Why do investments in conversational commerce deliver value?
The new reality, driven by the pandemic, has exponentially accelerated digital transformation, and the conversational commerce is on the rise. Investment in conversational AI are estimated to reach nearly $80 billion in 2022. According to predictions, the overall global growth in investment in conversational commerce technology solutions and software will rise to around 40 percent between 2017 and 2022.
Investments in conversational commerce are on the rise
Companies' investments in conversational commerce and conversational artificial intelligence are focused on two areas of development – 1) solutions driven by AI, including chat bots and virtual assistants, and 2) solutions in the field of deep and machine learning.
LivePerson, as the leading technology platform in the field of conversational commerce which 2Mobile is representing in the Adriatic region, is undoubtedly keeping up with these development trends and even outperforming them. In the last few months the tech provider acquired three major companies in the field of conversational artificial intelligence, CMR and voice messaging: Tenfold and Voicebase, plus e-bot7.
In 2021, companies will invest more in chat bots than in apps
According to Gartner, in 2021 more than 50 percent of enterprises will invest more in the development of chat bots than in the development of mobile applications. The key reason for that are faster development, easier integration and easier maintenance of chat bots, which I explained in more detail in my previous post Pros and cons of chat bots and mobile apps.
We are in the phase of exponential rise of conversational AI
Gartner's Hype Cycle for the development of AI has accelerated over the past two years. I believe and the market metrics showing digital transformation happening also prove that the companies’ awareness about the value that can be created through AI technology has also increased considerably.
Gartner predicts that till the end of 2021 between 6 and 11 percent of customer interactions with contact centres globally are expected to use AI solutions that are capable of detecting call intent and responding to key customer challenges. This will result in a significantly reduced volume of calls.
Support for A1 Slovenia redirects 20 per cent of calls to chat tools
A1 Slovenia introduced and integrated conversational commerce tools into its call centre support during the first wave of the COVID-19 epidemic in spring 2020. These are digital tools that redirect customers to SMS, Viber, WhatsApp or Bussines Chat. A1 leverages the power of AI to automate responses to the most frequently asked questions by their customers and created answers based on predefined conversational scenarios. The conversion rate in A1 call centre from call to chats was up as much as 20 percent in one year. We believe this is a huge success.
Circumstances encourage the implementation of conversational technology
The time is right to introduce conversational commerce and artificial intelligence into operations. The latest LivePerson survey shows that 83 percent of consumers worldwide would prefer to research or buy products through chat bots. Chat bots are now days most often integrated into customer support services, online stores, financial and insurance online services, marketing of SaaS, etc.
CHATBOTS - WHEN?
Conusmers would rather interact with a chatbot instead of a human for activities such as:
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60 %
Providing their account balance.
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56 %
Updating their address.
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50 %
Finding a product for them.
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53 %
Booking an appointment.
