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How Artificial Intelligence Will Reshape CX in 2020

How Artificial Intelligence Will Reshape CX in 2020

The customer experience (CX) is the key to gain excellent opportunities in the market. It has now become a significant driver of business growth. Forrester’s report found that superior CX drives superior revenue in industries. That is, the brands that do it best witnesses 5.7 times more revenue than competitors.

Businesses today are completely aware of the importance of great CX for their success. That’s the reason why companies are looking towards incorporating the latest technologies like AI to deliver a quick, convenient, and well-versed customer experience at any point along the sales pipeline.

However, for the successful integration of AI tools, you need to understand its role in customer space. That’s where this article comes in handy.

Here we have listed some benefits of Artificial Intelligence in Customer Experience:

1. Pre-emptive Action

Businesses can examine primary customer issues with AI embedded monitors. These systems offer real-time support to the clients to resolve the issues. By studying the vast clusters of web applications and resolving the problems even before their occurrence allows the organizations to diminish the customer abandonment rates and improve the level of engagement.

Besides, AI helps you predict customer needs and offer remarkable choices before the customers come to buy from you. It gives you insights into each potential customer and enables you to target them with the offer they would be interested in. This level of personalization enhances loyalty through relevant experiences and guarantees repeat business.

2. Cost-Saving

Using advanced customer services by artificial intelligence, such as automated applications, can lessen the business costs. That is, the cost of training and resources along with the infrastructure cost can be reduced with the incorporation of these tools.

If you did not know, 265 billion customer support requests are made every year, which costs a whopping $1.3 trillion to service them. AI solutions like chatbots and virtual assistants can help transform businesses across the world by saving up to 30%.

Freeing up agents to address complex inquiries allows representatives to utilize their time on providing better service. It also reduces the number of agents required by the organization as well as employee attrition due to the tedious nature of certain tasks. All of these lead to substantial cost savings.

3. Non-stop Services

The queries and issues reported by the users are automatically recorded by AI tools, and a suitable response is then provided by it with a precise match. As it’s hard for a customer service agent to be available for a non-stop period, the use of automated support and customer service tools help the organization in the time of their absence. These tools interact with the customers at any hour of the day.

Moreover, the kind of coverage AI gives to your business is enormous. It’s challenging for professionally managed enterprises to exist in a single geography. Companies have to spend a lot to establish localized customer support across several geographies and time zones. However, AI quickly builds up from the existing warehouses of information within the firm to wisely answer repetitive questions, no matter where you are located or planning to establish in the future.

4. Self-service Options

A recent study revealed that over 72% of customers do not prefer calling any service representatives for the resolution of their queries or problems. This is yet another crucial reason why investing in AI has become the need of the hour. Artificial Intelligence offers self-service options for customers in the form of chatbots and forums. With Natural Language Programming enabled chatbots used in lead generation, businesses can provide customers with human-level interactions without having to hire real humans.

If your organization is still not utilizing such platforms, we recommend you to incorporate it now for enhanced customer relationship management and service.

5. Reliability & Scalability

The organization with reliable and scalable customer service plays a significant role in customer engagement and relationship management. According to researchers, 40% of the customers purchased from a firm after receiving excellent customer service. Whereas 52% reduced their involvement with the company after a miserable experience. The right utilization of AI tools saves you from such worries.

Artificial Intelligence platforms help your business enhance the reliability of service with unbiased customer interaction and non-stop accessibility. These tools can simultaneously handle a large number of customers without impacting the speed or performance. Moreover, it can also be scaled up or down as per the current business requirements.

6. Visual, Text, and Voice Engagement

AI-powered platforms offer your business an opportunity to deliver optimal customer experience to the audience based upon their voice, text, or facial expressions. Such technologies make it easier to get an idea of the user’s emotions and sentiments at any given time and identify the right way to respond through offers, refunds, etc.

By adopting this intelligent technology, customers are not only more likely to buy from you, but they will enjoy engaging with your digital content and will be more likely to return. Moreover, they don’t care if your customer service system is automated as long as it serves their need without the hassle.

Final Thoughts on Artificial Intelligence and CX

Artificial Intelligence has grown exponentially in the past few years, and it is here to stay as its future possibilities are truly overwhelming. Over 1,500 companies, including Google, IBM, Microsoft, and Amazon, have realized its importance and invested their efforts in the next-gen apps for delivering higher customer experience. It is expected that many more firms will join this bandwagon soon. Will your business be included in it too? Tell us in the comment.

Emily Johnson
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