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By Gary Drenik

It’s no secret that artificial intelligence (AI) has been leading the charge on the evolution of technology across the customer service space.

But as we continue to explore how AI can enhance customer experience (CX), it’s essential to examine how different generations, particularly Gen-Z, view these changes. The digital natives, who have grown up in an interconnected world, are not only comfortable with technology but they expect it to be an integral part of their daily lives – and especially in their customer service interactions.

In today’s digital landscape, brands must strike the right balance between automation and the human touch, understand Gen-Z’s expectations around AI-driven CX adopt strategies that allow them to keep pace with the rising consumer demand in an age of digital interaction.

Consumer Sentiment Towards AI-Driven CX

The sentiment toward AI in customer service is divided, and there’s a generational divide emerging as a key factor. A recent Prosper Insights & Analytics survey revealed that Gen-Z expresses mixed feelings about AI, particularly in customer-facing applications.

While younger generations are generally open to AI, they still have concerns – and one significant issue is trust. According to the Prosper Insights & Analytics data, 21.2% of Gen-Z respondents said they didn’t trust AI to have their best interests in mind. Additionally, 32.1% were worried that AI might provide incorrect information, proving a need for transparency and reliability in AI-powered systems.

However, it’s not all negative. Gen-Z seeks the convenience AI offers in certain situations; for example, in online shopping or entertainment services, nearly 30% of Gen-Z consumers prefer AI chat programs, according to the Prosper Insights & Analytics survey. This indicates that while Gen-Z is cautious, they also see the value in AI, especially when it can enhance their experience by offering faster and more efficient solutions.

Gen-Z’s Preferences and Expectations of AI in Customer Service

Gen-Z expects personalization, speed, and convenience, but they also want to ensure that AI solutions don’t compromise the human experience. When it comes to customer service, Gen-Z is typically more likely to favour AI in certain scenarios where speed and convenience are prioritized, like booking a flight or resolving a quick problem with an order.

However, in more complex or sensitive matters like healthcare or banking, the majority of Gen-Z, like other generations, still prefer speaking directly with a human. A recent Prosper Insights & Analytics survey shows that 81.4% of Gen-Z respondents prefer a live person for banking assistance, and 82.5% prefer human interaction when it comes to healthcare-related matters.

The desire for a seamless blend of AI and human support is crucial for businesses to understand. What this means: Gen-Z isn’t opposed to AI; they just want it to complement rather than replace the human touch.

Striking the Balance Between AI-Driven Solutions and the Human Touch

As businesses look to integrate AI into their customer service offerings, they must carefully strike a balance between automation and human interaction. According to Niki Hall, Chief Marketing Officer at Intelligent CX Platform Provider Five9, “AI is an incredibly valuable tool for businesses, but it should never replace the nuance that only a human agent can provide. A seamless integration of AI and human service is key to providing an exceptional customer experience. AI can handle the repetitive tasks, but when a customer faces an issue that requires understanding, there’s just no substitute for a live agent.”

While AI is excellent for handling routine inquiries, triaging requests, and delivering speedy solutions, there are moments when customers need a personalized and human touch to feel heard and understood. Recent research from Five9 emphasized that 75% of consumers crave talking to a human, underscoring that the use of AI as a first line of defence, followed by escalation to human agents as necessary, has emerged as a successful strategy for many organizations.

By freeing up human agents from mundane tasks, businesses can ensure that their employees are focused on delivering high-quality, personalized service to customers who truly need it.

Strategies for Managing Increased Demand During Consumer-Driven Moments

A major challenge in customer service is managing the surge in demand during peak moments, from product launches to special promotions or even crises. This is where AI shines. By deploying AI-driven chatbots and virtual assistants, companies can manage large volumes of customer inquiries at scale, offering instant answers to common questions.

“AI allows us to scale our customer service without sacrificing on the quality of those interactions,” says Hall. “During high-demand periods, we can rely on AI to handle basic questions, while ensuring that our live agents are available to resolve more complex or priority issues.”

Furthermore, businesses can leverage AI’s data-driven insights to anticipate peak demand times and prepare for them accordingly. By understanding consumer behaviour patterns, AI can help predict when demand will surge, allowing businesses to optimize their workforce and infrastructure in advance.

