The ongoing Covid-19 pandemic has brought to the fore the immense value of Artificial Intelligence. This transformation has drastically altered the way people use Artificial Intelligence in the past two years.
In 2021 the AI industry had reached $57 billion, and it is expected to hit $190 billion by 2025. This means that now we will be using AI to its maximum potential.
AI and its transformative prowess across industry verticals
Nowadays, the primary goal of business is not just limited to offering exceptional products and services but to creating enduring customer loyalty. A study found that around 86% of businesses also reported that AI is used as a mainstream technology in their company for good. This is the best example of how companies use AI to enhance customer experience.
Several companies consider AI and automation tools to be this century’s most significant game-changing tools. Businesses use these tools to gather data, learn more about their customer’s expectations, enhance relationships with customers and increase profits.
AI will play a key role in Improving customer experience in the future. The main tools used by businesses to enhance customer experience are chatbots, image recognition, recommendations and personalised communication. So today’s article will also revolve around the idea of how AI has helped customer experience?
Why do companies need to have excellent methods for enhancing the customer experience?
Due to the ongoing pandemic, people had a lot of time to review the business choices they made and double-check whether they are buying from the correct seller or not.
Since the number of people shopping online in 2020 increased by 27.6%, than in 2019, businesses started focusing on customer satisfaction along with product marketing and maintaining the quality of the product.
Businesses are aware that customers have a lot of options to choose from, and they need to enhance their customer satisfaction. Around 35% of businesses are using AI in some form or other, and this demand is the reason they need to improve their services.
How does AI in customer experience work?
Businesses are now heavily relying on AI to enhance their user experience. Some started implementing chatbots, whereas others started relying on AI websites to generate unique content.
Chatbots are a feature that most businesses use on their website for a better customer experience. The chatbots are programmed to answer some basic questions that customers ask.
Since chatbots are used, it saves the customer’s time, as they do not have to wait for the experts to revert to their mail. The demand for chatbots isn’t going to die anytime soon because the chatbot industry was worth $40.8 million in 2018, and by 2027 it is expected to grow up to $454.8 million.
This gives the human agents time to work on other complex issues that need their attention, and they do not waste time doing such mundane things. This creates long-term happy customers and also drastically reduces customer service costs.
How can AI improve customer experience?
AI can strengthen customer engagement, increase brand loyalty, and enhance retention. AI achieves this through the use of several machine learning algorithms and deep learning architectures that understands the language spoken but the customer.
Check out our list where we have explained how companies can use AI to improve their business, engage with more customers and increase their sales.
1- Provide 24/7 support across all platforms
With the use of AI, human agents need not stay awake during the night and revert the queries asked by customers. They can also provide excellent support across all platforms. This has also led to a rise in the number of companies investing in AI for better customer support.
Maintaining human agents can become expensive and managing many people on several platforms becomes a daunting task. A study by MIT found that companies with more than 100,000 employees already have more strategies to implement AI. This will give them a more competitive advantage.
2- AI will make the streamline the process of returning the items
Retail customer service is complex, and companies need to consider several factors before making a name for them. One of the major factors determining how well the company performs in the market is judging how well the company handles the return orders.
On average, 30% of products are returned by customers. Different websites have different processes of returning the items. This is why each company tries to make their return procedure as seamless as possible.
AI can predict whether the customer will return the product by looking at how they shop for products. If the customer spends time juggling between different sizes, then the chatbots can intervene and help the customer make an informed decision about the size. This will save customer’s precious time, and they will save by avoiding costly return services.
3- AI can also work for better-personalised search
AI can help people find better searches for the items they like. This will streamline the customer’s process of buying the products they need the most. The reason is around 80% of customers prefer buying from a brand that offers customised solutions to their customers.
The best example is the well-known streaming platform Netflix. As of February 2021, Netflix has over 15,00 titles on their platform. To help their customers view movies and TV shows they like, Netflix uses AI to segregate huge amounts of data and presents a different home screen for everyone. The home screen is decided based on the customer’s past viewing habits and choices.
4- AI helps in creating unique and attractive digital ads
Over the past two years, AI has reached new heights to help you create anything. Starting from fresh new images for your website unique content for your blogs, to digital ads for marketing.
Advertising is something that most people hate because it whips up the internal team as they have to think of something unique to promote their brand constantly. Ads are something that is used by most businesses to reach their target audience.
To help companies achieve their target, AI helps in creating attractive and high-quality relevant ads. This is achieved with assistance from Machine Learning because once a customer clicks on something they like, the underlying machine learning models will learn about it and show relevant ads.
For example, companies can learn more about the customer and their choices with predictive learning. That will allow them to recommend products based on their online presence and shop for products. These algorithms improve over time and show you the most relevant ads to help clients get more exposure to their company.
5- AI also helps prevent issues and keeps the customer updated about any changes
Companies are proactively using AI for better customer service. This allows them to foresee any trouble and find an appropriate solution. This is done even before the customers become aware that they will face any problem.
The best case is AI alerting a customer about delays that their parcel will arrive late because of weather conditions or other issues. This lets the customer know beforehand about any issues and prepare for unforeseen circumstances.
AI can also alert people about their flight arriving early or how they can educate themselves about the online pandemic.
6- They quickly answer any queries
A survey conducted on 5,000 consumers from six countries found that around 38% of customers prefer talking with chatbots. They prefer chatbots because bots give answers to their query quickly and without any delay.
For example, Netomi provides its customers with the best chatbot features. Their bots give instant replies to customers and offer solutions to everyday questions like booking a flight; it helps them know about their flight status, refund and return policies, FAQs, etc.
You can integrate platforms with AI back-end services if you need enhanced customer service. This way, both will work simultaneously, and your customer experience will be enhanced by tenfold. The most common websites that integrate both are CRM and ecommerce websites. They help in creating customised solutions for several customers in real-time.
By doing this, the company saves human agents’ time and resources. They can be put to better use, and the company will also enhance customer satisfaction (CSAT) across every platform.
Final words
If you have a startup or an existing business, you need assistance from AI to enhance your customer experience and improve your CSAT.
Remember that AI is not just used for customer satisfaction but also helps companies generate better revenue by understanding customer needs.
Since 71% of businesses think AI is the most crucial business advantage in the future, it only makes sense to invest in AI for a better tomorrow.
Contact the professionals from TEG Analytics to learn more about how to grow your business using data analytics, AI and modern technologies.
