Prophet’s 2024 Digital Transformation Report, titled “The Rise of the AI-Powered Consumer”, delivers a compelling analysis of how generative AI (GenAI) is revolutionizing consumer behavior and reshaping business strategies. With insights from over 2,400 respondents across five global markets, the report highlights the rapid adoption of AI technologies and their profound impact on the future of customer engagement.
Key Insights from the Report
🌟 Consumers Lead the AI Revolution
• With 45% of consumers across surveyed markets already using GenAI tools, adoption rates surpass previous tech innovations like social media and smartphones.
• Asian markets, particularly China (60%) and Singapore (56%), are leading the way in GenAI adoption.
💡 Entertainment Drives Adoption
• GenAI is being used primarily for inspiration and discovery, with “entertainment” as the top use case, cited by 33% of respondents.
• Beyond fun, consumers are seeking personalized tools for health monitoring (63%) and financial planning (62%).
🚀 Generational Insights
• Millennials show the highest adoption and optimism (53% adoption rate), positioning themselves as the most AI-forward generation.
• Gen Z, while skeptical of AI’s nuances, is also adopting at high rates, signaling long-term growth potential for GenAI solutions.
🔒 Trust and Transparency
• 82% of consumers want brands to disclose their use of AI, reflecting a strong demand for transparency and ethical AI practices.
• Addressing privacy concerns is critical, as 66% of respondents cite data security as their top worry.
Why This Report Matters
Prophet’s report underscores the transformative power of GenAI to:
• Create personalized, consumer-centric experiences that drive engagement.
• Empower businesses to rethink their brand strategies and embrace AI-driven growth.
• Address challenges like data privacy and ethical use to build trust with consumers.
This report is a must-read for business leaders seeking actionable insights to navigate the evolving digital landscape and leverage AI as a tool for uncommon growth.
📖 Explore the full report online:
Prophet is a leading global consultancy helping organizations unlock growth through digital transformation and customer-focused innovation.