Among the many industries rife with disruption in 2020, real estate is no exception. However, despite the economic downturn and expectations that the housing market would closely follow suit, the U.S. has witnessed inconsistent spikes and declines in home buying and selling across the country. What’s clear is that the industry is undergoing an acceleration of digital capabilities to assist homeowners and real estate companies alike as they look to accommodate people on the move during the pandemic and beyond.
This research paper presents trends in the digitization of home buying, selling, financing and servicing, many of which took root before the pandemic and accelerated during it. It highlights the digital-first tools and innovative applications of tech like AI, AR and VR that allow for virtual end-to-end home consumer journeys, from the discovery phase through to post-purchase service and support. Finally, this look at the real estate and home sectors serves to inspire organizations across industries with ways to transform their own processes and customer assistance to fit shopper preferences and needs in an increasingly contactless world.
Published August 2020
Retailers are applying machine learning and data aggregation tools to anticipate consumer behaviors and needs based on situational or emotional contexts and provide service or product recommendations. This includes using data generated by mobile apps to create a unified view of a member's shopping behavior and preferences, as well as leveraging RFID and other technologies to detect items that shoppers are interacting with in order to target shoppers in the moment and drive incremental retail sales. It also encompasses taking targeted advertising offline with recognition technologies that allow brands to pinpoint and deliver the most relevant ads to specific connected consumers near physical point-of-purchase.Trusted Guidance
Using digital tools to quickly connect customers to an AI-enabled chatbot and/or human agent to provide in-the-moment service and supportVirtual Consults
Brands and retailers are using virtual platforms to streamline conversation between consumers and experts, providing analyses and solutions tailored to each customer for optimal product results. This includes leveraging AI-supported conversational assistants that use natural language processing to help shoppers effortlessly navigate questions.