Advertisers can leverage generative AI (artificial intelligence) for hyper-recommendation to reach the right customers at the right time, according to Vishal Dhupar, MD, Asia-South, NVIDIA.
During the first edition of the Moneycontrol Startup Conclave, Dhupar discussed the impact and effectiveness of AI on various industries, including advertising and marketing.
According to him, advertising is about targeting consumers, and hyper-localization for the consumer is even better.
“What AI has taught us is that you can make a lot of recommendations. But if you can make hyper-recommendations, especially using generative AI tools, you can work on precisely how to position, whom to discover, and where to do it,” he explains.
In May, NVIDIA and WPP announced that they are developing a content engine that harnesses NVIDIA Omniverse and AI to enable creative teams to produce high-quality commercial content faster, more efficiently, and at scale while staying fully aligned with a client’s brand.
Dhupar points out that one of the biggest challenges faced by consumer companies is churn, which can be addressed using deeper consumer insights from AI.
“E-commerce companies face churn. You spend a lot of marketing dollars to acquire a customer, but for some reason, the customer leaves, and you’re not able to bring them back or it takes a longer time to bring them back,” he points out.
According to Dhupar, with the insights and knowledge that generative AI can bring through the interaction between the consumer and the platform, companies can now figure out what the customer requires.
“..you can now basically figure out what the customer requires? how to make it more engaging, and how to retain them. And that’s exactly what WPP, the world’s largest advertising company, is trying to do,” he highlights.
Dhupar also discusses how AI can address specific challenges in India across various sectors such as agriculture, education, healthcare, and urban mobility.
When asked about job cuts due to AI, he states that a larger transformation is taking place, which will not only make systems more efficient but also improve the cost of living.
“Computing is a technology of automation. Software algorithms automate things, and when you automate things, your cost of living decreases, and convenience increases. When automation reaches its extreme, breakthroughs happen, leading to more innovations and better lives,” he argues.
Regarding gaming initiatives, Dhupar shares that much of the work done in gaming contributes to larger enterprises.
“Gaming is becoming more engaging and realistic, leading people to spend more time gaming. Even in India, with increased broadband availability and a young population, gaming is gaining momentum,” he adds.
Nvidia Corp recently reached a market capitalization of $1 trillion, becoming the first chipmaker to join the trillion-dollar club. The gaming and AI chip company is valued at $1 trillion.