Cinu Clement, Author at BotCore Enterprise Chatbot Fri, 15 Mar 2024 09:59:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://botcore.ai/wp-content/uploads/2020/02/cropped-favicon-32x32-1-70x70.png Cinu Clement, Author at BotCore 32 32 Generate 5X ROI on chatbots with a personalized engine https://botcore.ai/blog/chatbots-roi-personalized-engine/ Mon, 07 Mar 2022 10:53:00 +0000 https://botcore.ai/?p=10158 Generate 5X ROI on chatbots with a personalized engine Way back in 1998, Jeff Bezos once remarked, “If we have 4.5 million customers, we shouldn’t have one store. We should have 4.5 million stores.” More than two decades later, one can say for sure that truer words haven’t been spoken. In today’s digital era, personalized […]

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Generate 5X ROI on chatbots with a personalized engine

Way back in 1998, Jeff Bezos once remarked, “If we have 4.5 million customers, we shouldn’t have one store. We should have 4.5 million stores.”

More than two decades later, one can say for sure that truer words haven’t been spoken. In today’s digital era, personalized experiences form the heart and soul of meaningful customer engagement. Customers prefer brands that can predict their needs and understand what they want to buy.

As a new age customer, you must have experienced the rapid transformations that have been happening around you. Well, this blog will talk just about that. So, let’s deep dive into the following aspects —

  • Changing customer expectations in the post-pandemic world
  • Introducing AI in your customer experience strategy
  • The perils of not personalizing customer engagement
  • Use cases of AI chatbots in personalizing the customer journey
  • Generate 5X ROI on chatbots with a personalized engine
  • POND’S successful journey to personalizing CX
  • How can we help

Introduction

91% of consumers say they are more likely to shop with brands that provide offers and relevant recommendations. Additionally, 74% of people hate being shown irrelevant content. Generic, non-personalized messaging can upset customers and lead to churn.

Customer needs have gotten more dynamic and harder to fathom by the day. Yet, customers worldwide continue to demand personalized and seamless engagement. In a survey of 350 executives conducted by consulting firm Gartner, about two-thirds (63%) of digital marketing leaders said they continue to struggle with personalization. The survey also found that even as 84% of respondents believe AI and machine learning enhance the ability to deliver real-time, personalized experiences, only 17% of the executives are using it.

For one, an unprecedented amount of customer conversations are taking place online — tweets, memes, likes, dislikes –  and customers expect brands to listen to all these conversations. Secondly, they expect brands to leverage all this information, modify their CX strategy accordingly, and deliver proactive, meaningful, and personalized customer engagement.

The Perils of not Personalizing!

Personalization has become the “holy grail” of marketing. Businesses are striving to garner the benefits of personalized customer experiences (CX), including improved retention and increased ROI.

Organizations that fail to adopt personalization as a vital CX strategy face issues on various fronts, some of which are listed below —

  • Negative customer experiences and increased churn
  • Low customer retention
  • Lost business value 
  • Lack of customer insights
  • Inaccurate customer data
  • Loss of competitive advantage

Research by Gartner says brands risk losing 38 percent of customers because of poor marketing personalization efforts.

Artificial Intelligence in the CX World

To empower customers with tailored brand experiences, CX leaders are making vast investments in artificial intelligence-powered virtual agents, like chatbots, voice bots, and conversational IVR.

AI-powered chatbots, in particular, play a significant role in forming connected brand experiences across the entire customer journey. By analyzing customer conversations to gain real-time insights into their preferences, sentiment, and intent, bots can help brands create unparalleled personalization at every stage of the sales funnel, delighting customers and delivering significant ROI from AI.

Let’s deep delve further into how chatbots are helping brands personalize the customer experience and generate 5X ROI.

How are AI chatbots driving personalized CX?

AI-driven chatbots leverage advanced analytics, machine learning, natural language understanding, and cloud technology to collect, store, and analyze vast amounts of customer data, discover patterns in customer interactions, and predict customer needs to deliver proactive and personalized engagement.

In the post-pandemic world, customer experience practitioners are making vast investments in AI to meet their customers at all possible digital touchpoints (omnichannel engagement) and satisfy their desire for instant, flexible, and more personalized interactions.

Moreover, such bots drive higher value customer interactions by proactively recommending intelligent actions to help contact center agents resolve customer issues quickly. 

So, how do AI chatbots help brands tailor customer journeys, build lasting loyalty, and produce exceptional ROI?

Use-cases of AI chatbots in personalizing the customer journey

1. Reach:

  • Reach out to new customers by pushing alerts about products, collecting insights on customer preferences, and sending personalized tips and advice.
  • Study customer preferences, create cohort profiles, and better match them to recommend accurate products.

