I went to a party last night where I met my friend, Alex. He’s a smart guy and was successfully running a software development company of his own. He used to be a happy, outspoken, chirpiest person in every party. But, he looked a little worried last night so I asked him to get to know, that his business was dropping not thriving, his profits were consistently declining, no consultation or marketing strategists were able to help and his conversion rate was declining each day. His services were unable to allure users and was failing to retain the existing ones. The customer base was shrinking resulting in low sales that ultimately led Alex to face huge losses in business.
Well, if you are one of those struggling with business challenges like these, then leveraging Artificial Intelligence to boost business profits is a good option.
An improved customer experience fosters a larger user engagement. More users getting hooked to your products/services brings in more sales. Improved sales is what makes your business to earn more profits. This is why rendering a better customer experience is a goal across many organizations.
“Among the many technology trends shaping 2019 and beyond, the adoption of Artificial Intelligence when it comes to Customer Experience is one of the most promising one,” says Jessica Ekholm, VP Analyst, Gartner.
Ensuring a better customer experience is the key to boost your business profits. Let’s see how can AI in business improve customer experience, and accelerate the overall growth of your business.
Staying connected with your customers is essential for any business to grow and prosper. The same goes for your business too! You must reach your target audience and connect with them as and when they need. Instant and quick assistance is the need of the hour! Your customers can be retained only if their queries get resolved within a wink of an eye.
With the advent of Chatbots and Virtual Assistants, Artificial Intelligence has revolutionized Customer Experience allowing your customers to get instant answers to queries without any need of human intervention. You no longer have to wait in the phone call queue to get an answer for any query because those can now be resolved by chatbots or virtual assistants. All thanks to Artificial Intelligence!
For example, MongoDB, which is a popular program for document based database, observed a huge increase in the sales revenue by using Chatbots. Artificial Intelligence helped MongoDB in increasing the new net leads by 70% and the total messaging response by 100%.
A case study published by Drift stated, earlier MongoDB was able to convert leads using live chat. But, it aimed to further increase the number of conversations without extending the team size. Things changed drastically when MongoDB adopted AI driven chatbots to increase the volume of conversations.
According to a survey conducted by Gartner,
“By 2020, 85% of our engagement with businesses will be done without interacting with another human. Instead, we’ll be using self-service options and chatbots.”
Takeaway Driving results means, connecting with the customers on more than just the surface level.
Improvised Personalization is another important way AI is transforming customer experience. In recent times, there has been a major shift in the way that businesses interact with customers. Apparently, one can see multiple technologies emerging in the ecosystem that allows you to know your customers well. As a result, the conventional approaches to marketing that existed a few years ago are considered to be ineffective today.
To stay ahead of the game and remain competitive in this disruptive market space, marketers are NOW adopting Artificial Intelligence to render personalized marketing. The impact of Artificial Intelligence on the business industry is huge and significant. Artificial Intelligence help companies to improve customer experience allowing them to analyze their behaviour and anticipating their needs.
AI helps you get better insights and an in-depth understanding of your customer needs. In simpler words, if you are able to connect with your users, you surely will be able to attract the targeted audiences and hit the bullseye. Mainly, this is targeted marketing, which aims to engage more users for increasing conversions.
Lately, Spotify, a popular on-demand music service application increased its user base by using Artificial Intelligence. Known to one and all, the app has personalised playlists, artist suggestions and weekly recommendations that gets updated regularly. You as a user, can rate the music tracks as per your choice. Harbouring AI has helped getting better data insights into the customer needs. Knowing more about the users strengthens the brand loyalty giving them a reason for staying hooked to your services.
A survey conducted by Infosys revealed that 31% of consumers say that they wish their shopping experience was far more personalised than it currently is.
Also, in a report by Salesforce stated that more marketers are using AI. 29% of them are NOW using AI to personalize customer engagement. Moreover, the data reveals that the marketers’ adoption of AI has grown by 44% since 2017.
TakeAway Analyzing customer needs is a must for your business to thrive and using AI in business allows you to understand these requirements.
Offering Automated Life Assistance
What a life it would have been if you could get all the work done just by giving voice commands? This would have been a dream for many of us before AI came into existence. But, this isn’t a dream anymore! The impact of Artificial Intelligence has completely transformed our lives at home and workplace. With the advent of AI driven devices, life has become much easier than ever before.
Now, you might use Amazon Alexa or Google Assistant-powered smart speaker to turn your home into a smart hub. Or, you may invest in Apple HomeKit accessories to get access and control of every aspect of your smart home easily.
You can view the best usage of AI in Customer Service by using these automated devices. Using these AI driven smart devices has surely rendered a greater customer satisfaction. Surely, with Customer Experience vamped-up, you can expect more users getting attracted to your business. And more users coming in is what you are looking for to boost your business profits. This is why companies leveraging AI in business are making huge profits.
This can best be seen in this report from Consumer Intelligence Research Partners, where Amazon sold over 100 million Alexa-powered gadgets allowing it to possess 70% control of the overall U.S. smart speaker market.
“The smart home has the potential to revolutionize the way we interact with technology,” says Paige Leuschner, senior research analyst with Navigant Research.
A report by Navigant Research suggested that the global annual revenue from smart home platforms is expected to grow from $3.2 billion in 2019 to $14.3 billion in 2028 at a compound annual growth rate (CAGR) of 18.1%.
Moreover, a report by Smart Home Device Database (from IHS) predicts the global smart home market to grow by nearly a factor of five to reach more than $192 billion in 2023, up from $41 billion in 2018.
TakeAway Increased demand of AI driven smart devices for home and workplace have added new dimensions to improve Customer Experience driving in more business profits.
So, listed above are some of the ways in which AI is transforming the customer experience. The crux of the matter is to let your users feel valued and give them a reason to stay forever. I am sure after discussing these scenarios, you have clearly got an idea why companies NOW use AI more than ever before!
There are many coders and programmers available in the market that can help you assess the usage of AI in business. So, in order to give an outstanding user experience for scaling the business growth, you can hire developers from the industry and get the required assistance.