How AI and ML technology is improving the ways brands interact with customers in 2023?
Artificial Intelligence (AI) and Machine Learning (ML) have significantly influenced the ‘Digital Customer Experience’ and enabled the birth of new commercial ideas. Together, they open up more growth prospects for customer-focused companies looking to take advantage of digitization’s larger potential. A wider perspective on what customers need and anticipate is necessary to realise the full potential in today’s customer-powered marketplace. This will ensure that the strategy for managing consumer interaction and experience across all digital points may be unified with the use of technologies like artificial intelligence and machine learning, which have great value in this regard.
Karunya Sampath, Co-founder & CEO, Payoda Technologies spoke about the current trends, “Brands use AI and ML to analyze customer data and create personalized recommendations and offers. In e-commerce, sites use AI to analyze a customer’s past purchases and browsing history to recommend similar products they may be interested in. AI and ML automates certain tasks such as customer service inquiries and responses, freeing up time for human employees to focus on more complex tasks. For example, a retail brand may use a chatbot powered by AI to handle common customer inquiries, allowing human customer service representatives to focus on more complex issues. Likewise predictive analytics on the basis of customer behaviour and preferences, allows the brands to proactively address potential issues and provide better service. It has been seen that travel companies use predictive analytics to identify customers who may be at risk of cancelling their trip and proactively offer them incentives to keep their booking.”
This brings us to the conclusion that Brand Innovation is the key to acquiring new customers and building a larger pool of mindshare in the minds of prospects. In this age of new technologies, brands are looking to Artificial Intelligence and Machine Learning to work on real-time data, personalize experiences and increase customer satisfaction.
“Chatbots powered by AI and ML are also being extensively used to interact with customers in real time, providing quick and accurate responses to inquiries and improving the overall real-time experience. Fast food chains use it often to handle customer orders and inquiries through its mobile app. It is no wonder that AI and ML-powered personal assistants help customers find products, place orders, and answer questions, further improving the customer experience. Today, beauty brands use these digital personal assistants to help customers find the right products for their skin type and recommend personalized beauty routines,” adds Karunya Sampath.
Amit Kumar Gandhi, CEO and founder of NovelVox, a company that provides innovative solutions to the CX industry shared his views on the current trends, “As global uncertainty looms large in the face of elevated inflation and unprecedented employee layoffs, Automation technologies have come to assume a greater significance. AI and ML are leading the transformation upfront by enhancing CX through a deeper understanding of customer needs, thanks to the emotional and semantic analytics features. An in-depth analysis of what the customer wants, allows the calls to be cut shorter, thus ensuring huge cost savings for contact centers.”
NovelVox founder elaborated, “Further, automation can help refine human agents’ potential by reducing manual obligations and rendering them scope to reinvent complex processes. Overcoming the drawbacks of limited agent availability, AI and ML-driven technologies take workforce optimization to the next level. Advanced automated processes can additionally pave the way for intelligent routing and virtual queuing, thus breaking down organizational silos and ensuring a smooth customer journey. Integrating cutting-edge, intuitive automation technologies into the existing contact center processes can elevate customer experiences and help deliver intelligent, immersive, and personalized experiences for sustained brand loyalty.”
AI and ML technology will enable brands in the coming years to better understand and anticipate the needs and preferences of their customers, leading to more personalized and efficient interactions.
