5 Ways in Which Conversational AI is Transforming MarTech
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Conversational AI is a technology that facilitates brands and businesses to leverage digital assistants, messaging applications, and chatbots for handcrafted communications with their customers. Perhaps, the biggest advantage of AI assistants lies in their ability to drive human-like conversations at scale and while maintaining extreme personalization. Might it be for consuming news or to book a ticket for an event, they are today helping us in more ways than we can imagine.
So, let us have a look at 5 ways in which Conversational AI is transforming the MarTech in India and the world over:
1. More Verticals Are Adopting AI Assistants
Today, AI Assistants are changing the market… and they are changing it for good. This will greatly boost the adoption of Conversational AI Assistants across wide-ranging, customer-facing fields. The trend has begun with Indian media and news broadcasting platforms integrating Conversational AI solutions to them as AI Assistants increase the user engagement with targeted news. Similarly, other verticals will follow suit.
Social media platforms such as Facebook, Facebook Messenger, WhatsApp, Instagram, and so on are dominating the Conversational AI scenario. This is because digital adoption, directly and indirectly, materializes as social media adoption. So, customers tend to spend the majority of their ‘online’ time over social media platforms. The user adoption of social media platforms is expected to increase to 2.18 billion by this year, or roughly the population of India and China put together – the two most populous countries across the globe. It is more favourable for businesses to position themselves where their prospective customers are, rather than waiting for the customers to come to them. This approach eliminates the bottlenecks in buying journey and streamlines the process.
At present, market leaders including Google are contemplating ways to further enhance their CTR (Click Through Rate). And, luckily, the advent of Conversational AI is giving them the perfect opportunity to do so. The novel approach integrates the technology to Display Ads over online websites and platforms. This, on the one hand, enables the customer to know more about a product or service without leaving the platform where they already are on. On the other hand, it ensures that businesses a majority of interested customers with the right messaging there and then. Hence, presenting a win-win situation for everyone and simultaneously adding to market productivity.
Flexibility and convenience are what consumers prefer. And voice-based searches is what gives it to them. The discourses like “Alexa, play Shawshank Redemption on TV” and “Ok Google, switch on the AC” are becoming a part of our day-to-day lifestyles. According to a report by ComScore, 50 percent of all online searches will be voice-based. It is natural for customers to expect the same kind of assistance from digital brands. Though technologies like Conversational AI and NLP are currently in their early stage of development, the next logical step for market players is to bank on voice-based customer assistance. This will drive considerable innovation towards this next avenue of growth.
The best part of Conversational AI is that it does not assist a customer in the traditional way, where the availability of relevant, customer-centric data is low (if not negligible). The technology helps us to constantly compute the incoming data (from customers), analyse it, correlate it (with historic data available around customer as well as the market), and cater to customers in the most optimal way. This analysis is both in-depth and has minimal inaccuracies. As the overall infrastructure matures and more people join the digital bandwagon, Conversational AI will soon acquaint us with more use cases for superior effectiveness in MarTech.
We are stepping into a new, ultramodern era with digital technologies. Thankfully, technological approaches such as Conversational AI are brilliantly complementing the ongoing development and paving the way for a more efficient future. All we have to do is wait till these novel approaches transform the market and in the due process, our lives as well.