Adapting CX Strategies to Meet Evolving Consumer Expectations

To remain competitive, companies must continuously refine their customer experience strategies to meet shifting consumer expectations. As technology and customer behaviour evolve, the brand’s approach to customer service should as well.

We know Gen-Z’s expectations are high; they want fast and efficient service, but they also demand personalization and transparency. According to the Prosper Insights & Analytics data, 31.3% of Gen-Z consumers believe that AI needs human oversight, and 26% believe that AI should provide more transparency on the data it uses. Brands that can integrate ethical AI practices and provide clear information about data usage will earn the trust of this influential demographic.

As Hall emphasizes, “The key to adapting CX strategies is understanding what Gen-Z values, and that’s authenticity and personalization. They expect brands to use AI in ways that are transparent, responsible, and enhance their overall experience.”

Finding the Right Balance

In today’s digital-driven world, AI is reshaping customer service and adapting to meet the needs of Gen-Z and are shedding light on the future of CX. However, businesses must remember that while AI can improve efficiency and handle routine tasks, human agents still remain essential for addressing complex or sensitive issues. By finding the right balance between AI and human interactions, brands can deliver exceptional customer service experiences that meet the evolving needs of Gen-Z and beyond.

Check out my website.

Feature Image Credit: AdobeStock_159764616

By Gary Drenik

Gary Drenik is a writer covering AI, analytics and innovation.

Sourced from Forbes

By Micah Solomon

Micah Solomon is a customer experience consultant, speaker, and trainer who has worked with grand hotels, auto dealerships, regional banks, credit unions, healthcare organizations, and more. He was termed “the world’s #1 customer service turnaround expert,” by Inc. Magazine and named by the Financial Post “The New Guru of Customer Service Excellence.” His writing is regularly featured in ForbesBloomberg BusinessWeekHarvard Business ReviewWashington Post, and elsewhere.

Below, Micah shares five key insights from his new book, Can Your Customer Service Do This?: Create an Anticipatory Customer Experience that Builds Loyalty ForeverListen to the audio version—read by Micah himself—in the Next Big Idea App.

Can Your Customer Service Do This Micah Solomon Next Big Idea Club
1. Exceptional customer service keeps companies out of the deadly commodity zone.

I’m going to guide you in creating, delivering, and sustaining exceptional customer service using the same approach I apply professionally to companies in practically every niche in the marketplace. But first, in cold, brutal business terms, why is delivering great customer service so valuable? Why is it worth investment and attention alongside all the other challenges a business faces?

Well, not to go all Eeyore on you, but it’s highly unlikely that your company and what it offers are entirely unique. Most companies hover much closer to the deadly commodity zone than anyone at those companies realizes. Odds are reasonable that this includes your company as well.

The commodity zone is one of the scariest places for a company to find itself. It’s when your business is viewed as more or less interchangeable with the competition, so your current customers are happy to jump ship to one of your competitors for a myriad of minor reasons:

  • A slightly lower price.
  • A faster website.
  • A shinier app.
  • A slightly more convenient location.

Or, sometimes, for no discernible reason at all. But there is a way you can spare your company from this fate: Build such a reputation for customer service excellence, and such a strong connection with every customer you touch, that your service becomes a point of distinction, a survival lifeline, and a powerful engine for growth.

An exceptional customer experience will create multiple positive results for your business, most centrally, the creation of passionately loyal customers. Loyal customers are:

  • Less price sensitive.
  • More likely to be interested in any new products, services, or brand extensions you may roll out.
  • More understanding when things go sideways. (Once you’ve done so much, so well, for your customers, you achieve a state where the little mistakes—and even the occasional massive blunder—are looked upon in a better, more forgiving light.)

A loyal customer is also your best form of marketing. There is nothing more powerful than the ambassadorship of customers who are so engaged, so activated, that they take on the mission of spreading the good word about your company, sharing their passion with their online connections and real-life contacts.

2. Anticipatory customer service is service at the highest level.

The baseline customer service equation is when a customer asks for something, and you provide it to them. This has value, of course, but it’s not enough to build the loyalty relationship with your customers that will ultimately grow your business.

The secret to getting there is what I call anticipatory customer service. This means getting to where the hockey puck is headed before it gets there. It’s giving the customer what they want before they ask for it—and before they even know they want it.

“Anticipatory customer service involves hearing more than what a customer says out loud.

