The Muamalat Newsletter Vol.1 2023

41 FEM Newsletter | June 2023 Increased Revenue Future marketing applications of AI offer a previously unheard-of chance to boost sales and propel company expansion. Businesses will be able to use AI technologies as they advance and become more widely available to improve their marketing strategies, better understand their customers, and provide more individualised and interesting experiences. Businesses will be able to find trends, patterns, and insights that can guide their marketing decisions and enhance their targeting and segmentation strategies by using AI-powered tools to analyse enormous amounts of data. As a result, they will be able to develop more relevant and customised marketing campaigns that connect with their target audience, foster engagement, and boost conversion rates. Additionally, AI-powered marketing automation tools can assist companies in streamlining their operations, lowering costs, and simultaneously increasing revenue through increased productivity and scalability. This implies that companies can deliver more successful marketing campaigns with fewer resources, increasing both revenue and return on investment. With AI- powered personalization and automation, marketers can deliver highly targeted campaigns that are more likely to convert leads into customers. This increased conversion rate will ultimately result in increased revenue for businesses. Overall, there is a lot of opportunity and potential for AI in marketing. Businesses can anticipate significant increases in revenue, growth, and success in the years to come by utilising AI to improve their marketing strategies, gain a deeper understanding of their customers, and provide more individualised and engaging experiences. References: Chen, L., Jiang, M., Jia, F., & Liu, G. (2022). Artificial intelligence adoption in business-to- business marketing: toward a conceptual framework. Journal of Business & Industrial Marketing, 37(5), 1025-1044. Grewal, D., Guha, A., Satornino, C. B., & Schweiger, E. B. (2021). Artificial intelligence: The light and the darkness. Journal of Business Research, 136, 229- 236. Huang, M. H., & Rust, R. T. (2021). A strategic framework for artificial intelligence in marketing. Journal of the Academy of Marketing Science, 49, 30-50. Kumar, V., Rajan, B., Venkatesan, R., & Lecinski, J. (2019). Understanding the role of artificial intelligence in personalized engagement marketing. California Management Review, 61(4), 135-155. Martin, K. D., Kim, J. J., Palmatier, R. W., Steinhoff, L., Stewart, D. W., Walker, B. A., ... & Weaven, S. K. (2020). Data privacy in retail. Journal of Retailing, 96(4), 474- 489. Nair, K., & Gupta, R. (2021). Application of AI technology in modern digital marketing environment. World Journal of Entrepreneurship, Management and Sustainable Development, 17(3), 318-328. Patel, N., & Trivedi, S. (2020). Leveraging Predictive Modeling, Machine Learning Personalization, NLP Customer Support, and AI Chatbots to Increase Customer Loyalty. Empirical Quests for Management Essences, 3(3), 1-24. Xu, L. D., Xu, E. L., & Li, L. (2018). Industry 4.0: state of the art and future trends. International journal of production research, 56(8), 2941-2962. Author’s email: noorizzuddin@usim.edu.my Conclusion In conclusion, despite the fact that AI presents enormous opportunities for businesses to improve their marketing strategies, data privacy concerns still pose a serious challenge for industry players. To successfully navigate these challenges, businesses must give transparency, security, and ethical considerations top priority in their use of AI. By doing this, they can boost client confidence, ensure legal compliance, and create effective, long-lasting AI- powered marketing strategies that work for both their business and their customers. Customer data privacy is a major concern with the growing use of AI (Martin et al., 2020). Marketers need to make sure that they are compliantly and securely gathering and storing customer data. To fully realise the potential of AI in marketing, however, significant challenges must be overcome in addition to these opportunities. In order to develop successful and long-lasting business strategies that benefit both their customers and their bottom line, businesses must navigate ethical, integrational, technological, and data privacy challenges. Despite these difficulties, marketing can greatly benefit from AI. Businesses can gain a competitive edge, enhance their marketing tactics, and ultimately boost revenue by utilising the power of AI. Businesses can successfully integrate AI into their marketing initiatives to foster future success and growthwith careful thought and a focus on moral and open business practises.