How Conversation is Reshaping Commerce

by | Nov 22, 2018 | Digital Transformation, Intelligent Content

The way people buy goods and services has changed with the advent of AI and bots. It has taught the commercial world that people love to talk.

These technologies led to higher preference for brands that meet consumer needs on demand, understand and speak their language, and offer something valuable as the communication progresses.

For a while now, digital marketing has been about personalised interactions. This show that brands and people are following the natural progression of interacting through conversations.

What is conversational commerce?

Conversational commerce is a new digital platform to engage consumers in a kind of “chat” interaction, leading to the purchase of good and services. It primarily uses cutting-edge communication technologies such as messaging apps or voice assistants.

Natural language processing and understanding help businesses intelligently curate services and experiences to meet needs and engage today’s consumers who love information instantly.

Advances in artificial intelligence drive and scale these one-to-one interactions to inspire consumers and be confident in what businesses offer.

Meeting consumer expectations through conversational commerce is something businesses should care about. These stats tell us why.

  • 64% want personalised offers from retail brands and 56% are willing to share data to receive faster, more convenient experience. (Salesforce)
  • Live chat has a 73% customer satisfaction rate, the highest rate compared to traditional channels like email (61%) and phone (44%). (Econsultancy)
  • 70% of consumers say a company’s understanding of their individual needs influences their loyalty. (PSFK)

Voice assistance will drive conversational commerce further

Majority of consumers already use voice assistants.

Source: Capgemini Conversational Commerce Survey, October–November 2017, N = 5,041 consumers in the US, UK, France, and Germany.

Smart voice assistants present opportunities for businesses to attract and engage consumers.

Instead of visiting a shop, they will only have to “talk” naturally to get information about products or services and even complete transactions. It’s human-like and rapid, which is exactly how people want their transactions.

By 2020, Gartner predicts consumer adoption of these voice personal assistant speakers will easily top 60 million users.

More and more people realise that conversational commerce is right here and now and it’s not just a passing fad. With proper strategy, businesses can engage consumers, increase sales, and maintain relationships by simply chatting.

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