Anticipatory customer service occurs when you seek out and take care of desires and needs that a customer has left unexpressed. Customers don’t ask for what they need because, among other reasons, they aren’t knowledgeable enough to realize that they could benefit from some aspect of your product or service, or they don’t even know that you can offer it. Or maybe they aren’t assertive and don’t want to be “too much of a bother,” so to speak.

Anticipatory customer service involves hearing more than what a customer says out loud. Taking care of unspoken needs and wishes and answering unvoiced questions is a master customer service behaviour that will bring your company into a new reality: a destination populated with delighted customers who provide you with the kind of enthusiastic referrals that will help your company grow and prosper for the long term. There is nothing more powerful in the world of business.

3. Practice gold-touch customer service.

Let me tell you a story. Feeling the ever-more insistent tug of nature but not wanting to leave my laptop unattended for even a minute, I asked my server at the Madera restaurant, a Five-Star location in the heart of Silicon Valley, “How comfortable should I feel leaving my laptop on the table while I step out for a minute?”

“Very comfortable,” she answered, “because I will be here with it.” Then, she moved into an arms-crossed, standing guard position like a sentry guarding the Tower of London. And she was still holding that position (with perhaps a bit of humorous exaggeration) when I returned. What my spectacularly well-trained server at this Forbes-rated restaurant was practicing is what I call gold-touch customer service.

Gold-touch customer service comes in two varieties. The first is the do-extra: giving a customer more of your effort than they’ve asked for or could reasonably expect. The second variety of gold-touch is the tell-extra: providing a customer with unexpected, additional value by answering a question with particular thoroughness or by making a connection with a customer on a human, shared passion level.

Here are a few Gold-Touch examples in various industries and contexts. First are some do-extras:

  • A pet grooming outfit could send their furry customer home with a blue or pink bandana after the poor guy makes it through the grooming ordeal.
  • An employee at a car dealership could pair a customer’s cell phone before they drive off the lot, rather than allowing them to drive away only to get frustrated (and perhaps even into a fender bender) while trying to handle it themselves down the road.
  • A hair salon employee could run out and feed the parking meter for an arriving client so they don’t have to fumble around trying to find change.

And here are some examples of tell-extras:

  • A cashier at the checkout line could admire— sincerely—one of the articles a customer is purchasing. (This one requires nuance. Trader Joe’s is generally great at this, but sometimes they overdo it and don’t seem completely sincere.)
  • If your company sells a product that new customers sometimes find confusing, you could include helpful, very specific links or even a brief and highly personalized introductory tutorial video.

Now I hear you saying, “Seriously, Micah, how am I expected to find time for this?” But while more elaborate gold touches do take time, if you don’t have time for those yet (and I predict you will start to make time once you see how effective this is), there are still opportunities for gold touches that are ripe for easy plucking, so long as you have a gold-touch mindset and are paying even a smidgeon of attention:

  • Any time something doesn’t go as well as expected, you have a chance to go the extra mile in a gold-touch sort of way and possibly turn the customer’s day around.
  • Any time something goes right for a customer is also a great time to gold touch them, whether it’s simply expressing to the customer your happiness at hearing how happy they are or sending them a card congratulating them on their new success.
  • And any time a customer neglects to ask for something that you, in your professional judgment, know they would benefit from. This could be, for a security company, introducing your customer to the value of installing water leak sensors before they go away on vacation and a leaky disaster occurs in their absence.

4. A sense of purpose is what drives exceptional service.

Let’s focus for a moment on one hypothetical employee: a groundskeeper on the campus of a technology company, starting her workday early in the morning. The functional item that she intends to get done this morning is planting tulip bulbs—two cartons’ worth, 200 bulbs in all.

That is, until she notices a small sinkhole—deep enough to turn an ankle—right in the middle of the gravel path that the company’s clients, vendors, and employees will be walking on later in the day as they make their way between buildings on the company’s campus. At this point, the groundskeeper has two options:

Option 1: She can stay focused on accomplishing her functional, prescribed task by just working on planting those tulip bulbs all morning long.

Or Option 2: Now that she’s discovered this safety risk, she can find some spare soil and start filling in the sinkhole before anybody’s ankle gets turned.

Option 2 sounds great on paper, but is the employee really going to make that choice? Consider: There’s no manager nearby to say okay to her ankle-preserving decision. Therefore, the groundskeeper’s safest option in most organizations, if she doesn’t want to get in trouble, is to stick to planting those bulbs.

