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Artificial intelligence (AI) is one of the leading trends in technology, and it is increasingly becoming popular amongst marketers and sales professionals. It has become an essential tool for brands that aim to provide a hyper-personalized and exceptional customer experience in IJMB Runs

AI-powered customer relationship management (CRM) and customer data platform (CDP) have brought AI to the enterprise at lower costs which wasn’t the case previously.

Understanding Artificial Intelligence

AI is a computer science field focused on creating machines that seem like they have human intelligence. The word “artificial” is used to describe their intelligence because humans create it, and it does not exist naturally.

A well-known subset of AI is machine learning (ML). ML algorithms are a set of computer-implementable instructions. They take data as input, perform computations on that data to discover any patterns, and then either provide you with the insights or predict the future of best exam site

ML models improve their performance over time as they encounter more data. The mathematics of ML is complex. They learn through self-correction on making any mistake in understanding the data.

Why Does Customer Experience Matter?

Although focusing solely on customer experience may seem like extra effort, it is totally worth it. The value of concentrating on customer experiences is high.

According to a study by Harvard Business Review:

Customers who have a good experience are likely to spend more. Their study discovered that those customers who had the best past experiences spent 140% more than those who had the poorest experience.

Customers who have good experiences are more loyal. The study revealed that those customers of a subscription-based business who had a good experience were 74% likely to stay a member for a year and only 43% likely to stay a member if their experience was bad.

A customer who gets a negative perception of your business is likely to leave in a year, whereas a customer who has had a great experience is likely to stay for up to six years.

You can reduce costs by delivering great experiences. Although the additional upfront cost might be needed to enhance the customer experience, the extra investment is worth it.

Customer churn and management of customers' bad experiences are often more expensive than establishing a system for a good experience from the start. Sprint discovered that their customer service costs were reduced by as much as 33% when they shifted their focus to customer experience.

Customers expect good experiences, and research shows that providing them what they want pays off for businesses. To create positive and exceptional customer experiences, you need more resources and attention, but the return is worth it.

1. Use AI to Improve the Shopping Experience

Brands are shifting to AI to enhance the quality of their online shopping experience as online retail is becoming more and more competitive.

Amazon was the first company to use AI to provide tailored purchase recommendations with its “Customers Also Bought” section. It also employed AI for price adjustment so that it is always competitive.

Besides driving sales, personalized recommendations provide a more satisfactory shopping experience, and consistently low prices give a comfort layer. Customers know that they would always find something they want at a reasonable price.

However, consumers don’t judge online retailers just on the price and personalization; they also expect them to be responsive. Research reveals that consumers prefer interaction with a business in real-time while making a purchase, much like interacting with a sales associate in a brick-and-mortar store.

You can help your customers search for answers to their questions while placing an order by adding automated chat functionality to your store. It gives an impression that you are always there for your customers, even during a late-night shopping binge.

2. Help Customers Resolve Problems Faster

Besides instant gratification when making a purchase, customers also expect lightning-fast customer support. According to a recent survey, more than half of respondents stated slow response time or waiting on hold to be the most frustrating customer service aspect. Today, getting an instant response to a question is “important” or “very important” for 90% of the consumers.

Chatbots provide the advantage that they are available 24/7 to assist your customers. They can answer frequently asked questions, direct customers to helpful articles, or initiate a return. Not just it reduces labor costs, but it also helps your customers resolve issues faster.

Let’s take State Farm, for example. The company has always depended on an army of human agents but is currently using AI to aid policyholders in processing claims more quickly. In case a policyholder gets in a car accident on a holiday or weekend, they can employ the app to start the claims process. A chatbot collects all relevant information, and the customer can get their vehicle repaired soon.

3. Use AI as a Customer-Service Assistant

Although AI tools are great at answering straightforward customer questions and performing simple tasks, more complex problems are still best handled by humans. In such cases, AI can be used in assisting human agents.

AI tools can create support tickets and call summaries while the agent is on the call. When AI takes over these tasks, the agents can better focus on assisting the customer.

A chatbot can also serve as a customer concierge. Chatbots can perform simple actions like updating customer’s information, placing an order, or scheduling a service call, and they do it all without making the customer wait on hold.

The above cases exemplify the hybrid human-AI approach. As we see brands investing heavily in AI, it appears that it is here to stay. However, consumers would never tolerate a bad customer experience, whether it comes from a human or a bot.

Therefore, you can only afford to offload tasks to bots if it actually enhances your customer experience. Use it as your litmus test for implementation of any new piece of technology.

4. Use Sentiment Analysis to Analyze Customer Feedback

An agent may juggle hundreds of customer messages a day, and so it can be hard to know which ones to prioritize and escalate. However, sentiment analysis can assist agents in determining the urgency of a customer inquiry by tagging messages as “excited,” “angry,” or “frustrated.”

2/3 of companies say that sentiment analysis aids in reducing the cost of customer service, and 72% say it enhances customer experience. Clothing retailer — Urban Outfitters started running sentiment analysis on its customer experience data back in 2019 to close the customer feedback loop.

Sentiment analysis can be incorporated at any stage of the customer journey, and you can employ the obtained insights to enhance the customer experience.

Conclusion — Good CX Makes Your Company Better

Companies that create their strategies and initiatives around great customer experience do well and innovate constantly. Such companies are great incubators of marketing campaigns, ideas, and initiatives. Customer pain points are their focus, and to resolve them actively, they have the easiest and most effective solutions. The solutions do not always require large sums of money.

When customers’ satisfaction and CX become part of your culture, you begin to scale entirely new heights. You start innovating ideas and products to elevate your CX. You surpass your competitors and set new industry benchmarks.