2. Acquire:

  • Acquire customers by curating personalized marketing campaigns, assisting in online shopping, guiding customers on product use, and sending tailored product suggestions.
  • If the customer’s preferred product is unavailable, AI chatbots can apologize for the inconvenience, suggest alternative products, and provide a “buy now” option to enable a smooth transition.
  • Suggest frequently bought together products to invoke new thoughts and help customers make better buying decisions.

3. Retain:

  • Create buyer personas (customer profiles) to understand their priorities and area of focus and send personalized reminders to “buy again.”
  • Study valuable customer data to predict customer needs, proactively upsell, and develop products based on customer needs.

4. Support:

  • Progressively profile customers based on their interests and click-rates and proactively recommend articles and FAQs based on their primary concerns.
  • Answer product-related queries, track orders, help with product use, and offer technical support.
  • Leverage sentiment analysis capabilities to comprehend customer emotion and respond to customer needs accordingly.

5. Loyalty:

  • Ask for product ratings and feedback to recommend better products in the future.
  • Build tailored loyalty programs (freebies, discounts, reward coupons, etc.) to develop lasting customer relationships.

Enjoy 5X returns on chatbots with a personalized engine

Research has shown marketers who exceeded their revenue goals were using personalization techniques 83% of the time. Moreover, businesses that employ data-driven personalization deliver five to eight times the ROI on marketing spend.

Deloitte’s study “Connecting with meaning: Hyper-personalizing the customer experience using data, analytics, and AI” reveals well-executed hyper-personalization can deliver 8X the return on investment on marketing spend and lift sales by 10% or more.

Additionally, personalization can reduce acquisition costs by as much as 50% and increase the efficiency of marketing spend by 10% to 30%.

A recent survey of 200 marketing leaders by Forbes Insights and Arm Treasure Data reveals that where personalization is being applied in a robust way, enterprises see positive results. Two in five executives surveyed, 40%, report that their customer personalization efforts have had a direct impact on maximizing sales, basket size, and profits in direct-to-consumer channels, such as e-commerce, while another 37% point to increased sales and customer lifetime value through product or content recommendations. More than one-third of respondents have seen increases in their transaction frequency due to personalization strategies.

Let’s take a quick example of SAL, POND’s personalized skincare expert.

Ponds Chatbot

Women often find themselves googling for skincare products and hacks for fighting uninvited spots and pimples before an important event. Yet, most are still searching for the “right” skin care product for their skin type. POND’S recognized this gap in the market and developed its chatbot SAL to meet this consumer need.

SAL is the “go-to” place for all women spending hours on the internet searching for skincare products.

Rohit Bhasin, Global Brand Vice President, POND’s Unilever, has stated, “POND’s has always been known for providing consumers with expert skincare and making beauty more accessible. We recognize how confusing and overwhelming it can be for anyone to pick the right skincare products when there are so many choices.”

Customers can access POND’s SAL through Unilever’s flagship store on Shopee. SAL leverages powerful technologies like AI and augmented reality (AR) to act as a personalized skincare assistant for users.

With SAL, POND’s has newfound ability to interact three-dimensionally with all its customers and provide immersive shopping experiences to them.

When in need of skincare, all you have to do is open SAL’s chat interface and upload a selfie. Based on your headshot, SAL will identify significant skincare concerns in four critical areas: pimples, wrinkles, spots, and uneven skin tone, and suggest the best product for your needs.

Additionally, SAL will keep sending additional beauty tips to keep you engaged while it analyzes your skin.

SAL’s success can be established because 98% of users have cited positive ratings with the bot. Moreover, 95% of users have enjoyed the personalized shopping experience on SAL.

How can Acuvate help?

According to Gartner, “By 2023, more than 60% of all customer service engagements will be delivered via digital and web-service channels, up from 23% in 2019.”

At Acuvate, we help clients build AI chatbots to assist them in hyper-personalizing customer journeys and generating maximum ROI from investment in AI using our enterprise bot-building platform called BotCore.

  • A low-code, graphical interface that allows companies to build and deploy AI-enabled chatbots quickly
  • Bot administrators can create/update bot responses using the drag and drop feature and rich media elements like Buttons, Carousel, Images, Videos, etc.
  • Supports seamless integration with existing CRM software
  • Our bots can engage in both simple and highly complex conversations.
  • BotCore leverages Microsoft’s most renowned AI, machine learning (ML), and natural language understanding (NLU) technologies.
  • Our bots are deployable on popular enterprise messaging channels (Slack, Teams, etc.) and support multiple languages, including English, German, French, Italian, etc.

To know more about BotCore, please feel free to schedule a one-on-one consultation with our experts.

