Artificial intelligence (AI) is not only popular in headlines these days – there are also an increasing number of published research papers on subjects pertaining to AI, making it an all-round hot topic. Although there is a lot of hype and anticipation about forthcoming implications, there still aren't many everyday AI business solutions in use. What if changes were made now to apply the current technology in a smarter way? Natural language processing (NLP) is not a new topic; however, recent advancements in AI, applied to machine learning in NLP, have not only improved accuracy but also made NLP more cost-effective. In fact, nowadays, almost any company can start utilising text analysis to at least some extent.
There's no doubt that artificial intelligence is going to be more and more common in customer service and support interactions. Its versatility in expanding self-service options across channels, its ability to capture robust customer insights, and its efficiency in handling contacts make it a very attractive investment for contact center leaders. Customers realize this and are tolerant of the increased use of AI technologies, but they fear that organizations will abuse and misuse the automation. Research by PwC1 found that 78% of UK customers (and 75% across all other countries) "want to interact with a real person more as technology improves." Additionally, 59% of all consumers feel companies have lost touch with the human element of the customer experience.
How regularly do you have full conversations with chatbots? It might happen more than you think. These days, countless companies are employing chatbots for sales, customer support, and dozens of different functions, giving people the fluidity and directness of conversation without requiring an actual human representative to measure in. Some of the benefits of the move are evident; if a chatbot can automatically answer basic customer questions, you do not have to take on a man for the role. You could also see a quicker response time, higher consistency, and no frustration or fatigue.
OVER the last few years, retailers have been working hard to leverage AI in a way that maximizes customer loyalty and spends. According to one Juniper Research study, the retail industry is set to spend some US$7.3 billion on AI solutions in the next three years, as compared to US$2 billion last year. The study highlighted that more retailers are seeking to emulate Amazon.com's Smart shelves have the potential to boost the dwindling foot traffic to traditional brick and mortar outlet. These futuristic shelves, currently being piloted by Krogers features LED displays that will show targeted ads and promotions.
Chatbots have become a necessity for business strategies. Chatbots have influenced the industry of different sizes and business origins. In recent years businesses are eagerly looking for new ways of integrating this conversational solution: Chatbots. Utilizing chatbot helps in engaging the customer better and the process becomes more effective. According to a VentureBeat report, the global chatbot market is predicted to surpass $1.34 billion by 2024.