Business Analysis/Digital Strategy

Chatbots in eCommerce- The face of tomorrow

When was the last time, you had a chat with the Customer Representative Bot on any website? Probably, not less than a month or maybe a couple of months back. Right. And what can we infer from this?

Much likely the ‘JARVIS’ (a Fictional AI in Marvel Comics), the idea here is to realize the fact that in the past couple of years, Chatbots have become an integral part of the eCommerce and other industries to such an extent that customers can hardly tell the difference whether they are interacting with a chatbot or a real-life soul. The credit, of course, goes to the fast pace evolution of the duo #AI Artificial Intelligence and #ML Machine Learning that now represents as the forerunner in interactive technologies trends that increase the competitiveness of an e-commerce entity.

To reinforce the above, a closer look into the reports from a Multinational company’s survey in 2018 suggested that ‘Users who have used voice assistants regularly or at least a few times are: Very satisfied with it:

  • Satisfaction with money transactions (87%),
  • With food orders (87%),
  • Product purchases (86%),
  • Taxi orders (83%).

The fact above can also be used further to venture into the next question of Why has Chatbots become such a necessity in eCommerce going ahead. If we turn to the prediction by the market pundits they have predicted that by 2022, approx. $8 billion in cost savings is expected in terms of average time saving per chatbot inquiry when compared with traditional call centers in the banking and healthcare sectors. This then directly points out that eCommerce leaders and conglomerates in the future would look nowhere but to Chatbots. These embryonic technologies also establish the evolving relationship that a consumer will have with the company. It would not be wrong if this one-one relationship can logically be termed as Personalized that paves the path to #Personalization in the User Experience #UX that takes care of the consumer’s buying behavior and effectively creates a higher conversion ratio for the company as well as higher satisfaction cum loyalty behavior of the consumer, something that every corporate strives for.


 

Chatbots in the Spotlight:

Now that we’ve learned about the prospects of Chatbots, it’s high time we enlist them:

  • Augment the User experience: Virtual assistants aka Chatbots are steadfast to improving the user experience on mobile devices by enriching the consumer with applied data. Not to forget the opportunity of offering them the likelihood to intermingle with their respective apps.
  • Sell directly: Chatbots are now able to hunt, strategize, stand-in and place orders from a single discussion or as they say ‘Conversation’.
  • Apprise and enable access to data/information: Dubbed as ‘The most innate feature’ is to use Chatbots as a heightened search engine by rationing the consumer to search and entrée the right information.
  • Assisting and retentive Chatbots by using messaging platforms as a supplementary channel for customer kindreds, is an operative tool for keeping customers loyal to their orders.
  • Envisioning newer Chat Stations vis, a vis Channels: Chatbots aka bots, mostly on social messaging podiums, consents customers to create, manage orders and trail them via a conversational interface that most of us have been exposed at some point or the other.
  • Chaperon: Chatbots convoys customers in their product adoptions by giving them personalized intelligence and retorting to their queries.
  • Analytics Treasure bode: With integrations into Social media, Chatbots are now exposed to the multidimensional data availability vide direct interaction with customers and their inputs, gestures, vocal emphasis, nature along with complex algorithms boosting the cognitive power; Chatbots supply the immensely treasured customer experience and behavioral patterns to the Business. Such patterns thrive as a boon to business as they now know where and how the consumer can make the purchase.

 

 

Has the Chatbot Age begun?

Absolutely. According to CEO of a business-to-business (B2B) customer support software company, chatbots are one layer in the push toward integrated omnichannel customer support. Having said that, he also emphasized that a couple of years ago the only way to reach to support was via email or ticket system, FAQs, and a phone system. To worsen it all they didn’t interact with each other! With the advent of Chatbots, the likes of IBM’s own Watson- the future is a platform leveraging the AI’s Natural language processing (#NLP) and cognitive computing to build adapted business chatbots for customer communications.

Virtual Agent gives businesses not only a customizable chatbots builder for customer-facing experiences, but deep analytics and an engagement metrics dashboard to measure the chatbot’s effectiveness. The Gurus even predicted that the target is on enabling other folks to create conversations aka dialogues in the context of these catboats and develop the interface that channelizes multi-faceted interactions such as voice, gesture etc. To sum is the #FutureIsChatbots

 

The Road Ahead 

Given the road to the empowerment of Chatbots in eCommerce domain, a typical Business Analyst should understand the various KPIs around the Chatbot and the derivatives a typical AI solution can bring to the table. A Business Analyst should understand the various use cases and magnanimous size of the data analytics that Chatbot can harness, thereby channelizing the solution in a strategic format and lay down a Digitally transformed ecosystem which would then be leveraged by the business to bring a robust and technically advanced system. This would not only ensure better ROI but also build the much-treasured customer loyalty we spoke before.

 

The Ground Report

At TA Digital, our team of highly skilled Business Analysts is constantly understanding and maturing to the ever-evolving nature of Machine Learning and Artificial Intelligence capabilities to design, value add and understand the solutions, requirement, and the underlying ecosystem of the eCommerce world. The Digital Strategy wing in conjunction with highly experienced UX functional knowledge not only paves the path for a Digital Transformation but also paves newer channels for chatbot integration to the existing landscape thereby making Customer Success and creating Better Worlds.

– Bismaya Kumar Purohit

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