Conversational AI- The next leap towards effective communication and business accessibility.

Conversational AI

Businesses have taken various forms and figures for decades, centuries. The modes of communicating to your customers, letting them communicate with you, have evolved into a lot of innovative methods and stubborn processes over the years. Nevertheless, every organisation has tried to improve and differentiate via impactful communication and conversations, and has always relied on humans for its effectiveness and it’s results.

As technology improved and AI started crawling its way into business ecosystems, it has established itself into the business operation very effectively. One such brilliant implication of technology is the conversational AI, which assists organisations to be ever ready to communicate with their customers, employees and even stakeholders at any given point of time. This gave businesses a specific persona, where a human being has to no longer wait and learn multiple tools to extract information about their business processes, rather would just be required to talk to the business through AI and all the required information is
presented to them in mere seconds.

Now, is it really useful or is it just another fancy gimmick for companies to spend more money?

Interesting question, let us see what the data and statistics has to say about it.

About 40% of businesses use conversational AI in their ecosystem and the adaptation has increased by 75% in the past 3 years.

70% of the business owners believe that the future of customer acquisition and business adaptation is going to happen through AI. This is a 30% increase of business owners affiliating conversational AI in the past year.

55% of the customers confirm that the chances of them affiliating to a business or buying a product increases if the business is easily accessible and is ready to communicate with them when they want to.

85% of the MNCs in the US and Europe firmly believe that they have to have their own conversational AI to scale up their businesses and to have an ultimate edge over the competition in terms of their customer and employee communication.

And there is more, all facts and figures and upcoming studies all state that in the current digital market which covers the global arena, conversational AI is the new wave of business integrity and ease of communication. This also states that with a conversational AI in place, your chances of missing a prospect reduces by 30% and your conversion rate increases by 40% to 50%.

Now let us see some of the basic and immediate methods through which conversational AI can benefit your business.

1) Increased Productivity:
When your customer support is automated 24/7, every customer understands you are available every time. This also takes the weight of the shoulders of your resources, who can concentrate more on addressing the issues rather than retrieving it from the customer.

2) Interactive experience:
In today’s digital world, customers are exposed to a lot of activities and campaigns on the internet. So the chances of a customer buying anything from the business is not just going to come from a good website, but is also going to depend on how interactive you are, which can be obtained from the conversational AI.

3) Lower CAC ( Customer acquisition cost):
It is not brand new information that AI can handle multiple customers from multiple time zones at the same time, whereas a human being is limited to a certain number. When you are able to reach out and communicate to multiple customers at the same time, your conversion rate increases. As you are communicating to customers using a single AI platform, like Novacept, it will reduce the customer acquisition cost upfront thereby increasing your ROI tremendously.

4) Increased accessibility:
A common requirement amongst customers from all verticals is that they would like their vendor or agent to be easily accessible and be ready when the customers need you. This has been achieved using constant human interactions but this can be improved multifold with a conversational AI in place. This will improve the retention rate of your customers and you can serve them more and exceed their expectations.

Conversational AI, is a boon for small and medium businesses in today’s business arena, every business can make use of that. With technological advancements, AI has become very accessible and cost effective making it the best time to be adapted by organisations. Novacept is such a platform which enables effective communication via AI, check us out for a free demo.