In the next part of our series Getting Started in Conversational AI we have a look at a number of the business benefits that conversational Artificial Intelligence delivers. From language enabled interfaces that enhance customer experience, to smart chatbots that provide 24/7 customer support, or humanlike digital assistants who drive online sales revenue, conversational AI is quickly changing customer interaction. Gartner says that by 2021, 15 percent of all Customer support interactions will be entirely managed by AI, an increase of 400 percent from 2017. But customer service is simply 1 part of the narrative. Fundamental to the success and impact of conversational AI is Its capability to capture and interpret conversational data to discover the only ‘voice of the client ‘, finally showing what your customers actually believe. This is the very information that will deliver the essential insights crucial to changing your company’s bottom line.
Interacting with clients as they traverse through different Departments and multiple touch points gives businesses the opportunity to find out more about their customers than ever before. From first lead generation through to sales, customer service, repeat business and even HR and internal procedures, each link strengthens the Conversational AI Solutions. Whether its driving online sales revenue using humanlike virtual Sales assistants, to new methods of differentiation via smart voice ports, customer participation is important to increasing your competitive edge. Customer participation is central to a company’s success. Engaged clients drive loyalty, which boosts earnings, and in turn increases profitability. A 2% increase in customer retention has the identical impact on bottom line as decreasing prices by 10%. According to Gallup, client Participation represents a 23% premium concerning share of wallet, profitability, earnings, and relationship development.
But customers are fickle creatures. They no longer want to respond to your every email, join loyalty programs, or like you on Facebook. They only need to get something done as rapidly as possible and proceed with their lives. That means less interaction, decreased participation and fewer Opportunities to understand the requirements of your customers. Reducing friction in a customer’s travel is one of those key objectives for companies today. Unfortunately, digital stations are filled with points of irritation. Devices are getting smaller leaving minimum space for navigation menus; in precisely the identical navigation menus are becoming more complex as companies increase the material available to clients. Each hiccup in the client’s experience of looking for Information, make a purchase, or solve a problem generates friction. Since people normally pick the path of least resistance, such regions of agitation impact negatively on the client experience and possibly drives away the customer. Conversational AI simplifies the issue by allowing customers to request exactly what they need using their own words and vocabulary.