However, if she’s a purpose-driven employee working for a purpose-driven organization, she is going to choose to pull herself away from her assigned duties without worrying about the repercussions if she doesn’t get all 200 bulbs into the ground on time.

“Celebrate your employee’s great customer service behaviours and accomplishments when they happen.”

With her sense of purpose prompting her to do so, she’ll be taking care of the comfort and safety of clients, vendors, and her fellow employees—an action that her purpose-driven organization will encourage and applaud. This is the concept of Function Versus Purpose.

Sparking this kind of pro-customer behaviour in your employees requires creating an environment in which every employee understands that “my typical, day-to-day function here may be to [plant tulip bulbs, park cars, answer the phone, schedule appointments, etc.], but my purpose calls on me to do whatever is required, whether it was on my functional to-do list for today or not. Here are two recommendations for how to make this happen:

  • In both day-to-day training and especially when onboarding new employees, focus on the purpose of the organization and how the employee’s work will figure into it. It’s ideal if you can start talking about purpose right away, yet most companies drown their onboarding programs in legalese and warnings about how you can get fired at your brand-new company.
  • Celebrate your employee’s great customer service behaviours and accomplishments when they happen.

I suggest you systematize this celebration along the lines of what has worked for decades at the Ritz-Carlton Hotel Company. Twice a week, every Ritz-Carlton hotel and resort shares a “wow story” of over-and-above hospitality from one of its more than 100 properties. This works wonders in inspiring all employees to ever-greater heights.

5. None of this works without empowerment.

You’re going to move a lot further, a lot more quickly, toward being an organization where purpose-driven employees contribute their elective efforts if you get serious about employee empowerment.

Exceptional customer service requires room for interpretation with talented, well-trained, fully empowered employees serving as the interpreters—those who decode and manifest what exceptional customer service really looks like in action. If they lack power, they’ll remain hobbled, no matter how good their intentions.

When a leader encourages pro-customer efforts, almost everything else will fall in place, with employees eagerly contributing their elective efforts time and again. Conversely, if a company’s leadership doesn’t provide such encouragement and leeway—if it rules with excessive rigidity—these unyielding ways will blight the organization in the eyes of its customers. An employee cannot fully contribute to an organization and the service of its customers without being empowered.

Implementing any or all of these five principles of customer service excellence isn’t easy, but it would result in the following payoffs: You’ll retain a higher proportion of existing customers, increase per-customer spending, attract new customers, and you’ll do it in a way that is nearly immune to being knocked off by competitors.

“If they lack power, they’ll remain hobbled, no matter how good their intentions.”

If this last claim, “immune to knockoff,” sounds farfetched, I’m making this claim because I have a strong hunch that if you do the work in all the areas I’ve suggested, you can sleep easy knowing that it’s unlikely that your competition will buckle down and do the same. Your competition may copy pricing, mimic innovations, duplicate the feel of your website, and so forth, but they’re unlikely to muster the vision, energy, and follow-through required to replicate the customer-centred organization you’re on the road to building.

I won’t pretend that the fruits of your labour will fall off the vine and into your hands overnight. As a businessperson myself, I know all about the challenges of getting through the grind of making payroll week by week while striving to move forward strategically. But I know it can be done, as I’ve been a part of making it happen time and again. The serious stakes I play for are the growth, the improved profitability, and ultimately, the survival of the companies and business leaders for whom I consult, train, and speak. And now this circle includes you, my kind reader.

To listen to the audio version read by author Micah Solomon, download the Next Big Idea App today:

By Micah Solomon

Sourced from Next Big Idea Club

By Ben Sherry

Artificial intelligence technology may help solve retention problems in the customer service industry.

Solving the customer service industry’s notorious retention issues has been something of a white whale for entrepreneurs. According to data from AI company Cresta, annual turnover rates at contact centres jumped from 30-45 percent to around 80 percent during the pandemic. High turnover rates can lead to longer customer wait times, as it can take between seven to nine weeks to hire a new agent, and many more months to fully train them. Several potential fixes have been introduced, such as A.I.-powered chatbots and virtual customer service representatives, but a true “silver bullet” solution has yet to be found.

