With the evolution of technology every day, the process of doing business is also changing. In recent times, many changes have taken place in e-commerce sales and customers' way of buying and selecting different products and services. From visiting a store by themselves, checking out item stock availability to purchasing unlimited products/services from online stores with a few clicks, and tracking the order status, everything has now become digital. According to the research of Statista, "the number of global digital customers will increase to 2.14 billion by the end of 2021. With these rapid changes, e-commerce industries also need to pace up with the customers' growing demand. The lack of proper customization and personalization with users reduces sales but also leads to the downfall of business' goodwill.
Conversational AI is a technology that acts as a bridge between customers and enterprises. By using enhanced technologies such as Natural Language Processing, Automatic Speech Recognition, and Machine Learning; it tries to solve the needs of both e-commerce sites and consumers. Many retail stores and e-commerce companies are shifting to various forms of conversational AI such as chatbots, messaging apps, voice assistants, visual search engines and many others to provide 24/7 support to consumers' requirements, offer additional services and leverage more sales. Conversational AI targets that chunk of consumers' experience that can be beneficial for extra lead to retail and e-commerce services.
Chatbots with Natural Language Processing (NLP) capabilities are excellent and versatile that engage with customers and provide instant answers to their queries. According to Hubspot, 47% of customers are open to make a purchase via chatbots. They can handle a large number of queries and are available 24/7 live for human interaction and user experience. It is not based on one-way communication, furthermore, it allows customers to engage in an organic way by resolving their issues by giving relevant responses.
The different messaging apps like WhatsApp, WeChat, Facebook Messenger, Slack and more help to make conversions with consumers easier without the need to navigate to other phone apps or sites. As per Juniper stats - over 70% of chatbots availability will be retail-based by 2023, and chatbot e-commerce transactions will stretch out to $112 billion annually.
Voice search option has gradually decreased the text-based search for online and e-commerce platforms, and thus, are also minimizing the consumers' efforts. The customers can use voice-based search assistants for their needs instead of keypad searches. The AI shopping bots will listen to the voice, and voice search mechanisms will provide the assistant for particular queries.
Now, the question arises of how industries can use and implement Conversational AI for better productivity and efficient interaction with customers.
NLP Built Bots
Bots built with Natural Language Processing understand the intent behind the customer queries and engage in more human-like conversation with users. NLP uses models that help bots to gather information to create more personalized messages for the customers. Thus, they can manage users to stay on one website for a longer duration. The use of chatbots as digital assistants on a website or any other social media platform is a prominent way of creating new buyers.
A Multi-lingual bot uses multiple languages to converse with customers. They understand the context behind languages and, therefore, can be a powerful asset for all e-commerce and retail businesses around the globe. The use of these bots by companies makes them accessible to a vast number of users not only for purchasing various products/services but to create brand awareness among customers. By engaging in a particular language with potential customers can broaden e-commerce sales and enable them to reach a wider audience for long-term relationships and growth.
It is a multi-channel approach to sales that provides and focuses on a smooth customer experience with integrated and seamless shopping. Nowadays, customers want to save time, personalized service, knowledge about online products before ordering, track record of item delivery, trust on social media and other platforms. All these needs can be catered through omnichannel conversation to lead generation for retailers and other companies.
Virtual Sales Agent
Virtual selling has become the need of an hour in this situation of the Covid-19 pandemic. A virtual sales agent is an employee who works remotely or independently to communicate with customers to provide rich and reliable services. Virtual selling enables e-commerce companies to expand their sales services, promotion and marketing. The buyers are often confused regarding product pricing or features. The reliable recommendations and individual services provide value to the buyers. This allows users to choose products according to their wish that results in loyal consumers and develop trust between retailers and customers.
Conversational AI application makes it easy to navigate different phone apps and websites for consumers to easily track and look out for what they require. It also allows convenience and deeper learning to the retail and e-commerce industry to reach their prospective customers and clients. It arranges the natural conversation to customers wherever they live across the globe over whichever platform or channel they choose. Some enterprises that use chatbots for delivering and personalized services to buyers include Sephora, Apple Watch, Domino's pizza and H&M. The main pros of using Conversational AI are:
Seamless payment method
Easy decision-making support
Fast and quick service
Real store shopping experience
Those are the gone days of using traditional methods to increase sales and profits for your business. Several studies have shown that messages through chatbots have 85% of average opening rates with a Click-through rate (CTR) of 40%. Now, with help of this cost-effective alternative and strategy, your business can change potential buyers to revisiting consumers and can also give a boost to sales. Conversational AI provides a unique experience to the customers and can enhance a spark of interest in online engagement and shopping.