Conversational AI has really taken off in a big way over the last few years, and is projected to become a $15 billion industry by 2024, with a TAM (total addressable market) of $1 trillion. An ever-increasing number of enterprises across verticals such as BFSI, Retail, Telecom, Travel & Hospitality have enthusiastically adopted the technology.
Traditional chatbots with their static scripts and rigid flows have given way to Intelligent Virtual Assistants that leverage the power of advanced Machine Learning (ML) and Natural Language Understanding (NLU) to accurately pinpoint customer intent and do whatever it takes to fulfill the customer’s requirement end-to-end. More than ever before, Conversational AI has the ability to truly put customers first.
Needless to say, there’s a lot of excitement about the technology. But excitement alone cannot justify the substantial investment that brands need to make to implement a truly effective Conversational AI solution. Ultimately, the decision to implement a Conversational AI solution will depend on the difference it makes to a business’s bottom-line.
How Conversational AI Drives ROI
Customer care is one of the key use cases for Conversational AI. A major challenge large enterprises face when it comes to scaling up their customer support capacity is the high cost of recruiting, training and maintaining large teams of contact center agents. An AI-powered Live Chat & Messaging solution would be able to automate the resolution of routine repetitive queries and FAQ’s, which typically comprise 80% of incoming query volume. This means that human intervention is only required for the remaining 20% of more complex queries (and over time, the virtual assistant would learn how to resolve many of these complex queries as well!)
Essentially, Conversational AI enables a brand to exponentially scale up their customer support capacity, while keeping the headcount of their customer support team down!
Sales is another area where Conversational AI has proved to be promising. Intelligent prompts and conversational lead forms have proven to be effective in converting passive website visitors into active buyers, boosting lead conversion rates by as much as 30%. Moreover, with an AI-powered Virtual Shopping Assistant, a brand can simulate the behavior of an in-store sales agent – understanding customer requirements, making relevant product recommendations, increasing purchase consideration, and ultimately, driving sales and revenue.
By slashing support costs on the one hand, and boosting sales revenue on the other, there’s no doubt that the ROI from Conversational AI implementation is substantial.
But how do you put a number to it?
Introducing Haptik’s ROI Calculator
Haptik’s ROI Calculator takes the existing metrics for your business (for e.g. number of support chats per month, average leads per month etc.) and uses industry-wide benchmarks to determine the ROI for your brand from implementing a Conversational AI solution. This will be the annual cost savings for your brand after implementing a Customer Care solution, or the annual increase in sales revenue after implementing a Sales solution.
So try out the calculator and unlock your brand’s Conversational AI ROI.
And if you’re convinced that Conversational AI is a good investment for your brand, do Get in Touch with our team to learn how you can get started.