One of the reasons call centre employees burn out so quickly is that they’re frequently forced to deal with abusive callers. This abuse often comes in the form of bigoted tirades from American clients. Maxim Serebryakov, the 24 year-old CEO of Palo Alto-based accent augmentation company Sanas, saw this problem up close when his friend Raul Garcia Letona was forced to leave Stanford and support his family in Nicaragua by getting a job at a call centre. Serebryakov began toying with the idea of using artificial intelligence to change a call centre agent’s accent in real time, and in 2020 co-founded Sanas. By processing a multitude of voices and corresponding transcripts through an algorithm, Sanas allows call centre agents to choose how their accent will sound to clients.

Many call centre agents grow up in the U.S. and speak perfect English but are regularly subjected to verbal abuse from bigoted Americans because of their accents, Serebryakov says. Despite Garcia Letona’s high level of education, he was underperforming due to his thick South American accent.

Feature Image Credit: Getty Images

By Ben Sherry

Sourced from Inc.

By 

It’s a weird thing to get used to. For years, it was accepted that if you want food delivered to your house then you can only buy certain kinds: pizza, Chinese food, or some other form of fast food or takeaway.

Your options were limited. Now, UberEats means you can order anything, anywhere. In a new city? No problem: it’s like having all those old, paper menus from the door knob right in your pocket.

I don’t think we quite understand how much this has changed customers’ expectations — not just of food, but with anything. One in 10 Australians aged over 14+ have used an on-demand food delivery service.

It’s only a matter of time before those customers bring those same expectations for quick, trackable delivery to other items.

Like retail.

If consumers can order a cheeseburger through an app and have it delivered to their mouth within 30 minutes, why is it still such a massive headache for retailers to deliver a pair of shoes the same way?

Of course, there are plenty of reasons why. The existing retail and delivery network is a mess; retail chains aren’t logistically or financially set up to support that type of cost structure. The list goes on, but ultimately those excuses don’t matter. If consumers want it, they’ll flock to those who offer it. Which means retailers need to make some tough choices.

A decade ago, we started talking about how online retail would dominate everything — now more than half of all online shopping experiences in the United States begin at Amazon. Now, the next step is happening. If retail wants to stay relevant, it has to offer same-day delivery. And not just same-day delivery. It has to offer same-day delivery with the same type of rapid deployment and tracking that anyone can get in an UberEats’ app.

This is really the last true pain point that’s holding retailers back. A study  conducted in 2018 found only 3 per cent of retailers with both a physical and online presence offering same-day shipping. Just consider these statistics from Roy Morgan:

  1. Nearly 2 million Australians use delivery services of any three-month period
  2. The average waiting time is 32 minutes
  3. 97 per cent of Gen Z shoppers abandon their online shopping cart if they aren’t happy with delivery

It’s that last one that should have you worried.

The good news is that this isn’t as expensive a venture as it once was. True, same-day shipping can be achieved; but it comes at the cost of rethinking some of your existing business practices.

Here’s what you need to change:

Turn your Stores into Fulfillment Centres

It isn’t enough to just consider how back-end inventory systems can be consolidated and connected. Instead, stores need to turn into fulfillment centres for modern delivery programs.

Shops need to fit differently into your cost structures, going forward. Think beyond normal profit and loss.

Offer more Shipping Options

The conversion rate for online shopping carts drops like a cliff as fewer shipping options are offered. Plug into as many networks and providers as you can.

Make Returns Transparent and Easy

Put this front and centre in your shopping experience — make returns easy. Give customers nothing to lose by buying from you.

Remember, this is an expectations’ game that you can’t afford to lose. Your customers are judging you against every piece of technology, not just in your industry. This is an attention and convenience game, and the more you can provide them what they want, the more often you’ll win.

Feature Image Credit: Pixabay 

By 

Co-Founder, Shippit

Sourced from Entrepreneur

By Alice Berg

The bots are here and they here to stay. See, despite the chatbot phenomenon has gained ground only a few years ago, it has since become a full-on revolution worthy of the attention. In fact, by 2024, the bot market size is expected to exceed $1.34 billion. And as you ponder on that, it is also important to note that in 2019, at least 40% of large business ventures will implement the use of chatbots.

Let’s take a look at some AI applications in business in 2019 and beyond.

Chatbots and AI in Customer Service

Presently, bots have already delivered impressive results in customer service. Many businesses have rolled out chatbots to help them in distributing useful information and engaging the customers. For instance, Starbucks uses a system that allows customers to easily and quickly place orders using voice commands. The good chatbot will tell you the total price of your order plus when it will be ready.

