Artificial intelligence is the word that is widely echoed in almost every industry and every business is finding its own benefit in leveraging this unique technological advancement.
Besides, we all know that irrespective of which industry you work in, customers are your ultimate money generators. This is the reason one of the major goals of every business is to create exceptional customer service to provide the best customer experience to its customers.
As a matter of fact, statistics validate that if a company prioritizes the goal of providing the goal of best customer experience, it can encounter a growth in its revenue by 4 per cent to 8 per cent. One of the most significant pathways most business leaders are opting for to enhance the efficiency of customer service is by bringing AI into the picture.
In fact, as per the predictions by Servion Global Solutions, by 2025, 95 per cent of all customer interactions with businesses will be powered by artificial intelligence that will include all telephonic and online interactions.
These statistics are pretty evident that the future of customer service will majorly consist of artificial intelligence. Hence, the need of the day for the business owners like you is to effectively understand in what ways AI is completely changing the aspect of providing the best customer experience and assisting companies in their growth.
To assist you with the same, this blog will effectively highlight the five crucial methods by which AI is enhancing the customer experience. So, let’s dive right into the blog and unravel the mystery of the impact AI is bringing to the customer service industry.
1. Offers personalized recommendations
We all are aware of how buyers of the contemporary world are enjoying a monopoly in the business world. With so many options available in the market to purchase from, the consumers of the modern world are becoming finicky.
This is the reason customers are expecting businesses to jump on the latest trends and fulfil all their expectations. To validate, as per the survey of 6000 consumers, 66 per cent of the customers expect their favourite brands to understand their needs.
However, how exactly are businesses supposed to comprehend the consumer’s expectations and needs? AI can be your ultimate saviour in such situations.
AI along with its crucial branch, machine learning, has the ability to track consumer behaviour. They can effectively analyze consumer behaviour based on their previous interactions with websites, social media, or even in telephonic conversations.
Based on the collected data, brands can offer personalized recommendations to their customers. This consumer data is not only limited to offering personalized recommendations but it can also be used in sending personalized emails and offering personalized services to the customers when they come up with queries.
Offering a personalized experience to the consumers will ensure them that your business cares for its customers beyond profits. This will contribute to their happiness and satisfaction which will ultimately result in a positive customer experience for them.
If the consumers have a positive experience with the brand, they are likely to return for more such experiences. Besides, we all know that convincing the existing customer base is easier than acquiring new ones. This way, the company will be able to enhance the retention rate of consumers.
2. Provides Predictive analytics
The only thing that is constant in the business world is the changing trends. Hopping on the trend gives businesses a wide opportunity to meet their customers by reaching where they are.
Again, the combination of AI with machine learning has the capability to trace historical patterns based on synchronized data. Using these recorded pieces of information, AI can forecast the future trends of almost every industry.
When businesses will be aware of future trends, they will be proactive in making all the necessary changes required. This way, they will be prepared to fulfil the needs and demands of their customers as the trend changes. Otherwise, your business will experience a high churn rate, which is one of the crucial key performance indicators of the customer service industry.
Additionally, when business leaders will be able to analyze the future demands of their customers, they will be able to restock more efficiently. This way, companies will also be able to save stock from getting wasted as all the resources will be arranged as the requirements of tomorrow. This will assist businesses in saving the additional costs of resource wastage.
When your business will be able to successfully fulfil all the demands and needs of the future by being proactive using predictive analytics, this will contribute to creating a positive experience for them.
3. Provides 24*7 Assistance
One of the other crucial advantages of AI is that unlike humans it never gets tired. It will even be present when you will be absent. Moreover, we all know that with the people getting busier, they are also getting impatient as well. This is where AI can simply swoop in and take care of your customers even in your absence.
To elaborate, AI chatbots are one of the tremendous inventions of artificial intelligence. AI chatbots can effectively take care of all your queries and can automatically respond to them based on the stored data.
In that case, even if the customers and on your websites, social media or reach you through your customer service helplines, chatbots will automatically detect the issue the customer is facing and will automatically reply to it as per its intelligence.
