3 Key Benefits of AI-powered Chatbots to Optimize Your Customer Experience Strategy
AI-powered chatbots can play a significant role in the digital transformation of companies of all sizes. With economic activity bouncing back to pre-pandemic levels, this technology also helps businesses reduce operating costs and provides a competitive edge as they seek to scale.
Consumers are driving digital adoption, making it imperative for companies to evolve and act fast. As Covid-19 lockdowns became the new normal, consumers increasingly relied on virtual resources for everyday things. Expectations of services have changed as a result. Consumers today demand high-quality service and assistance 24/7 in various sectors, from finance and retail to healthcare. Get it right, and firms can profit hugely. By 2024, Insider Intelligence predicts that global consumer retail spending via chatbots will soar to $142 billion – up from just $2.8 billion in 2019.
This article highlights three key ways AI-powered chatbots can transform your customer experience.
1. Increases Brand Engagement Through Personalized Recommendations
Businesses are leveraging AI-powered chatbots to provide customers with more natural and tailored experiences. These chatbots can deliver highly accurate responses to consumer queries using natural language processing, even if those requests differ from those they were programmed to receive.
Laiye's Intelligent Automation solutions have helped Nike, the international sports apparel company, modernize its retail experiences by establishing an AI-powered chatbot that functions as a recommendation engine.
Customers who shop on Nike’s website can interact with the chatbot to identify what they need, and make a purchase through the chat window. They also receive personalized recommendations.
Laiye has transformed Nike customers’ shopping experiences while streamlining and enhancing productivity, resulting in a 50% productivity increase and 75% of inquiries resolved without manual intervention. 80% of the inquiries are now handled by chatbots, with the remaining 20% managed by customer care agents.
2. Enhance Efficiency and Shorten Response Time
Customer service experience is heavily influenced by responsiveness. A Zendesk study showed that 60% of companies surveyed claim to provide good customer service. In comparison, 54% of customers report that customer service feels like an afterthought for most businesses they buy from. In addition, 93% of the surveyed customers say that they are willing to spend more with companies that do not make them repeat themselves.
Chatbots have been used by 67% of online shoppers to date, and 1.4 billion customers are using them on a regular basis. They assist customers through the early stages of research, ensuring that customers complete their purchases. They can even send reminder messages thereby reducing cart abandonment.
Speed and convenience remain top priorities for customers as online shopping has become the norm post-pandemic, but this is no longer enough. Shoppers also expect empathetic agents, round-the-clock support, and personalized conversational experiences, whether speaking with a human or a chatbot.
As AI-powered chatbots can filter through mountains of data in seconds, they are significantly faster than humans at retrieving the most relevant information. Hence, with AI-powered chatbots, customers can get their queries and needs answered very quickly, thereby improving their shopping experiences.
3. Improved Quality of Service, Close-to-Human Customer Experience
As your company grows, your audience base is going to grow exponentially. This also implies that customers’ needs and demands will be more diverse, and you will have to attend to customer service inquiries round-the-clock.
Even if you have human support agents available for live chats and phone assistance, it is costly to have them working all hours of the day. Having an AI-powered chatbot cover for them during out-of-office hours is a feasible approach. You can leverage them to deliver customized, human-like experiences to customers when the agents are unavailable.
For instance, Taiping Life Insurance turned to Laiye's Intelligent Automation (IA) solutions to streamline its customer experiences.
Through Laiye’s Intelligent Dialogue Platform (Laiye Chatbot), the company built a “Smart Machine Secretary", which acts as an exclusive "personal assistant" for the insurance agents, assisting them in swiftly familiarizing themselves with the business and reducing work pressure.
Furthermore, the chatbot also offers semantic understanding with up to 95% accuracy, allowing agents to ask and get professional responses at any time and ensure they share the most comprehensive answers with their clients.
The chatbot has enhanced daily operations for more than 140,000 insurance agents since it was introduced to the company in 2019.
A Core Part of the Customer Experience Revolution
AI-powered chatbots are supporting fundamental behavioral change. With AI powering them, they are able to take on more complex tasks and alter processes to respond to behavioural changes, with almost instantaneous reponses.
Additionally, they can also intelligently scan documents, significantly improving the user experience for individuals asking for credit, loans, mortgages, or simply purchasing and inquiring online. All in all, AI-powered chatbots allow businesses to provide better customer service by being more efficient, organized, and responsive.
Laiye has just announced our acquisition of Mindsay, a leading European enterprise conversational AI platform. This acquisition gives our clients a powerful, low-code and no-code technology to automate customer service and back-office processes. Combine that with Laiye’s suite of end-to-end IA solutions, and customers have a cutting-edge platform to digitize and automate key parts of their businesses.
Are you considering the adoption of AI-powered chatbots to improve customer experience? You can find more information about Laiye’s Intelligent Automation solutions here.