In a previous blog we wrote about Conversational Commerce, which can be augmented with technology to allow a more seamless and natural conversation between a business and their customers. This is called Conversational AI and it’s not just for Large Businesses but can make a big difference to Small Businesses too saving time and increasing sales. Want to learn more, please read on.
What is Conversational AI?
Conversational commerce is any means of communication using conversational channels such as live chat support, engagement using messaging apps and/or voice assistants. Conversational AI is a critical enabling technology for Conversational Commerce to be effective, where AI refers to Artificial Intelligence. It enables Customers or Clients to interact with a Business through a Messaging App or Voice Assistant, just like interacting with a human assistant. Conversational AI is different from typical Chat Bots that provide static menus or rules-based responses. Conversational AI is upending the traditional Voice IVRs (Interactive Voice Response), the bane of every consumer forced to go through never ending menus.
The best example of these new digital assistants is Alexa or Google Home, where Consumers can ask literally any question and get a response. Living in Ireland my favorite AI Chatbot is Dublin Airport delivered through WhatsApp (try WhatsApp +353 1 814 4717). The technology underpinning these voice digital assistants or AI chat bots is natural language processing (NLP) and machine learning (ML) processes and is used to respond to Customers just like a real human would. NLP is used to analyse and interpret human speech in a voice digital assistant or unstructured text in AI chat bots, and ML is used to train the assistant to learn new information and make decisions on what is the best response or action.
‘The global conversational AI market size to grow from USD 6.8 billion in 2021 to USD 18.4 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 21.8% during the forecast period.’
Source Markets and Markets Conversational AI report
Benefits of Conversational AI to Small Business
Most small businesses rely heavily on a business smartphone(s) and business number(s). Many of these Conversations can be automated as they are for simple questions e.g. What are your opening hours? Or for simple actions e.g. What is the price of product X or service Y? For most small businesses they may have a website or a Facebook/Instagram business page and do not have a digital assistant or chat bot that is even capable of responding to these types of queries. There is also a hesitancy with Business owners to allow a Chatbot to engage with their customers.
With Conversation AI, Customers can interact with business through their favorite messaging app. The AI capabilities enable more human like conversation between the Customer and the Business and ensures a more successful outcome. This can free up time and save labour for the Business owner to hand off functions like Customer Support with simple chat bots, eCommerce to allow Customers to order and pay for products and services. A Personalized service is still possible as the AI chat bot can handover conversations from the chat bot to a human. The AI chat bot is being trained all the time to ensure a better response, to understand unstructured text inputs and avoid frustrating customers.
Payemoji – Conversational AI for Small Business
At Payemoji we enable Messenger Apps with a Conversational AI chat bot for small businesses. Every small business gets their own AI Chat Bot, a local mobile number (separate from their business number) and a QR code(s) that make it simple for your customers to engage through a Messenger App with your AI Chat bot. This will then allow small businesses to offer customer support, offer an eCommerce store to allow their customers to buy goods and pay digitally all through the AI Chat bot on any Messenger App. Small businesses can offer loyalty programs as their customer numbers are stored. Integration into social media platforms and internet platforms is also easy i.e., local number, a QR codes or even we offer a simple plug-ins. All this is available through our solution, and best of all your customers will never have to leave their favorite messenger app to engage with your AI chat bot for your business.
Sounds Interesting?
We will be live soon so your Business can experience the power of Messaging Apps for Conversational AI, all for a low monthly subscription fee… who said conversational commerce was only for big business!