Moreover, the combination of AI with its other essential branch, the Natural Learning Process has the ability to understand the human language. Other than that, it can replicate the human language to the extent that it can also respond to customers in the most humane way possible
This way, when you will successfully be able to respond to the queries of your customers instantly and with the utmost efficiency, it will assist in creating a positive customer experience. This way you will effectively be able to retain your customers.
As a matter of fact, almost 43 per cent of consumers claimed that they would have completely blacklisted a brand as a result of a bad experience. Additionally, 88 per cent of the consumers share their bad experiences with their friends, family, and colleagues.
Besides, being present for your customers all the time is one of the major factors that contribute to creating a positive customer experience.
Hence, if you fail to provide a positive customer experience your customers won’t hesitate in going to your customers for a better experience. On the other hand, if your customer has a positive experience with your brands, you will successfully be able to retain them which will contribute to enhancing the overall growth and successful accomplishment of the SMART goals of the company.
4. Enhances Overall efficiency
It is no hidden fact that the overall efficiency of the company defines the success of a company to a major extent. This is the major reason that every company is looking for various strategies and tactics that can assist in enhancing the overall efficiency and performance of customer service.
That being the case, AI can effectively assist in enhancing the overall productivity of your customer service team which will assist in making the business the most efficient version of itself. Let’s understand how.
If you are an employer, you might also agree with the fact that repetitive tasks that you have to do on a daily basis are boring. So, if it sounds boring to you, it would also be boring for your employers. Moreover, there are also super complex tasks that consume major of the time and energy of the employees which impacts their rest of the day’s productivity. In both cases, AI can be your one-stop solution.
In the case of repetitive tasks, AI-based tools and software have the ability to understand the patterns and complete the tasks on their own without the intervention of human intelligence.
Other than this, AI can also break down complex tasks into a simpler form which will save your employees from investing a lot of energy and time in completing tasks that can be easily automated by artificial intelligence.
This way, your employees will be happy as they will be free from repetitive and complex tasks. They can be more productive by using the saved time on other significant tasks. Moreover, if your employees will be happy, they will keep your customers happy as well. Because as Stephen R. Covey correctly quoted, “Always treat your employees exactly as you want them to treat your best customers.”
This will eventually lead to enhancing the overall efficiency of customer service. The mantra here simply implies that the better and more efficient your customer service, the happier and more satisfied your customers will be.
5. Maintains customer relationships
Last but not least, we all know that giving customers a positive experience one time is not enough to retain them. The need is to constantly work on maintaining a positive experience with your customers so that they feel that your business is worth remembering.
This is where AI can be your biggest helping hand. There are multiple AI-based CRM tools (customer relationship management) that can assist you in maintaining relationships with your target audience.
CRM tools can automatically send trigger-based emails to every customer that connects with you at any point in their purchase journey. For example, if your customer reaches you through your newsletter or just signed up for your newsletter, AI will automatically detect the needs of consumers and will take the next required efforts.
Moreover, if you implement AI-based CRM tools in your customer service, it will automatically take charge of sending follow-up emails, segregating your consumers’ lists, or automatically replying to their queries.
Moreover, automating some of the tasks that can be performed without human intelligence will give a break to your employees. Besides, if your employees will be happy they will treat your customers with positivity as well.
Moreover, this way, you won’t keep ghosting your customers or keep them waiting for a long time and this will add up their level of satisfaction in customer service. Moreover, as AI-based tools will be handling all the things, it won’t be any sort of additional burden on your shoulders.
How does AI improve customer experience?
Artificial intelligence can identify and segment your customers based on their behaviour and psychological profiles. Here is how artificial intelligence improves customer experience:
- Offers personalized recommendations
- Provides predictive analytics
- Provides 24*7 assistance
- Enhances overall efficiency
- Maintains customer relationships
To encapsulate, consumers have always been the kings of the business world and it will always remain the same. Hence, the need is to effectively understand the importance of giving customer experience and how artificial intelligence can boost the customer service industry by assisting businesses in earning more trust and revenue from their customers.
So, now what’s the reason for the delay? Bring AI into the picture and enjoy its exceptional benefits.
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