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Faculty of Business Economics Bijeljina, University of East Sarajevo , Lukavica , Bosnia and Herzegovina
Faculty of Electrical Engineering, University of East Sarajevo , Lukavica , Bosnia and Herzegovina
Understanding the factors that influence consumers when making purchasing decisions, the phases that consumers go through to make decisions, as well as how to evaluate the company after the purchase are just some of the elements that require research into consumer behavior to gain a competitive advantage in the market. Digital transformation is a process that, by implementing novel Information and Communication Technologies (ICTs), has influenced not only the formation of new business models but also consumer behavior. Novel technologies have changed the way companies communicate with consumers, whether they are final or business consumers, the way they meet their needs, and the use of certain products and services, but they have also altered how consumers' needs and requirements are researched. Technologies that support the process of digital transformation such as Artificial Intelligence (AI), Augmented Reality (AR), Internet of Things (IoT), Blockchain, Virtual Reality (VR), Robotics, and 3D printing have influenced the transformation of business models and consumer expectations, consumer experience, as well as research and prediction of consumer behavior. Taking into account the importance of predicting consumer behavior for achieving business success and gaining competitive advantages in the market, this paper will examine the role of AI in the predictive activities of companies.
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