3 Ways Tech Startups are Using AI to Revolutionize Customer Experience
3 Ways Tech Startups are Using AI to Revolutionize Customer Experience
Artificial intelligence is the latest trend in technology, and its application cutting across all fields. It’s all about technology mimicking biological intelligence. Here are three ways tech startups are using AI to revolutionize customer experience.
Customer experience is becoming the hallmark of business growth.
Tesla’s self-driven cars, Apple’s Siri and Amazon’s Alexa, albeit popular are but a few examples of AI’s applications.
AI varies widely, from algorithmic trading in finance. We see medical diagnosis in healthcare, sentiment, or emotion recognition in marketing and advertising, and customer service. AI reaches use in Human resources (HR), agriculture, robotics, natural language processing, voice or speech recognition, and many other businesses and industries.
AI has transformed the customer experience greatly in the sense that it is able to predict consumer behavior, gage emotions, and sentiments of customers.
AI can ensure 24/7 customer service available to provide users with an intuitive and engaging experience, and also help businesses make informed decisions by providing their employees with intelligence to easily perform tasks.
On that note, here are three ways tech start-ups are changing the ways we relate with service providers digitally.
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Consumer Sentiments
Other’s opinions of a product influence our view of it. According to statistics,63.6% of consumers said they would most likely Google reviews before visiting a business. 94% of them said that online reviews assured them to avoid a specific market.
The act of avoiding a market shows how consumer opinions affect businesses. However, many businesses still haven’t been able to utilize consumer sentiment data efficiently.
Revuze, a New York City-based start-up, has developed an algorithm that analyses customer opinion.
Revuze takes information from various sources such as social media, e-mails, online reviews, surveys, and data that is collected by call centers. Many other businesses, both online and offline, thereby eliminating the need for traditional surveys that require specific surveys conducted from a single study or a couple of studies.
The algorithm monitors keywords and can decipher the context in which it is being used to estimate the user’s sentiments.
It uses this information to identify trends and topics from unstructured data. This provides businesses with information about consumer’s opinions on their products in real-time. Compared to traditional methods where it takes a while to gather and process the information needed.
Revuze’s solution is indeed revolutionary as it helps businesses to improve and provide a better insight into customer experience, and it changes the way businesses assess consumer’s perception of their products and services, and it is a self-service platform that requires no involvement of IT experts.
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Personalized Ads
Do you ever wonder why you receive ads for an item you just thought you needed when you surf the net, or from a site you just visited when sending an e-mail? Personalized ads deliver content to customers based on their recent online activities.
Compared to traditional means of marketing where products and services being advertised may not be relevant to those viewing it. Personalized ads directly target the interests of those viewing it based on demographic data gathered. The varied information includes such collected data such as gender, area of residence, age bracket, income bracket, likes, political leanings, race, shares, and many others.
Spirable is a tech startup that uses artificial intelligence to create personalized video ads.
To generate these video ads, data is dynamically connected into user-friendly video templates, and its data feeds include Customer Relationship Management (CRM) data.
- Personal information data includes purchase data, website activity, service usage data.
- Preferences like social audience data (such as audience persona, behaviors, interests, and preferences).
- Location data (such as location stores, weather forecasts, pollen levels, UV levels, and markets).
- Live contextual data (such as live sports, trending events, stock levels, live travel date, time, and date).
These data feeds tailor the content of the ads to the customer’s preferences based on events happening around them in real-time to provide the right message at the right time.
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Consumer Behaviour
The popularity of virtual assistants has contributed to how we purchase goods and services online. According to statistics, 54% of consumers said that digital assistants have played a huge role in simplifying their lives.
- 65% of consumers who have virtual assistants use them for a lot of purposes besides communication.
- 50% of them use it to surf the net, obtain weather forecasts, and stream music.
- 37% use it to check messages, e-mails and traffic reports while the rest use it to obtain information and shop online.
This goes to show the influence of virtual assistants on our daily lives. Based on personal data and artificial intelligence algorithms, these virtual assistants are able to anticipate customer behavior. They are thus predicting what users need in order to provide service and product recommendations.
Tact.ai is a tech start-up located in Sunnyvale which developed a digital assistant for sales teams.
Through the use of Artificial intelligence, the Tact sales assistant integrates customer data from multiple sources. Using such data as CRM, e-mails, calendars, LinkedIn, Zendesk, OneDrive, Box and legacy databases. Creating a frictionless experience for businesses, Tact.ai can increase sales, productivity, drive revenue growth, and improve the user experience.
Conclusion
Artificial Intelligence is a booming market because of its dependence on a large amount of exploitable data easily available from multiple digital channels.
Through the development of machine learning (ML) algorithms that are tailored to efficiently maximize the usage of data AI applications are limitless. Its role in improving the customer experience online has however changed the marketing for the better.
Customers derive satisfaction from purchasing goods and services than ever before due to algorithms that express empathy, apply humor, show understanding, and respect. These attributes build trust and establishing loyalty.
Also, employee efficiency is increased as repetitive tasks are automated and they are fed with predictions to enable them to make sound judgment when engaging customers.
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