Another noteworthy customer service company that uses bots is Lyft. Customers of the service can use online chat (Slack or Facebook) or AI voice chat (Amazon) to request for rides on the service. Lyft’s messenger bot offers the customer vital details. It shows the car model, a photo of the license plate, and the location of the driver.

Here are some practical ways you can use bots in your customer service business:

In the Automation of FAQs

Ask anyone if they read the FAQ section of a website, and you will probably get a hard and repetitive “no.” Rather than customers reading the questions, they would opt to email the company their queries. By leveraging chatbots and artificial intelligence, businesses can use appropriate documents to respond to any relevant questions.

As the Internal Help Desk

When an external customer service agent does not have an answer to a customer’s query, logically they would refer to the internal desk. And more often than not, this desk has to respond to the same questions over and over again. By using bots, internal customer service agents will not have to respond to common concerns.

In Offering Confident Responses

Interactive bots can ascribe a confidence score to their response. And if the score is below the threshold you had set, the bot will automatically contact a live agent and come back with a more satisfactory answer. In turn, the bot through Machine Learning can respond to similar queries in the future.

AI in Online Marketing and E-commerce

Some players in e-commerce have already started leveraging AI, and by the end of 2019, we can expect mainstream acceptance of the same. E-commerce companies such as Sephora, Asos, Sun’s Soccer, 1-800-Flowers, and Nitro Café are some of the companies that are already bringing in dollars in profit by deploying bots.

So, how can e-commerce stores and marketers use bots? For one, they can be used in customer support. Personalization is the key to every marketing strategy. And so far, bots have proven to be quite useful in providing personalized responses as compared to email or social media. People can express themselves much more freely when talking to chatbots. Therefore, to connect more with your customers, you can use a bot to interact with them and build or improve brand loyalty.

Another way e-commerce players are using artificial intelligence is in building interactive sales funnels. Marketers can use AI to group their customers and sell their products or services. A bot offers an opportunity to be dynamic and engaging. If a customer declines to try your service or product, the program can analyze the possible reasons to avoid the cases in the future.

You can also substitute emails with AI. By using a messenger chatbot, you significantly increase your click-through rates as compared to email. Most online marketers are already using chatbots to get information about visitors on their site as pop-up messages.

Some other benefits of using artificial intelligence in e-commerce include recouping abandoned carts, upselling after purchases, generating leads, providing useful AI algorithms for product recommendations, and boosting customer retention.

“83% of people who shop online need support, 56% prefer to get a text message, and 38% of people consider chatbots are even more useful. It is, therefore, good business to invest in a bot as an online entrepreneur,” – noted Andrew Ortiz, marketing specialist at Skillroads.

AI Online Chat in Tourism and Hospitality

Chatbots are already among the top technology trends in tourism and hospitality businesses. And in 2019, there are expected to be adopted on a wider scale. Bots are helping companies in this sector to reduce costs while also providing an excellent user experience. So far, bots have helped tourism and hospitality companies increase customer satisfaction. Some of the firms that have already witnessed the good results of using AI applications include Marriot, Snap Travel, KLM, Waylo, and Wynn.

You can use a bot in your business for different reasons. For instance, you can use it to engage customers before, throughout, and after the trip. Bots can send prospective and existing customers links to personalized content on hotels, destination sites, top restaurants, and so forth. Once a customer has booked a room, for example, a bot can come in to help them check in, request service, suggest activities, order meals from the restaurant, and more. Upon checking out, a bot can assist in collecting feedback and comments from customers.

Bots can also help in personalizing the customer experience. By doing this, they eliminate competition based on pricing. Customers often consider factors such as location and brand along with the price when choosing hotels. A bot can thus assist you to send out personalized packages to your customers and appeal to them. They help you put together all activities that interest the target audience and market the package to them specifically.

Chatbots and artificial intelligence can also be used in anticipating customers. By using predictive analysis, a hotel owner can identify future patterns and send out targeted campaigns to customers. For example, in 2014, Roof Inn used flight and weather data to predict the customers that were likely to face cancellations of their flights. In turn, they were able to send out campaigns on mobile devices to customers in locations that were likely to experience harsh weather. So what can we take from this? Bots can help in anticipating problems and addressing them way before they happen.

