Artificial Intelligence, consumers, and the experience economy

• Main Authors: CHANG, Hannah H., MUKHERJEE, Anirban
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2022
• Subjects: Artificial Intelligence and Robotics; Databases and Information Systems; Marketing
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/7094; https://ink.library.smu.edu.sg/context/lkcsb_research/article/8093/viewcontent/Hannah_Chang_Anirban_Mukherjee_Artificial_Intelligence__Consumers__and_the_Experience_Economy.pdf
• Institution: Singapore Management University

The term Artificial Intelligence (AI) was first used by McCarthy, Minsky, Rochester, and Shannon in a proposal for a summer research project in 1955 (Solomonoff, 1985). It is widely and commonly defined to be “the science and engineering of making intelligent machines” (McCarthy, 2006). Recent technological advances and methodological developments have made AI pervasive in new marketing offerings, ranging from self-driving cars, intelligent voice assistants such as Amazon’s Alexa, to burger-making robots at restaurants and rack-moving robots inside warehouses such as Amazon’s family of robots (Kiva, Pegasus, Xanthus) and delivery drones. There is optimism, and perhaps even over-optimism, of the potential heralded by AI as a source of greater customizability and personalization and reduced operational costs.