI-driven market research and customer insights. The review follows a structured methodology, analyzing relevant research articles published between 2000 and 2023 using the TCCM framework. The findings demonstrate AI's significant impact on customer experiences, market segmentation, and personalized services across various industries. By embracing AI's capabilities, businesses can thrive in the data-driven and competitive landscape, forging lasting connections with their target audiences and driving success in the dynamic world of business.
Top1. Introduction
Artificial intelligence (AI) is a rapidly expanding field, and many academics are now investigating how AI will affect the marketing industry. Market researchers are investigating how AI can improve the consumer experience in order to increase customer loyalty and, by extension, profits. With over $5 billion invested in AI startups in just the last two years, the field is poised to revolutionize marketing and commerce worldwide (Insights, 2018; Rangaswamy et al., 2020). When AI performs mundane, repetitive tasks, consumers benefit from lower prices, a wider variety of service channels, new discoveries, and more room for human creativity and ingenuity (Smart Insights, 2018; Haenlein & Kaplan, 2019). Because of long-term margin pressures, shorter strategy cycles, and higher customer expectations, businesses are increasingly adopting AI technologies supported by data analytics. This alters how businesses interact with their customers and has the potential to increase brand loyalty (Evans, 2019). AI advancements, in particular, may help businesses gain a better understanding of their customers' preferences (Evans, 2019). Businesses that strategically implement AI technologies at various touch points with the customer experience stand to gain significantly and increase customer satisfaction (Shakir & Ramzan, 2021).
1.1 AI and Market Research
The introduction of AI into market research has sparked a slew of new lines of inquiry, including the use of AI to power robotics (Lu et al., 2020; Wirtz et al., 2018); AI-led market research and sales strategies; and an investigation into how AI-enabled delivery can result in greater value for customers. Despite this lengthy list, there is little agreement among market researchers about how AI technologies should be used in the future (Rosca et al., 2018).
For a long time, market research has been an essential tool for businesses, allowing them to better understand their customers, assess the competition, and make informed decisions (Schmidt et al., 2023). In the past, manual data collection, pen and paper surveys, focus groups, and statistical analysis were all standard tools for conducting market research. Although these techniques provided useful insights, they were time-consuming to implement and consumed a lot of resources while failing to account for the nuances of consumer behaviour. the AI era, in which cutting-edge technology has given market research new life. Researchers have been able to systematically uncover previously hidden patterns and insights into consumer preferences and market dynamics with the advent of cutting-edge AI algorithms and techniques (Shakil et al., 2023; Schmidt et al., 2023). Using AI, market researchers can speed up their work and improve their accuracy. The incorporation of AI into market research represents a watershed moment, providing market researchers with unprecedented tools and capabilities that were previously unimaginable (Wilson-Nash et al 2020).
While a plethora of research has been dedicated to exploring AI's impact on marketing(Nordin et al 2019; Mustak et al., 2021; Kashyap et al 2021; Zaki et al., 2023), marketing strategies (Mikalef et a., 2023), education, digital marketing(Gigante et al., 2023; Khalifa et al., 2021), and customer experience, there remains a noticeable gap in understanding how AI is reshaping the market research industry and driving AI-driven customer insights. It is within this context that the authors of this chapter embark on a critical examination, seeking to shed light on the transformative potential of AI in market research.