Artificial Intelligence in Financial Services and Banking

Financial tech companies such as Fintech are already causing waves in the industry by introducing bots. By 2020, it is expected that 85% of customers will use Fintech Chatbots to manage their bank transactions. Currently, some big banks are already using bots. These include Visa, MasterCard, Chase, American Express, Capital One, PayPal, Barclays, Ally Bank, and Bank of America.

So, how are financial companies using bots? First, Chatbots and AI are helping in smart messaging whereby they warn customers about dangers or other issues affecting their accounts. Second, they can also give you personalized tips on things you can do with your finances. Moreover, they can help you know how you are using your funds, how you are repaying your loans, and how you can save more money. And not to forget, bots are offering customers around-the-clock support and useful insight that improves customer experience.

It is important to note that, bots are expected to save financial institutions over $8 billion per year by 2022.

AI in Human Resource Management and Hiring

One of the big beneficiaries of AI has to be HR and recruiting. Bots have become integral in virtually all aspects of the employee lifecycle from sourcing, to screening, to interviewing, and finally to hire.

Employers are also using bots to boost customer engagement. These systems act as a bridge that connects employees to the existing job systems thus giving them better experience at the workplace. Maya is one of the companies that is automating all the stages of recruitment. SAP, Wade & Wendy, Loka, and SGT STAR are some other firms that are also using bots.

AI in Voice and IOT

Voice-powered assistants are increasingly becoming popular. Alexa, by Amazon, is one of the pioneer voice assistants and accounts for up to 70 percent of the market share. Come 2020; it is projected at least 128 million smart speakers will have been sold.

Final Thoughts on AI for Business

As an entrepreneur, AI is a tech trend to watch out for if you are keen on staying relevant, growing your business, and making a profit. Chatbots are cost-effective, time-saving, and most importantly give your customers a personal touch.

By Alice Berg

Alice Berg is a career advisor, who helps people to find their own way in life, gives career advice and guidance, helps young people to prepare for their careers. You can find Alice on Twitter and Medium.

Sourced from RUHANIRABIN

Could social media be realising its true calling as the ultimate customer service channel?

By MediaStreet Staff Writers

According to a new study released today, overall satisfaction is highest when customers ask questions or make requests via social media.

The study was conducted by J.D. Power, surveying people who were customers of mobile network operators. Said Peter Cunningham at J.D. Power, “Personalised feedback, rapid-fire response time and interaction with live humans are some of the primary factors driving the highest levels of customer satisfaction with customer service. And, increasingly, customers appear to be finding that formula through alternative channels such as social media. That doesn’t mean call centres and brick-and-mortar stores are no longer relevant; in fact, personalised assistance via phone, app and face-to-face are still critical to customer satisfaction.”

Following are key findings of the 2018 studies:

• Social channels will become front line for customer service

Among customers who ask a question or make a request, overall satisfaction is highest in the social media channel (838 on a 1,000-point scale) and the app channel (835). By contrast, overall satisfaction scores average just 797 among customers who handle these requests on the phone with a representative.

• The human touch still matters

Satisfaction tends to be much higher when customers use a channel that provides personalised feedback. For example, assisted care satisfaction is 26 points higher than unassisted care satisfaction (819 vs. 793, respectively), and satisfaction is 824 among customers who ask their question in the store channel vs. 797 among those who speak with a rep over the phone. Additionally, among customers who ask a question or make a request through their carrier’s app, overall satisfaction is 845 when they think they are interacting with an actual person vs. 800 when they think the system is automated.

• Video plays a key role

The channels with the highest first-contact resolution incidences are online videos (92%) and mobile app to research information (90%). Among customers who view an online video from their service provider, 34% say they “definitely will not” switch to a new carrier in the next 12 months vs. 21% among those who use the phone automated response system.

• Not-so-immediate gratification via email

While social, app-based and face-to-face customer support are prized by consumers for their personalised, rapid response, the average customer service response time via email is 32 hours.

Could Social Media Be The Ultimate Customer Service Channel? Soon, perhaps, it may be the ONLY service channel.

 

 

Sourced from Skilled.

E-commerce website owners have reported that one of the main issues online is maintaining customer engagement and preventing shopping cart abandonment.

