On our exploration of each principle of The Convenience Revolution, today we’re looking at leveraging breakthroughs in technology.
Specifically, we’re honing in on artificial intelligence (AI), the technology that’s already changing our lives – even if we don’t always notice it.
Whether you’re searching Google, listening to Spotify or browsing Netflix, AI helps make your experience smooth and personalized.
Its imperceptible ability to make our lives more convenient makes AI one of transformational technologies of the digital age.
We recently explored how new habits bred by Covid-19 mean digital transformation is only accelerating. And, with intelligent systems set to drive 70% of customer interactions by 2022, AI will play a big part in the digital future.
But it’s also the here and now.
AI’s capabilities aren’t reserved for big tech – they’re already primed to elevate your enterprise. Right from optimizing your sales and user journeys to providing smart personalized cross-sells and up-sells.
By 2023, organizations using artificial intelligence for Digital Commerce will achieve at least a 25% improvement in customer satisfaction, revenue or cost reduction.
So, without further ado, let’s explore AI and how your business can use it to increase efficiency and improve your customer experience.
What is AI?
Let’s start with a quick summary.
AI is intelligence demonstrated by machines. It’s machine learning, deep learning, natural language processing and predictive analytics.
Artificial intelligence is becoming a staple for businesses to transform their customer experience as barriers to entry are lowered by the likes of Salesforce Einstein.
With big data analytics and predictive analysis, AI can forecast behavior based on algorithms to improve the customer experience, make strategic decisions and transform operations.
Artificial intelligence lets you make the most of your data
Today, your ability to meet customer expectations, whether it’s through tailored real-time interactions or 24/7 assistance, relies heavily on data.
And so does AI.
If your data is inaccessible or disorganized, you’ll never unlock the real power of artificial intelligence.
To reap the rewards of AI, your data (both customer and commercial) needs to be pooled on a fully integrated platform. That way, AI can access all your relevant, real-time data and empower your business to make smarter decisions.
AI unearths the right data to predict next best actions – be it sales, marketing or service interactions for each customer. It supports your people in taking the right actions, while also helping you automate everything from routine tasks to real-time customer engagement.
By analyzing your own sales data, you can also predict the needs of users and use it to optimize your product availability.
The results? 54% of executives say AI solutions have already increased productivity.
AI equips you to deliver highly personalized customer experiences
The moment you think you have customer behavior nailed down, it changes, making personalizing every customer’s experience an ongoing battle.
But, with 84% of customers saying being treated like an individual is key to winning their business, personalization has to be a priority.
Instead of relying on broad segmentation for basic personalization, AI helps you target customers at a more granular level.
As impersonal as it sounds, your customers are data points.
AI can take the huge and complex body of data we leave in our wake everyday and use it to personalize the customer journey.
The sheer volume of data points available today have become too overwhelming for humans to deal with in real-time. Unlike people, artificial intelligence thrives on the volume and complexity of data.
It has the bandwidth to analyze every data point to create a complete view of every customer – from click through rates to order history and purchasing behaviour. It can anticipate and evolve with your customers.
AI automatically finds key characteristics, patterns and relationships to build profiles on your customers so you can build your marketing strategy around your buyers.
With this information it targets individual customers with customized product recommendations – which can lead to a twofold increase in the rate of sales conversions.
34% of marketing leaders believe AI will lead to the biggest improvement in customer experience. We’d say that’s conservative.
AI could be the breakthrough in tech that changes your customer experience forever.
Enterprises have a head-start
As we mentioned in the introduction, artificial intelligence isn’t confined to the likes of Google, Apple and Amazon.
In fact, enterprise use of AI grew 270% over the past 4 years.
Businesses across industries are using AI to make customer experiences more convenient. From evaluating propensity to buy and pricing optimization, to chatbots and personalization.
And despite all the talk of nimble and disruptive start-ups, an abundance of data means enterprises actually have a head start on artificial intelligence.
Enterprises have the wealth of proprietary data to train and develop machine learning algorithms that most start-ups simply don’t have.
And, with 84% of businesses saying AI will enable them to obtain or sustain a competitive advantage, you don’t want to be left looking enviously at your competitors’ AI-powered experiences.
Use AI to meet today and tomorrow’s expectations
We’re only seeing the start of what artificial intelligence can do for your business.
72% of people in technology, media, and telecommunications expect AI to have a significant impact on product offerings in the next five years.
From sales and marketing to customer service and Digital Commerce – artificial intelligence could play a role in every part of your business.
Whether you want to use data more effectively in business decisions, or offer the low-click, personalized customer experiences that are fast becoming the norm, an AI-enabled platform should sit high on your priority list.
For more tips on what technology to prioritize in your systems, check out 5 capabilities to demand from your Digital Commerce platform