Powered by natural language processing (NLP), conversational AI is an advanced technology capable of simulating human speech and interactions. Although this technology is relatively recent, it has developed so quickly that the conversational AI market is estimated to reach a whopping value of nearly $30 billion by 2028. Moreover, it is experiencing remarkable compound annual growth rate (CAGR) of approximately 23%!
So, why should you consider investing in this technology? Firstly, given that the use of conversational AI is spreading at a rapid rate, you’ll likely need this tool to remain competitive in today’s dynamic market. But the benefits of this technology don’t end here.
In this guide by Futr AI, you’ll discover how a conversational AI chatbot can truly make a difference for your business.
Enhancing The Customer Experience
One of the greatest advantages of conversational AI is that it can truly enhance the customer experience your business is offering. Firstly, through automation, an AI chat for retail can reduce the Average Handle Time, a KPI that determines the efficacy of your customer service strategy.
What’s more, the answers and troubleshooting services provided by a chatbot that integrated conversational AI simulate the ones offered by human agents, which can increase consistency and improve the overall customer experience.
Increasing Customer Engagement
Using artificial intelligence as part of your customer service strategy is a great way to improve customer service efficiency and increase customer engagement. These state-of-the-art bots will be able to personalise responses and keep your customers engaged through each interaction. They can also provide added details to the conversation such as media (i.e.: images and GIFs).
Streamlining Customer Service Operations
One of the greatest benefits of AI chatbots is the high levels of efficient automation they provide. Once integrated in your website or social media platforms, conversational AI can take care of all of those time-consuming tasks that may be using up the additional resources of your customer service team.
Not only does this allow your customers to get answers in no time, it also frees up precious energy that your customer support team can now dedicate to the long-term growth strategy of your business.
Enabling 24/7 Support Availability
Building a customer service team that is available around the clock is often out of reach or budget for many companies, especially small-to-medium businesses. Thanks to conversational chatbots, you won’t have to worry about hiring more full-time employees. Instead, thanks to self-service features, AI chatbots can help troubleshoot most issues even after office hours.
Assisting Customers From Around the World
As your customer base continues to grow, you’ll need to ensure that your business and customer service remain accessible to any of your customers. To do so, it is critical to overcome language barriers – and conversational AI is the answer.
With cutting-edge bots and live-chat services able to handle customer inquiries in more than 120 languages, you don’t have to worry about interacting with potential and existing customers from around the globe.
Capturing and Analysing Consumer Data
Customer data, feedback, and insights are essential for any business’s success. Thanks to accurate and high-quality information, you can build a better customer experience, improve your products or services, and meet unstated needs from your target audience.
To do so, the conversational forms provided by AI-powered chat services can help. These forms are a great way to gather information and feedback, and put them into easy-to-interpret reports. So, you can have all the information you need to make better business decisions at your fingertips.
Reducing Operational Costs
Sticking to a budget is one of the most important and more challenging aspects of running a business. But how can you do so while also maintaining stellar standards of customer service. It may seem impossible but, thanks to the eCommerce chatbots, it isn’t.
These AI-powered solutions are able to offer instant responses and handle FAQs or standard inquiries. All customers can access immediate customer support, regardless of the volume of inquiries you are receiving at any given time. This can help you reduce the costs involved with maintaining a full team of customer service representatives while also offering your customers a better service.
Fostering Omnichannel Customer Support
AI chat services offer a wide range of integrations. Options such as the Futr AI solutions can be implemented in any of your channels, be it Facebook, WhatsApp, Instagram, or your eCommerce website. This allows you to interact with your audience across several platforms.
If you are overlooking this aspect, don’t forget that the number of people using social media messaging for customer service reasons increased by 110% between 2020 and 2021 – and it continues to grow!
Offering Personalised Recommendations
If you have heard that the key to successful customer service is personalisation, you are certainly not alone. As the global market audience develops and grows, personalisation remains the one factor able to connect you at a deeper level with your audience and win over the loyalty of new and returning customers.
Conversational AI can help you with this. Chatbots can pull information from several sources and provide each of your users with ad hoc recommendations for products, services, and courses of action.
Boosting E-commerce Sales and Conversion Rates
The goal of any business? Increasing sales and conversion rates. However, as the competition increases worldwide, it can be hard to close a sale and reduce cart abandonment rates.
To do so, you may consider leveraging the power of conversational AI. Thanks to multi-channel live chat features, AI-powered chatbots are able to handle routine enquiries and offer personalised responses.
However, if something requires the expertise of a specialised customer service representative, your chatbot can escalate the issue and ensure that each of your customers are able to access the standards of customer service they expect from your company.
Encouraging Proactive Customer Interactions
Last but not least, your AI-powered conversational bots are able to go far beyond basic interactions. They can establish human-like conversations that will be able to keep your customers engaged – and, yes, even entertained!
Whether you are looking to boost your engagement rates, aiming to collect better customer data, or you wish to reduce your operational costs, conversational AI is a tool that you can’t do without. Learn more about this technology at Futr AI or book your demo today to get started.
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