Since the emergence of ChatGPT, AI has suddenly become the talk of the town, with tech companies racing to deliver the best artificially intelligent chatbot. So much so that, by 2024, AI investment is predicted to reach more than US$500 billion.
Businesses aiming to engage clients online through quick and simple conversations are taking note. Chatbots can help close deals and keep customers happy by giving them individualized responses based on their unique requirements.
A recent study predicted that the percentage of customer interactions handled by AI in call centers will rise from two per cent in 2022 to more than 15 per cent by 2026, then double to 30 per cent by 2031. It’s fair to say the increase could be much higher given the quick adoption of and rapid developments in AI over the past few years.
Excellent 24/7 customer service has been demonstrated by companies like AirBnB. They have an Urgent Support Line which gives hosts and guests a quick way to contact a group of highly skilled safety and crisis professionals in a matter of seconds when they are encountering specific time-sensitive circumstances. As a result, customers today naturally expect a flawless experience. A brand’s retention rates can be significantly impacted by poor service. Accordingly, Forbes estimates that poor customer service costs companies US$62 billion annually.
Reuters reported that ChatGPT is the fastest-growing consumer application of all time. Businesses are pondering how AI-powered tools can help ensure a seamless customer experience, such as by responding to customer questions in a personalized, conversational way. This will undoubtedly increase customers’ appetites for more.
Through the use of generative AI, businesses can contact customers with individualized product suggestions, allowing them to leverage a customer’s web browsing and shopping habits, as well as demographic data. These suggestions may be delivered to the user on a website, mobile app, email, or text message.
Combining ChatGPT’s eloquence and language ability with traditional chatbots is the newest key to success. Large language models (LLMs) like ChatGPT will change the perception of chatbots from being cumbersome, impersonal, and flawed to being built using algorithms that are so precise that the old, traditional methods are now entirely out of date.
We’ve all encountered clumsy chatbots with few options for dialogue that produce painfully robotic phrases. Low-functioning chatbots are already being phased out, but as a result of this experience, standards will now soar to new heights and the transition from overworked staff to AI will happen quickly.
Furthermore, marketing campaigns specifically tailored to each consumer may be made with the aid of generative AI, which can analyze customer data to find patterns and categories. When a potential customer feels like they are communicated to personally by a brand, they will likely see the ad as authentic rather than just another campaign to skip past. The likelihood of these ads being successful can be increased by targeting particular client groups according to their demographics, interests, or past purchases.
When a product is being developed, the decisions behind it may be informed by AI’s capacity to discover customer behaviours and trends more quickly than a human could. If that happens, a majority of businesses will likely use generative AI to develop customized campaigns that increase engagement and customer retention rates by utilizing this data to better understand the demands of their customers.
Using AI may improve customer service for organizations by improving customer awareness, enabling quicker responses to queries, and producing experiences that are customized to each customer’s requirements and expectations.
Businesses can also track how their whole customer experience strategy is working, leveraging AI to determine whether a consumer is happy with their product by using automated sentiment analysis operating natural language processing. As a result, they are able to enhance their customer relationship management tactics and give their client-facing workers more beneficial training and feedback.
In the race to stay competitive and best-in-class, leaders, teams, and consumers will all be impacted by the transformation of customer-facing business processes brought about by generative AI technologies. It’s all about ChatGPT right now, but this is just the start of what AI can do for businesses.
Jana Boone is Senior Vice President of Marketing at Bottle Rocket.