The advent and advancement of Artificial Intelligence (AI) solutions is steadily leading us to a new era of business. In the age of data proliferation, the key to business growth revolves around the company’s ability to leverage data in its favor. AI-based systems enable organizations to make most out of the data and build advanced and personalized marketing strategies for improved business growth.
AI for Better Customer Service
Apart from the quality and price of a product, customer service has now evolved as a critical factor when people choose between competing brands. As per research, 93% of customers make a repeat purchase if customer service is excellent. To meet the exceeding customer expectations, organizations are increasingly looking for advanced technologies, and AI bridges the gap here.
With AI-powered tools for customer service, businesses can boost consumer experience, brand loyalty, and reputation, and all of these improve growth prospects. The use cases of AI in customer service are witnessing a steady expansion with innovative solutions being launched in the market recurrently.
Some examples of AI in customer service include voice authentication, augmented messages, deploying chatbots and virtual assistants, social listening for identifying customer concerns, to name a few.
Customer service is one of the critical areas where AI-enabled solutions appear to be growing by leaps and bounds. The State of Service report of 2019 has predicted that AI adoption in customer service will grow by 143% over the following 18 months.
The Emergence of Chatbots
One of the significant use cases of AI in customer service is the deployment of chatbots for customer assistance. AI-powered chatbots consistently learn and mimic human conversations and react to customers’ queries through a live chat interface. By putting chatbots to action, organizations can ensure personalized, uninterrupted, and frictionless customer service.
Given the increasing need for businesses to ensure personalized customer service round-the-clock, the global market for chatbots is forecasted to grow from USD 2.6 billion in 2019 to USD 9.4 billion by 2024. AI adoption among service businesses is projected to grow by 136% in the next 1.5 years. With skyrocketing adoption rates and advancing technological capabilities, chatbots are evolving as a valuable tool for the business world.
Benefits of AI-assisted Customer Service
- Workforce 24*7 – AI-powered tools can work 24 hours a day and 365 days a year with full efficiency to serve the customers, which is hardly possible with the human workforce.
- Seamless interactions – Virtual assistants or chatbots can answer customer queries quickly, objectively, and accurately, leading to improved customer satisfaction.
- Real–time support – AI tools rely on statistical data to provide real-time responses to customers. Unlike humans, it can process vast amounts of information in seconds and allow prompt resolution of queries.
- Error-free support – By using AI solutions, businesses can negate the occurrence of human errors when addressing customer queries, and this leads to better consumer confidence.
- Improved privacy – Customers need not have to worry about sharing personal information as machines protect their data when built with enhanced security features.
The Takeaway
Artificial Intelligence has become a transformational wave in the field of customer service. Implementation of AI-powered tools enables customer support teams to deliver unmatched customer experience and spruce up customer service by ensuring unfailing and real-time assistance. By deploying machines to do repetitive and mundane tasks, businesses can improve customer service, derive valuable insights, make informed business decisions, and increase revenue.
Although AI adoption in customer services is still in the nascent stage, its power and potential are so immense that it is expected to redefine business models in the future. Given the current business scenario, organizations that fail to transform their customer service capabilities by taking advantage of technology risk falling behind the competition.
