The following answers are provided by members of Young Entrepreneur Council (YEC), an invite-only organization comprised of the world's most promising young entrepreneurs. In partnership with Citi, YEC recently launched BusinessCollective, a free virtual mentorship program that helps millions of entrepreneurs start and grow businesses.
Your home will shop for you
Machine learning will allow your home to communicate your consumption needs to companies and marketers. It will anticipate your needs based on how much food you eat per week, and auto-replenishment will use this information to replace everyday items in your home, like paper towels and groceries. Marketing will adapt based on auto-replenishment.
Marketing will be one-on-one
I believe machine learning will change the marketing of the future by creating an environment where people are marketed to one on one. Marketing will be able to add much more value to the user and the user will never experience marketing that is irrelevant to their life. The better the machine knows you, the more value it can add (and the creepier it gets).
Real time will become a reality
Marketers have been talking about "real time" for years, but machine learning will make real time a reality. Offers that consumers see will change by the minute based on the unlimited data their behaviors will create for machines to process. We see this today with retargeting ads -- you visit a website, then see an ad for that website on Facebook -- but in the future, this will be amplified.
Messages will be crazy targeted
The power of machine learning means that, very soon, consumers will only see the messages they want to see. The great targeting ability made possible by machine learning and the greater filtering methods available to consumers create an opportunity for every marketing message to be personalized and strongly correlated with a consumer's interests.
Customer service will be automated
Many companies already have knowledge bases or support forums where their customers can find answers to their questions. However, chatbots and AI assistants can automate customer service, take care of problems, and make it seem like a real person is on the other end. Every email would be answered almost immediately, and the technology would learn as it keeps up with new problems.
Robots will take our jobs
Seriously. Direct response marketing is data driven, and it fundamentally requires using the analytical aspects of our minds to achieve great results. The more data we collect on what works and how, the better robots can become at doing that job. I wouldn't be surprised to see a robot come up with something like a Coca-Cola marketing campaign in my lifetime that outperforms all other campaigns.
Niche marketing will develop even further
As we continue capturing data on the buying behaviors of consumer groups, it will become apparent who our ideal customers are and how to market to them. We can also better identify the buying personas of those who don't purchase from us and use that information to more closely define our niche.
It will have a place, but not at the expense of human involvement
While machine learning can analyze larger amounts of data than a human being can process and offer patterns and insights not otherwise seen, marketing is still done to human beings who often change their minds and make decisions that involve both the heart and mind. Therefore, there will always need to be a human element.
Push notifications and suggestions will be location-targeted
Based on what the user likes to do and where they do it, a machine or app can monitor their GPS info and begin to make suggestions. For example, if the machine or app learns that the user goes grocery shopping at the end of every month, it can make suggestions and send coupons.
Chatbots will be hyper-personalized
Machine learning not only goes beyond the ability to accurately target ads, but also encompasses the ability to create realistic chatbots that can become the ultimate sales and customer support engines. Chatbots will be personalized to each individual. Each chatbot will tailor every detail of its personality based on how the customer speaks and leverage that comfort level for optimal outcomes.
New trends will be predicted
Machine learning is all about pattern recognition. By recognizing the buying and internet interest patterns of current customers, AI will be able to predict with a great deal of accuracy the future buying patterns of all customers. This is a feedback loop that is constantly refined and can predict new trends.
Offers will be based on your behavior
Machines will be tracking, learning, and adapting to your behavior. Personal devices such as phones, computers, and even cars will all be connected, communicating and tracking your actions. Your devices will know that you stayed up late to watch Sunday night football and that your team won. You will wake up to a Dunkin' Donuts ad offering you a free doughnut with your coffee to celebrate the victory.