Conversational AI: The Next Big Thing in Customer Experience Management in Retail
Looking back at the journey of humans since the first interaction with machines it’s obvious that we’ve come a long way. Tapes and punch cards have now been replaced with mouse clicks and touch screen displays. After analyzing the developments in today’s world, our experts believe that we’re back to the basics or the first [...]
Looking back at the journey of humans since the first interaction with machines it’s obvious that we’ve come a long way. Tapes and punch cards have now been replaced with mouse clicks and touch screen displays. After analyzing the developments in today’s world, our experts believe that we’re back to the basics or the first principles of human interaction through human-like conversations, commonly known as ‘Conversational AI’. Though Conversational AI turned out to be a huge leap forward for businesses across industries, retailers all over the globe were the ones who achieved maximum success by leveraging conversational AI to improve customer experience.
Today, businesses from different verticals are fast catching up with this trend and are leveraging conversational AI to enhance all aspects of their business processes. Also, as the need for a coordinated business strategy gains prominence globally, conversational AI is increasingly becoming essential for enterprises looking to establish a strong market presence. From speech-enabled interfaces that improve customer experience, through intelligent virtual assistants and chatbots for customer service, to human-like digital assistants to drive online sales, conversational AI has transformed customer experience across channels and different business verticals.
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Key Challenges Facing Retail
Here are three major challenges facing retailers looking to address issues around customer experience management and support:
- The rise of the omnichannel retail models
- The growing need for personalized experiences across channels
- The era of connected customers
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Three Ways Conversational AI Helps Improve CX in The Retail Sector
With the evolving purchase patterns and fluctuating behavior of customers, there is a growing need to enhance the personalization of services and offerings across touchpoints- both online and offline. This is crucial especially in the retail sector where engaging customers directly in conversations that reflect their preferences and interests is essential to winning the battle over price wars. As a result, many retailers are using conversational AI and advanced machine learning algorithms to capture and incorporate real-time customer data into their marketing mix.
AI and cognitive computing are relatively new when compared to other technologies that have impacted retail processes. Today the advancements in AI and cognitive technologies are creating newer opportunities for retailers to create more personalized marketing messages that resonate well with the audience. Conversational AI-based interfaces have also empowered CIO’s to analyze customer preferences at a deeper level to serve them better by providing customized and contextual transactions for each interaction.
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Real-time Services and Customer Support
With dwindling customer preference, there is a growing need to offer expert advice and personalized customer support across channels. Conversational AI lets companies do just that by leveraging interactive, virtual sales and support channels to enhance customer support and offer services in real-time.
How Can Conversational AI Improve Customer Experience?
Though conversational AI plays a crucial role in improving customer experience, like other online platforms it is fraught with several challenges. These challenges are further compounded by the fact that devices today are getting smaller and portable leaving little or no room for navigation. At the same time, it’s quite evident that the growing complexities of business processes have also impacted user experience across touchpoints. In such a scenario, each hiccup in the customer’s experience of trying to find the right solutions for their needs, make a purchase, or solve a problem creates friction. As customers generally choose the path with no roadblocks, these areas of agitation negatively impact CX, potentially driving them away or prompting them to opt-out from purchasing your products and services.
Businesses can tackle this growing challenge using conversational AI, which helps solve such problems by empowering customers to use specific words and terminologies. Conversational AI also empowers businesses to expand their capabilities and offer additional support through personalized recommendations. As such, it enables businesses to carry out complex tasks without much effort, thereby improving customer experience and customer engagement.
It’s time to address your challenges before your competitors do. And who better than an analytics expert can help you do so. We’re passionate about helping you use cognitive technologies such as conversational AI and machine learning to increase sales. Request for more information to get started.