Customer experience has become a very crucial and significant part of any marketing effort today. So, companies are trying various methods to give their best shot each time possible with the help of new technologies. Moreover, the rapid digital transformation and sudden remote working models have opened doors for the adaptation of conversational AI across business environments.
Brands that are looking forward to upgrading their customer acquisition process and enhancing their customer experience are turning towards Conversational AI,
the next step in chatbot development. The Conversational AI industry globally is expected to grow from $4.8 billion in 2020 to $13.9 billion by 2025. This growth prediction is encouraged by the technological advantages the tech has over traditional chatbots.
For the past couple of years, many businesses have been investing in the development of chatbots, and these developments are partially driven by the power of millennial and Gen Z customers. The rapid digitalization in many sectors from health care to banking and finance has led to the rise in customer expectations. Today, maintaining a 24-hour response has become a need for brands and this has carved out a perfect niche for chatbots. Also, tech giants like WhatsApp, Facebook Messenger, and Slack have been trying hard to amplify their customer operations with support from conversational AI technologies. This isn’t only for customer-facing areas of business that gain benefits.
A survey conducted by Gartner in 2019 predicted that by 2022 around 70% of white-collar workers will be interacting with conversational platforms on a daily basis. The same survey also portrayed the prominence of chatbots among the AI-based applications used in the business environment, suggesting that conversational AI can offer a helping hand to businesses looking to enhance the communication between customers, employees, and stakeholders.
Role of Data in CX Transformation
Today’s business world deals with huge amounts of customer data and high levels of collaboration are needed to keep this data relevant and reliable. The exchange of data with customers through chatbots can be awkward but conversational AI helps in simplifying the process. The audience gets personalized responses to their queries and the automated and productive reports that are generated from the conversations.
Conversational AI also delivers benefits to various sectors like marketing, logistics, etc. with its sound data The increased visibility that real-time product updates offer utilizes direct communication with chatbots and helps in decreasing the incidence of incorrect data entry. By deducting errors in delivery, brands satisfy their customers and help them in reducing unnecessary additional costs.
Future of Customer Experience
According to all the predictions, even we hope that conversational AI will continue to evolve till the human touch is added in such a way that the customers feel as if they are communicating directly with a human, and enjoying all the abilities the technology provides.
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ABOUT THE AUTHOR
Aashish Yadav
Content Writer, Martech Cube
Aashish is currently a Content writer at Martech Cube. He is an enthusiastic and avid writer. His key region of interests include covering different aspects of technology and mixing them up with layman ideologies to pan out an interesting take. His main area of interests range from medical journals to marketing arena.