Enabling the Next Level of Personalisation
Numerous studies prove that customers increasingly prefer a shopping experience that’s easy and fast and that helps them make purchase decisions. Best-in-class retailers are using personalisation to make the shopping experience as easy, fast, intuitive, and seamless as possible across touch points. In most cases, success requires building personalisation capabilities, which is critical for maximizing the value of the vast amount of data that is available on individual customers’ preferences. But success doesn’t necessarily mean developing a unique experience for every customer at every step of the way—an undertaking that can be very costly. Rather, the goal for leaders is to use technology to personalize critical touch points in a way that best drives value for the customer and retailer. The size of the personalisation opportunity varies depending on a retailer’s current personalisation capabilities. Even if a retailer has significant capabilities, however, its growth potential can still be substantial. All retailers—even leaders—should make advancing to the next personalisation maturity level a strategic priority.
When the shopping experience was highly personalized, customers indicated that they were 110% more likely to add additional items to their baskets and 40% more likely to spend more than they had planned.
Although customers are not inclined to consider personalisation as an end in itself, customer surveys suggests that personalisation done well can result in significant benefits to the retailer. For example, when the shopping experience was highly personalized, customers indicated that they were 110% more likely to add additional items to their baskets and 40% more likely to spend more than they had planned. Moreover, when asked to rate a particular retailer, customers who experienced a high level of personalisation provided net promoter scores that were 20% higher than those of customers who experienced a low level of personalisation. In short, personalisation is key to achieving what surveyed retailers said were their top business objectives: raising the rate at which they convert shoppers into customers and increasing the lifetime value of customers.
Conversational Ai is Revolutionizing the Face of Customer Service and Relationship Management
Automation of work in contact centers is not a new topic. IVRs have supported and simplified the work of telephone agents during the last decade, but are too “robotic” and rigid for most users. But a new range of chatbot and virtual assistant solutions based on Conversational Ai platforms provide the sophistication and flexibility necessary to deploy highly scalable support systems that offer natural written and/or verbal interaction with support systems.
Based on natural language processing (NLP) technology, these systems can range from simple canned responses to cutting-edge artificial intelligence (Ai) powering multilingual interactions. And seamless “human in the loop” technology allows the system to leverage human expertise when confronted with unusually challenging issues. Typical results are a 30% drop in support costs while increasing customer satisfaction by 40%.