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Conversational AI

Top 4 Global Companies Using Conversational AI to Deliver Compelling Customer Experience

The global market of Artificial Intelligence (AI) has provided around 341.8 billion USD revenue in 2021 and this growth is expected to reach over half a trillion USD by 2024. This growth is due to the fact that many companies around the world are adopting AI, especially conversational AI to improve their customer experience. Companies are using conversation AI as it can respond to instructions, have human-like conversations with customers, understand customers’ requirements by analyzing conversations and deliver the best possible solutions accordingly. Therefore a report says, by 2024, the number of AI-powered digital voice assistants is expected to reach 8.4 billion units.

This post will help you understand how companies are actually using AI and making the best out of it. But before diving into that discussion, let’s have a brief view of what conversational AI bots are.

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Business Hacks

Conversational AI to Boost Customer Engagement

No matter which business niche one is involved in, the major focus is always on customer engagement and customer retention strategies. All of the marketing campaigns, business strategies, and even customer relations are geared towards this goal. With the ever-changing marketplace and customer interests, it is essential that we stay on top of this and offer our clients exactly what they are looking for. This is where new forms of interactive and resourceful customer engagement technologies come in.

Especially in the current digital era and post-pandemic scenario, the need for more technologically reliant methods to approach the clients is the key.

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Business Hacks, Conversational AI

A Practical Guide On How Conversational AI Can Improve Customer Retention

Acquiring new customers is certainly alluring. However, to maximize revenue, you must make your existing customers keep coming back. Many businesses forget to focus on the fact that the real business value lies in customer retention, not just customer acquisition. In fact, nearly 44% of organizations give importance to customer acquisition, whereas only 18% of businesses focus on customer retention.

One of the biggest benefits of customer retention is earning customer loyalty. A loyal customer refers a brand to their friends and family, which in turn amplifies a brand’s marketing and reduces the business expenses on customer acquisition.

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Business Hacks, Conversational AI

Conversational AI In Insurance: The Future of Customer Service & Customer Journey

According to a Deloitte article, “conversational AIs currently represent the top use of AI in enterprises, and their adoption rates are expected to almost double over the next two to five years.”

This is because AI-powered virtual assistants can not only answer FAQ queries but also handle complex requests with a personal touch that mirrors that of a human agent.

Moreover, they can promptly perform tasks such as giving personalized recommendations, providing specific information, assisting in payment processing, and much more.

Let’s look at the advanced functions offered by conversational AI in insurance.

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Conversational AI

How To Effectively Engage With Customers Without Spending Tons Of Money

The modern consumer is highly empowered and expects businesses to provide a great customer experience. They are used to the instant gratification of the internet, with 52% of customers expecting personalized engagement. Considering all the digital channels available, a business has many ways to engage customers, and most brands are exploring omnichannel presence.

With the advent of AI, communication methods can go beyond traditional calls and emails. Conversational AI can provide more engagement without resource exhaustion as voice bots can be set to 24/7 availability. Estimates project that over 40% of interactions will be automated through AI and ML by 2023, and as technology evolves further, brands that are not early adopters may miss out.

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