Adroit Market Research - Industry Insights

The conversational platforms comprises a wide range of user interfaces like automated chatbots and digital assistants such as Google Assistant, Siri, as well as Amazon Alexa, and smart speakers such as Google Home and Amazon Echo. A chatbot is an automated software which taps into intense learning technologies to know the world and transform in a same way to humans. However, they have evolved at rapid pace, and will remain to become smarter and more efficient.  In the recent years, many of the world’s prominent brands are adopting cloud and artificial intelligence platforms to cre

The conversational platforms comprises a wide range of user interfaces like automated chatbots and digital assistants such as Google Assistant, Siri, as well as Amazon Alexa, and smart speakers such as Google Home and Amazon Echo. A chatbot is an automated software which taps into intense learning technologies to know the world and transform in a same way to humans. However, they have evolved at rapid pace, and will remain to become smarter and more efficient.  In the recent years, many of the world’s prominent brands are adopting cloud and artificial intelligence platforms to create chatbots which can help consumers with a huge number of tasks, at a greater level of emotional intelligence as well as increased understanding than ever before. In addition, conversational interfaces will enable internet of things and mobile apps to communicate with organizational systems through the voice commands. Such models will generate a direct communication channel among business persons and the line of business systems without use of any specific mobile user platform. Thus, just like APIs (Application Programming Interfaces) and web services, voice interfaces are expected to become a new and innovative integration model for business systems across the globe. Conversational platforms provide a more direct and straightforward pipeline for consumers to solve their queries, reach goals, as well as address concerns.

Moreover, tech companies see the growing demand for voice technology in the consumer market are dynamically preparing for business proliferation. For instance, Cisco introduced its enterprise-ready voice assistant named “Spark Assistant”, allowing cognitive abilities in the platform creating it an inclusive AI-enabled service. Thus, it is one of the leading enterprise-ready voice assistant across the world which specially intended for corporate meetings. This voice assistant mainly offered services such as start meetings, join & leave meetings, control and navigate spark devices, and call anyone in your company. On the other hand, the online presence of various organizations as well as increasing requirement for digital options to stay connected with consumers have compelled them to adopt chatbots. Chatbots enable organizations to address potential queries of several website visitors. Furthermore, chatbots have proved to improve the number of different marketing strategies in organizations. Likewise, the adoption of enhanced chatbots will lead to the growth of the conversational platform market across the globe. Enterprises can use conversational platforms to automate consumer-based touch points across various social media stages such as Twitter and Facebook, on their app, website, as well as voice assistant such as Google Home.

How Conversational Platform Increasing Consumer Experience?

Conversational platforms offer several key benefits that helps organizations to increase consumer engagement and consumer satisfaction.

• Reduced Costs

All enterprises are aiming to do more by increasing volumes of customer queries. However, AI-based conversational interfaces increase efficiency by automating answers to more basic enquiries that can be responded automatically through chatbots, email templates, as well as self-service systems. This can reduce the loads of agents and increases productivity, and keeping consumer satisfaction level high as well.

• Increased Consumer Satisfaction

With the growing range of competition and several choices across the world, customers judge each brand. They needs a continuous excellent experience. Hence, conversational platforms able to offer a more engaging and improved conversational experience which will hold consumers and defend your brand.

• Empower Your Agents

Conversational AI platforms will eliminate need for traditional consumer service agents for addressing consumer queries. Conversational platforms empower agents by offering templates and knowledge to share responds easier manner as well as text analytics which enhance their understanding of online conversations.

• Improved Understanding

Conversational platforms provide enhanced consumer engagement with analyzing their conversations and brands that will give a detailed idea of consumer necessities, no matter how many conversations they get every day.

Significance of Customer Engagement

Consumer engagement is one of the integral factors to an organization’s success. Thus, engaged consumers drive loyalty that increases revenue as well as improves profitability. According to the research, customer engagement offers around 23% productivity in terms of effectiveness, wallet, relationship growth, and revenue. However, consumers are inconsistent creatures. In short, they just expects to get something done very quickly. Convenience and speed are winning over brand and price. Conversational platforms increasing customer engagement by offering quick responses to their consumer queries.

How Conversational Platforms Rises Competitive Edge?

From intelligent chatbots which offer 24/7 consumer service, to speech enabled interfaces which enhance consumer experience, or humanlike online assistants that increases digital sales share, conversational platform is shifting consumer interaction at a rapid pace. Huge impact as well as fundamental to the success of conversational interface is nothing but its ability to interpret and capture conversational information to offer quick responses for consumer’s requirements. This is one of the major factor which will provide the key visions vital to converting your organization’s bottom line. With such availability of huge amount of data, and consumers demanding the faster and more adapted experience which conversational platforms offers. Connecting with consumers as they negotiate through several channels as well as various touch points offers enterprises the opportunity to acquire more regarding their consumers. From initial lead generation to sales, repeat business consumer service, or even internal and HR processes, every interactions strengthens the consumer connection. Thus, it is increasing online sales earnings through humanlike assistants to innovative ways of variation by intelligent voice assistants. Likewise, consumer engagement is one of the major aspect to improving organizational competitive edge.

Conversational Platforms Features:

These platforms helps to lessen the challenges that consumer have interrelating with organizations through several digital networks by acting, understanding in a humanlike way. The platform offers an opportunity to increase the consumer experience with high consumer engagement, customer satisfaction, and enhanced personalized customer service. Following features of conversational platforms can deliver improved customer relationship experience to organizations:

• Relevant and Personalized: Information and responses given is personalized through details offered while the conversation, integrated with an understanding of users preferences and likes.             
• Intelligent: The conversational platform is able to handle typical humanlike interactions such as interruption, context, and ambiguity.               
• Effortless and Easy: Consumers can communicate with an organization through any channel, at any time, by asking queries with their own words.