Category: INSIGHT

This post category gives insights into conversational AI

The Power of Conversation in Commerce

Conversations have been central to the development of our civilizations and could possibly be mentioned. The origins of trade are rooted in conversations. An early form of trade, barter, saw the direct exchange of goods and services for other goods and services which was achieved through conversation. Conversation between trading partners ensures a certain level of trust and for that matter makes it be at the heart of building strong customer relationships. Conversation is an immensely powerful and adaptable technology. It can be used purposefully to many different ends such as to: 

  • Improve understanding & sensemaking 
  • Build relationships 
  • Improve engagement 
  • Explore possibilities 

 According to Margaret Wheatley “Conversation is the way that humans have always thought together. In conversation we discover shared meaning. It is the primal human organizing tool.  Even in the corridors of power, very little real action happens in debate, but rather in the side rooms, the hallways, the lunches, the times away from the ritual spaces of authority and in the relaxed spaces of being human.  In all of our design of meetings, engagement, planning or whatever, if you aren’t building conversation into the process, you will not benefit from the collective power and wisdom of humans thinking together. These are not soft processes. This is how wars get started and how wars end.  It’s how money is made, lives started, freedom realized. It is the core human organizing competency.”  

Customer relationship is key for any business. Businesses have to find creative ways to build customer relationships and conversations can’t be overlooked. In fact, how to interact with customers should be a consistent focal point for any business. Research from Forrester found customers who chat with a brand convert three times more often and have a 10-15% higher average cart value. The reason live chat is so effective at closing sales is that real-time conversations with a business help customers make more informed purchases with confidence. For brands who can do it well, conversational commerce is becoming an integral and powerful part of the customer journey. 

Customer relationship is key for any business. Businesses have to find creative ways to build customer relationships and conversations can’t be overlooked. Infact, how to interact with customers should be a consistent focal point for any business. Research from Forrester found customers who chat with a brand convert three times more often and have a 10-15% higher average cart value. The reason live chat is so effective at closing sales is because real-time conversations with a business help customer make more informed purchases with confidence. For brands who can do it well, conversational commerce is becoming an integral and powerful part of the customer journey. Conversational experiences can add value to every part of the customer journey, ranging from when a customer makes their first order to answering a product-related question instantly. 

Using conversational commerce is moving a step further beyond that of speaking directly with the consumer regarding their needs or solving a problem. It’s engaging consumers through the use of highly viable e-commerce channels which will ultimately sell your products. Conversational Commerce allows companies to offer their customers buying and shopping experiences utilizing personalized chat-like technologies that primarily use advanced technologies including messaging apps. 

What this means is you’re utilizing chatbots to have a real-time conversation with a lead or customer. In doing so, it’s possible to take a personalized approach toward collecting data and increasing sales while simultaneously nurturing long-term relationships using dialog. Using this kind of marketing entices users to interact, instead of pushes or make them feel forced to engage in using the content. 

These technologies are chatbots that are AI-enabled which process messages from the consumer and provide responses that are relevant in return. So, in other words, when companies utilize conversational commerce, they’re helping consumers engage by using an automated customer sales platform. These interactions don’t need employees on the other end to help with responding. 

Why is this beneficial? The main reason is that, in addition to saving the company money and time training employees, customers are receiving “real-time” chat experiences. As soon as they arrive on a website, the bot appears and alerts them about an available message. Consumers have the option of clicking it for a question and answer discussion, or they can opt to shop without assistance. 

Even though there are many options available through AI chatbot platforms, consumers also have the option of interacting using messaging platforms including Facebook Messenger, Skype, WhatsApp, WeChat, Viber, and many others. Through the use of these messaging apps, it’s possible for consumers to ping their favorite retailer or company’s handles regarding their favorite brands and begin real-time conversations. 

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Wisdom November 20, 2019 0 Comments