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Multilingual Chatbots: Benefits And Key Implementation Considerations https://botcore.ai/blog/multilingual-chatbots-benefits-and-key-implementation-considerations/ Wed, 28 Nov 2018 12:26:00 +0000 https://botcore.ai/?p=102 Multilingual Chatbots: Benefits And Key Implementation Considerations introduction Chatbot – the poster child of artificial intelligence is taking the tech world by a storm. Wonder why? It’s easier to realize a quick value add in terms of business outcomes and delivering superior experiences. Additionally, there seems to be an uptick in interest for chatbots that […]

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Multilingual Chatbots: Benefits And Key Implementation Considerations

introduction

Chatbot – the poster child of artificial intelligence is taking the tech world by a storm. Wonder why? It’s easier to realize a quick value add in terms of business outcomes and delivering superior experiences. Additionally, there seems to be an uptick in interest for chatbots that are natively incorporated into enterprise software applications.

For those who are still wondering what chatbots are  – A chatbot as the name indicates is a computer program or artificial intelligence which conducts a conversation via auditory or textual methods.

Chatbots are gaining immense traction in organizations globally. According to a report featured in Business Insider, 80% of businesses want chatbots by 2020. One of the most interesting advancements in chatbot technology is the bot’s ability to converse with users in hundreds of varied languages. This advancement is particularly beneficial for businesses that are regional specific or preparing to expand their market to new demographics.

Most business users may not be well versed in English, a language that is the globally accepted business-standard. In fact, according to a report by The Washington Post, only about 7.5 percent of the world’s population consider English their native language. This is also one of the foremost reasons why making your enterprise chatbot multilingual, is the need of the hour.

what is a multilingual chatbot?

Multilingual Chatbot allows enterprises to converse with users speaking various languages enhancing engagement and conversions. Traditional chatbot technology holds a limitation of conducting a conversation only in one specific language. For example, if you have your business in China, your website might have a chatbot that converses in Mandarin.

While this is helpful for Chinese customers, the chatbot’s inability to converse in other languages demands the need to either build a separate chatbot for a global audience or switch language preferences time and again. All this results in multiplication of efforts, time and costs.

On the other hand, multilingual chatbots are capable of conversing in multiple languages – not just translation.  Gone are the days where multilingual meant “Translate and Understand”.

Building multilingual chatbots requires more than just processing text or dialogue in English through a language translator.

To effectively converse in multiple languages, a chatbot must be aware of the end-users’ culture and able to understand regional nuances. This needs additional time and effort during the development phase.

While translator services are rapidly improving their capabilities to detect and translate, Natural Language Understanding (NLU) services are much ahead of the curve in language-specific processing.

For example, the NLU service of Microsoft – LUIS supports 11 Languages and supports locale-specific inclination (ex: Canadian French & France French). The growing demand for language and locale understanding capabilities in chatbots is driving the continuous evolvement of these services.

Business studies suggest that most customers, in spite of being multilingual, prefer to interact with your brand in their native language. In order to localize a brand, one must ensure that customers can interact in a language they are most comfortable with. Multilingual chatbots are thereby the most efficient and cost-effective answer to meet this demand.

benefits of multilingual chatbots

Multilingual chatbots help your enterprise stay ahead of the curve by making it relevant and relatable in multiple markets globally. In the context of customer service, contact centres that have multilingual chatbots can offer help and troubleshoot problems for business users in a language that they are comfortable. Since companies don’t have to recruit resources of varied language proficiency, they end up saving a lot of money. A multilingual bot that can effortlessly switch between languages, enhances and personalizes the customer experience.

Other key benefits of using multilingual enterprise chatbots include:

CSAT And Gaining A Competitive Edge

When it comes to gaining a competitive edge in the market, customer service acts as an important tool. Given a choice between two companies offering similar products, most customers would prefer to go with the one that has better customer service and personalization. Hence, multilingual chatbots with an ability to interact with customers in a language they are comfortable with help increase CSAT levels. This gives the company a competitive edge amongst its competitors.

Reduce Costs

Most global companies spend a large amount of money on hiring native language speakers and translators to connect with the local customer base. While this may seem like a good strategy to expand your customer base, it is simply not efficient. Having to hire and train personnel to meet varied language needs increases costs substantially. So what is the alternative? A cost-efficient alternative to having a multilingual workforce is to implement multilingual chatbots instead. Depending on your customer base, you must train your chatbot to converse in various languages. This will remove any communication gaps that often occur when non-English speaking customers turn to the support team for help.

Expand Your Customer Base With Localization

If your company has been operating in a specific country but intends to increase its customer base, then your chatbots must be able to serve customers with different language preferences. Customers generally trust brands that offer services in their native language more than the ones who don’t. Without a localization strategy, it is almost impossible to enter the global market. A multilingual chatbot easily transitions from language to another, reaching out and appealing to a wider customer demographic.

