Making Money Minute with Ron Hiebert - AI & Your Shopping Habits
As AI gets more and more consumer data about you, it can build a profile to determine how much you would be willing to pay for a product or service. This is likely to take more money out of your wallet, than make things cheaper. A recent study by Carnegie Mellon University, concluded that personalized rankings, using AI-algorithms, increased prices for consumers by an average of 29%. Customers, using Amazon’s AI-powered chatbot named Rufus, were 60% more likely to make a purchase. Artificial intelligence can be a great tool, as long as we don’t let ourselves be manipulated by it. For more information listen to our Making Money Podcast with Ron Hiebert and Graham Hicks at letsmakemoney.ca or CFCW.com.
