ECONOMY OUTLOOK Impact of AI and Technology on Hispanic Purchasing Behavior in the US By Eduardo Pérez, Market5201 he Hispanic market in the United popularity among Hispanic consumers, especially States is a constantly growing among younger generations. Therefore, self- giant, with a purchasing power service chains that integrate this technology surpassing $1.5 trillion. This into their online shopping platforms can o昀昀er population group, increasingly a smoother and more convenient shopping Tconnected and technology-savvy, experience to this population segment. Another is transforming the way they shop with important aspect is that AI enables self- the help of artificial intelligence (AI). service chains to o昀昀er personalized shopping With this in mind, it is essential for self- experiences to Hispanic consumers. 吀栀rough service chains to understand and adapt data analysis, companies can identify each to the transformation in Hispanic customer's preferences and offer relevant purchasing processes. product recommendations. Likewise, it allows customizing content and audience segmentation MORE TOOLS,CLOSER, to 昀椀ne-tune social media messages. AT ALL TIMES FOR BUYERS & CHAINS SOMETHING THAT IS Hispanic consumers ALREADY HERE are increasingly using their Technology and AI are transforming the mobile devices to search purchasing behavior of Hispanics in the United for product information States. If self-service chains do not adapt to and compare prices. In these new trends, they risk losing market share this regard, AI facilitates in this constantly growing market. Investing in this process, allowing AI and personalizing the shopping experience for customers to quickly Hispanic consumers will be key to success in this find the products dynamic market. they are looking for and obtain detailed information about them. Additionally, voice L ET'S NO T FORGET technology is gaining • Im plem en ting da ta analysis systems to better un derstan d co nsum er pr ef er en ces, th e systems m ust be dynami c, wi th pr ojecti o n ca pabili ti es and trend detection. • In tegra ting perso nalized p r od uct r eco mm en da ti o ns thr o ugh AI, whi ch ar e fueled by r eal-tim e co nsum p ti o n an d based o n b uyer segm en ta ti o n. . • In tegra ting vo i ce sear ch techn o l ogy in to o nlin e shopping platforms. • Embracing AI tools f o r pr edicting co nsumer behavior. . 2828 MMAAYY//JJUUNNE 2E 200224 4 AABBAASSTOTO..CCOOMM