The e-commerce sector is getting saturated with every passing day, and as new players enter the market, businesses are facing heated competition with a pressing demand to offer differentiators that go beyond pricing – we’re talking about a memorable and well-rounded customer experience. Against this landscape, conversational analytics emerges as an attractive and viable opportunity to win over new clients and retain the old ones.
Wondering how? Read on to know more!
What is Conversational Analytics?
Conversational analytics involves the extraction of usable data from written text, natural conversations, and human speech, and subject it to Natural Language Processing (NLP) to understand the information and harness artificial intelligence (AI) to organize it.
In simpler words, it helps voice assistants and chatbots comprehend human conversations and derive insights from them.
Applications of Conversational Analytics for E-commerce Businesses
While the working and under-the-hood mechanism of conversational analytics can be quite complicated, watching it in action is a true joy. The following are some practical applications of conversational analytics in the e-commerce arena:
Order Processing and Handling
As e-commerce businesses focus on limiting obstacles in the checkout process, formalities like user registration or sign-ups may end up on the backburner. Regardless, you would still require the buyer to scroll through the store, add items to the cart, and even go ahead with the purchase. Here’s where a chatbot or a personal digital assistant can enter the picture. Apart from guiding the customer through the purchase journey, they can also capture basic information such as their name, contact details, and payment methods, and finally serve as a point of sale without redirecting users to the website or the app.
Live Order Tracking
Once the order has been placed, sellers would have to fulfill the order against a given timeline. During this process, shoppers would be antsy to know about their order status. Luckily for them, shoppers can refer to digital assistants to track their purchases and stay in the loop on its latest status without having to connect with a customer care executive. They can check this status at any time, any day, and from any device. Having this sense of control and gaining real-time updates transfers the power in the hands of the customer and enhances their experience.
Mapping Audience Demographics
Unless you operate in an extremely niche market, you will have different customers spread across different geographies and having different backgrounds. As such, it can be complicated to gauge metrics and triggers such as buyer’s intent, purchase patterns, etc. with a blanket approach. However, conversational analytics can help segment customers based on commonalities, like gender, age, location, activity levels, etc. Such factors influence customer behavior and alter their needs, requirements, and expectations, which can help businesses to strike while the iron is hot.
Gaining a 360-Degree View of Customers
Speaking of customer behavior and demographics, conversational analytics can also come in handy in anticipating customer requirements and delivering to these expectations. AI/ML engines can run detailed analyses to interpret user interactions through different media and use it to gain a comprehensive view of the shoppers. Knowing your customers intimately allows your platform to propose relevant products and services that are more likely to make it to checkout. At the same time, these can analyze user sentiment by processing their social media profiles or chat histories and slowly build rapport.
In addition to personalizing the shopping experience, conversational analytics will also help personalize business messages and the content used during lead nurturing. Such platforms can effectively patch together the popular communication channels, such as email, messaging, and social media, to initiate meaningful conversations that offer value to customers depending on what stage of the sales funnel they may be at. Most importantly, these set the foundation for conducting a dialogue where businesses communicate with their customers and vice versa – making businesses more approachable.
Offering In-Store Assistance
We have already seen how conversational analytics, through digital assistants, is giving a push towards a seamless shopping experience. However, it is also unlocking opportunities to increase revenue through upselling and cross-selling by making relevant product or service recommendations while weighing out the likelihood of conversion. These applications could also assist buyers to locate the item of their interest and make search and navigation painless across the store. Once you offer precisely what the customer truly needs, you are effectively cutting short the journey of a looker into a booker.
Sentiment analysis is one of the key offerings of conversational analytics that can change the way businesses collect and act upon feedback. For a start, you can use it to gain an overall feel of the way buyers perceive your business. At the same time, you will identify pockets that need improvement, be it within your process or with your product itself. Most importantly, it allows you to actively listen to your customers and derive solutions right from them – after all, your customers are your greatest critic and biggest asset. So, if you are looking to go down the path of continuous improvement, conversational analytics is one way to go about it.
Extending Customer Support
Once you have a close understanding of the customer, their pain points, and their expectations, it would be easier to align these with your product or service and propose it as a feasible solution in the given context. Even after clinching the sale, e-commerce platforms can earn good faith by delivering exceptional post-sales support to customers. Automated solutions, such as chatbots can handle a bulk of customer interactions without causing a trade-off in the customer experience and scalability.
Nurturing Brand Loyalty
By now, it is evident that conversational analytics will offer immense value to the customer and improve their overall experience. From tailored marketing to personalized product/service recommendations to excellent customer support – there is nothing that it cannot go. Once such campaigns are put into action, it is only a matter of time until customers display a strong affinity towards your e-commerce platform and transform into brand advocates.
The Advantages of Conversational Analytics in E-commerce
As one can infer from the applications illustrated above, the effect of introducing conversational analytics in e-commerce can be profound and far-reaching. Some of these include:
- Discovering new avenues for gathering accurate data concerning your audience.
- Personalizing services to foster deeper and more meaningful relationships with the customers.
- Cutting the sales cycle short to save time and resources.
- Boosting customer satisfaction, which will directly or indirectly influence the company’s bottom line.
- Generating more qualified leads and engaging with them throughout the sales process.
- Make your business more accessible through 24×7 availability.
Conversational analytics could prove to be a key piece in the jigsaw of customer experience. Given that the e-commerce industry is typically an early adopter of any technology, now is a good time as any to embrace conversational analytics to gain a leg-up in the competition. It will not only rake in some impressive results in the short run but will also future-proof your business as we transition towards an era where voice supersedes text. As such, it is only a matter of time until we witness this technology grow and mature at an accelerated rate to subsume trends and pivot your business accordingly!
AskSid is a global conversational solutions company that partners with retail brands to elevate shopping experiences by leveraging the power of Artificial Intelligence. Our capabilities extend beyond support automation, extending to insight extraction, analysis, and business opportunity generation, all by leveraging the power of conversational data. We combine domain expertise and cutting-edge technology to build a Retail AI Brain for our clients, that mines insights from conversational data and becomes the basis of the business opportunity creation we offer. The power of actionable customer data has allowed us to create value and bring change to global brands including AkzoNobel, Danone, Wolford, Akris, and Himalaya. AskSid has live implementations in 23+ countries and supports 100+ international languages, managing millions of satisfied customers the world over.
Looking to deploy a vertical AI-based digital shopping assistant for your retail business?