A key tool that has been proven in preventing these issues is Live Chat customer service. It can be frustrating for customers when they have to read large amounts of text on a website just to find the answer to a simple question. Live Chat on the other hand, allows customers to get direct responses to all their queries with virtually no effort on their part. Live Chat can be a key tool to turn casual website visitors into regular customers which can maximise sale opportunities and build up an e-commerce’s reputation and brand.

How Important is Live Chat?

The importance of having a customer support chat for e-commerce businesses cannot be reiterated enough. A key way Live Chat can increase sales rate is though implementing customers testimonies about their experience with Live Chat services into business plans. The majority of customers who reviewed Live Chat while shopping online reported being satisfied with the service and 63% reported that they were more likely to return to the site. That is not all, 40% of online buyers who had previously used live chat services were more likely to make online purchases at least once a week than buyers who had never chatted live.

How Does Live Chat Work?

The reason why live chat appeals to many online store visitors lies in the simplicity and effectiveness of the service. The average company takes only 48 seconds to answer a query with Live Chat. The majority of companies answer 1,143 chats each month on average. This means that a single operator handles approximately 274 chats per month. The data collected reported that customers are most likely to ask questions via live chat between 10am and 3pm local time. The research indicated that over half of live chats occur during this time period.

The number one live chat country in the world is Mexico, followed by Australia and Canada. The highest number of live chat conversations take place on Mexican e-commerce websites. This has made Mexico the recipient of the highest customer satisfaction rate with a rating of 94.11%. Customer satisfaction rate in Australia is 93.59% and Canadian customer satisfaction rate is at 88.36%.

The fastest Live Chat replies are received by customers in Denmark. Danish operators provide a swift and straightforward service which is characteristic of the well-known Scandinavian simplicity.When it comes to the demographics of live chat users, the older generation of Baby Boomers are particularly fond of this service. The research indicated that more than one third of people aged 57 to 67 are already using customer support chat.

Chat Duration vs. Customer Satisfaction

Naturally, the customer service chat that results in the highest customer satisfaction rate is the one which provides customers with clear and straightforward answers to their questions. This means that the operator needs to take his or her time to review each question and then provide an in-depth answer. The operator also needs to find the right balance between being concise and informative. For example, chats that last 5 minutes correspond to a customer satisfaction rate of 78.20%, chats that last 15 minutes result in 88.23% satisfaction rate and chats that last 20 minutes and more receive a significantly lower customer satisfaction rate.

Chats per Month vs. Customer Satisfaction

To highlight the effectiveness of Live Chats for customer service, consider this: The customer satisfaction rate of the e-commerce industry has reached 87.5% in 2015. Live Chats usage rates have been steadily increasing in the past five years. In 2009 Live Chat was used by 38% of online shoppers, in 2012 that percentage grew to 43% and in 2014 more than half of customers were using Live Chat. The online stores that have approximately 1,000 chats per month have the highest customer satisfaction rate of 87.29%.

Which Channel Works Best?

Online communication channels has made communicating for online customers easier than ever. The number one communication channel for e-commerce websites is live chat with a 92% customer satisfaction rate. Other channels that have high ratings among customers are voice services with 88% customer satisfaction rate, web form and email with 85% each and social media networks Facebook and Twitter. Customer satisfaction rate for websites using Facebook to answer customer questions is 84% while websites with Twitter-based communication have a customer satisfaction rate of 77%.

Learn from Examples

There are many famous online stores which highlight the positive effect of implementing live chat service. Travel website Orbitz reported a 40% increase in American consumer brands chat traffic during the period between 2013 and 2014,  while continuing to maintain an enviable customer satisfaction rate. Similarly, tech giant Dell reported a 30% increase in chat usage over the past several years. A third of Dell’s sales in the US are currently being finalized through live chat. Dell reports that 30% of its online customers engage through proactive chat which amounts to 40% of revenue.

The American department store chain Sears, is another big company that has benefited from live chat services. Sears has recently reported a 20% increase in sales revenue which was a direct result of using a predictive chat service. Sears also has an impressive customer satisfaction rate of 90%.

Another good example of how live chat can boost sales comes from the exercise equipment brand Total Gym. During the fourth quarter of 2014, nearly 40% of the Total Gym’s online orders came from customers who had chatted live with an operator.

For more information on how introducing a live chat customer service to your website can help increase sales rates and improve rapport with customers, take a look at the adjoining infographic.

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Sourced from Skilled