I cannot wait to get myself a car that drives me around without a care for Bangalore traffic jams. If you’ve ever driven in this city, you will feel for me. How cool it would be to read a book, finish email responses, catch up with family, or even nap, while my futuristic smart car deals with narrow lanes, ill-mannered drivers, jay-walkers, and other such daily annoyances.
A decade or two back, this was the stuff of sci-fi movies. Truly, even self-parking and cruise control were considered revolutionary! Look where AI has brought us!
AI based technologies have touched all industries and provided us with the ammunition to disrupt the way customers interact with products at every stage of the product life cycle. We will soon see a generation that has only seen monthly groceries being ordered by their living-room concierge- Alexa. Whatever happened to the friendly neighbourhood grocery store? Alexa interprets more than 15,000 commands swiftly and is only getting better by the day.
According to a leading industry report, 62% organizations will employ AI in their daily operations in some form or the other by the end of 2018, and AI will be a market worth $47 billion by 2020. The most common form of AI is chatbots. We have all interacted with chatbots while trying to complain about some product or the other. Believe it or not, in a recent survey, 27% consumers said they weren’t sure if their last conversation with a “customer service representative” was with a human or a bot.
From a customer-service perspective, there are three things bots can do right now-
- Manage all the simpler queries that come into the system by way of automated responses
- Prepare agents better for what is to come- by understanding customer purchase history, their grievances, their mood and tone etc.
- Routing queries to the right customer service teams, minimizing wait time and frustration a customer typically faces
However, the role of AI doesn’t stop at customer service. By using AI along with behavioral analytics, organizations can truly extract the best from AI powered CRM tools. Behavioral analytics help you understand the drivers of customer choice, i.e. what is important to customers and by how much. Thus, if AI is employed the right way – in combination with behavioral analytics – it can assist organizations in creating smart, easy to use, informed customer experiences at every step along the customer journey. Right from identifying the right marketing channels and personalized messaging to creating awareness among customers, designing nudges that move them from consideration to purchase, pursuing cross-sell and up-sell strategies that increase the share of wallet and repeat purchases, to identifying customer behaviors that indicate possibility of churn, and finding ways to prevent that, AI can generate high-impact personalized customer insights that change the game for organizations. The result is comprehensive, innovative and personalized customer journeys across channels, that automatically lead to higher engagement and sales.
A simple example is the shopping experience offered by Black Diamond, a ski-equipment retailer. Black Diamond does not depend on visitors browsing on tonnes of products displayed on their website. Instead, by understanding a customer’s past purchase history, ski-locations, weather conditions and other such important customer choice data, they suggest the right products for their visitors, quickly converting abandoned carts to orders.
In a nutshell, AI combined with behavioral analytics will:
- Take over mechanical customer queries, allowing employees to focus on more complicated and strategic interventions and solve for customer concerns quickly
- Provide more personalized experiences to customers, leaving them with positive experiences
- Store vast amounts of data and make sure organizations are learning from it
- Create fulfilling and long-term customer relationships
Therefore, a state of the art customer journey analytics platform powered by AI and ML that goes deep into understanding what matters to your customers is the key to using AI to its full potential. OSG’s products powered by our AI based big data analytics platform, OSG Dynamo™ uses AI and Machine Learning to get to the root of understanding what personalized behavioral triggers can help customers stay motivated and engaged with your products and services throughout the customer life cycle.
A global e-commerce company has seen 30% improvement in retention with OSG’s AI-based products.
We hope this information has been interesting and valuable to you. Please, feel free to share it with colleagues and other people in your network. We welcome discussing this topic further with you and understanding your specific challenges.
OSG is a “catalyst” that helps our clients be the best at decoding their customers’ decisions. Our clients have seen a minimum 20% improvement in customer engagement by implementing smart insights delivered using our behavioral analytics products.