As the number of languages that the chatbot can handle increases, so does the customer base. Multilingual chatbots are also useful in recording customer feedback in the customer’s native language. This means that you can reach out to more customers and build a formidable reputation as a global brand.

Boost Efficiency

When dealing with business users and customers on a global scale, a communication barrier leads to longer turnaround time. To boost efficiency, especially while handling customer issues, companies must focus on ironing out any existing language barriers. Having multilingual chatbots helps companies boost efficiency in resolving customer issues by offering support in native languages.

key implementation considerations for multilingual chatbots

The implementation of multilingual chatbots is not that easy. Here are a few aspects that you need to consider for implementing a multilingual chatbot.

Language detection

One of the most critical success factors of a multilingual chatbot is its ability to detect the right language. While Language Detectors i.e the translator services in the market are efficient in detecting languages and have unique scripts of their own, they have their own limitations.

It sometimes becomes very challenging for translator services to differentiate between languages with the same script. For example, the second and third most spoken languages by native speakers – Spanish and English respectively are written in the same script (Latin).

Moreover, there are around 14 languages other than English and Spanish that are written in Latin Script including French, Turkish and Portuguese.

Here is another limitation: a simple word like “No” is used not only in English but also in many other languages (Ex: Spanish). Detecting the right language becomes even more complex when users use both languages in a phrase. This is because usually nouns exist only in one language and these can be used along with any other languages. In such cases, Translator services would require more words to figure out the language. However, nowadays services like Microsoft Translator can detect more than one language for a particular set of word(s).

Language detection plays a very important role and it shouldn’t be just dependent on what a translator service detects. If the language detection has to be efficient, your chatbot solution should also be able to influence the detection based on the user’s geography, the context of the conversation and other user details if available through user profile or user AD.

Language understanding

Though Chatbots, with minimum training, can figure out the user intentions for most of the languages – one of the main challenges chatbots face these days is the ability to understand the different regional accents or linguistic varieties (Dialects).

Training the language understanding model with patterns of different linguistic varieties can help mitigate this. But if you are looking to roll out your chatbots to multiple countries in multiple languages, you might want to consider Language Understanding services that support different local languages.

A Language understanding model equipped with quality training data is second to none. But if your Language Understanding service provider can offer support in multiple locales, it’s even better.

Because the efficiency of language understanding will be better if the service itself supports the locale.

For instance, LUIS, the language understanding service of Microsoft supports both France’s French and Canadian French. So, if you are rolling out a chatbot in France and Canada with language support for both English and French, you might want to consider having different language models for English, France’s French, and Canadian French. This will help the chatbot in understanding better and will reduce the need for larger training data.

Another important aspect of Language Understanding when it comes to multilingual chatbots is Entity training. Although users tend to write nouns mostly in their respective languages, it is not the case every time. For instance, while some words are spoken in English, they have their own language variations as well.

For example, the Russian word for ‘Manager’ is Менеджер. So, when you are training entities in your language model, don’t assume that all nouns to be in the same language –  consider the language variations as well.

Conversations

It is not just the capabilities of a multilingual chatbot that make it successful – user experience counts as well. Every chatbots’ user experience relied on the design of its conversations. One of the typical strategies used when rolling out chatbots in multiple countries and languages is building the chatbot personality at a global level. This is not only incorrect but also risky for a chatbot roll out.

Cultures differ with regions. Some conversations that are polite in one country aren’t deemed the same way in another country. The word “Crazy” might sound funny in the UK but it’s offensive in the US. So, it’s very important for Conversational Architects to build a chatbot personality at a country level than at a global level.

This means having a single Conversational Architect for a multilingual chatbot wouldn’t be enough – even if he/she has an exceptional cross-cultural understanding. Having a cross-cultural team of Conversational Designers is a better bet. This will help to bring in the flair of language in conversations which might be very locale-specific at times.

One another important aspect of a chatbot conversation is Context Management. For example, the word “Ciao” in the Italian Language is used both for greeting and farewell. A chatbot with poor context management will not be able to differentiate scenarios like these. Thus, it is important that the chatbot has the capability to understand the state of the conversation and act accordingly.

conclusion

Chatbots have gained traction globally, and with the help of evolving AI and language processing technology, they are expected to become even more empowered in the coming days. As an increasing number of businesses try to use chatbots in new and inventive ways, building multilingual chatbots helps enterprises connect with a wider and more varied audience. For a chatbot to be well-received and widely used, it is important that it can convincingly converse in a language that is most comfortable to the user. And since the business landscape has become largely global, multilingual communication has become a priority.

If you’re planning to build and deploy multilingual chatbots for your organization, please feel free to check out our enterprise chatbot builder platform – BotCore.

If you’d like to learn more about this topic, please feel free to get in touch with one of our experts for a personalized consultation.

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