As e-commerce (and retail in general) becomes increasingly global and competitive, business leaders understand that technology can be a valuable tool in reconnecting with consumers. And for InMoment, giving their customers what they want is inextricably linked with artificial intelligence.
Does customer experience (CX) analysis need an AI-upgrade?
On a basic level, customers aren’t going to shop at or buy from a company if they don’t have a good customer experience (complete end-to-end). But the customer experience can be incredibly complicated, involving everything from the visual appeal of the product to the way a customer service representative walks them through a technical problem. Thus, a huge pain point is created for businesses in that they need to sort through the nuances and make informed decisions at the executive level and positively impact the end-user.
InMoment’s cloud-based customer experience platform boasts that they are the first and only AI-powered company to use prescriptive analytics to help businesses understand exactly all that unstructured (text-heavy) data, to end the CX guessing game — Nike, Target, and GE are currently amongst the leading brands leveraging the platform. Where there are several CX analytics platforms competing in the space, InMoment prescribes to a brand’s C-suite how they should prioritize addressing these issues, based on the predicted ROI in solving for each — and in turn, delivers more keyword results to business leaders than their competitors. As an example, InMoment shared results comparing their results (right) versus its biggest competitor’s (left):
Because the technology returns better analytics results, executives get a more comprehensive picture of what the customers truly are discussing and seeing as important. The executives can look at their reports and, based on individual business needs or concepts about the state of the market, choose which issues deserve the right prioritization. In the future, robots will be able to handle even that last step of prioritization.
How AI can improve Customer Experience (CX)
Artificial Intelligence for Customer Experience is the use of technology and machine learning to enhance customer experiences. With AI, brands spend less time analyzing text heavy analytics and more time making smarter decisions to drive change. AI driven insights provide consumer behaviors, preferences, uncovers new trends, and overall a more personalized experience.
With these findings, brands can convert data to real actionable change. Customer retention rates and customer service can be improved by using AI to actively listen for qualitative feedback and elicit more valuable responses.
Another way AI is changing the customer experience realm is the detection of customer feedback themes to condense the main issues facing customers and presenting them back as valuable insights to improve.
Consistent response based on AI results can lead to trust and brand loyalty
InMoment’s AI-based analysis about the customer experience is of course important in ensuring that companies can respond to immediate issues within operations. But because the market constantly adapts and consumers change their preferences, the platform’s real power is in the long-term. Since the platform allows companies to properly respond to consumer issues over time (whatever those issues might be), customers likely will end up feeling like the business they’re engaging with will consistently hear them out. And when customers can predict what a company is going to do or how the business is going to respond to concerns or inquiries, they’re more willing to trust that business. Once the business has the trust of the consumer, brand loyalty becomes easier to achieve. And more brand loyalty equals stability.
In the broadest context, using artificial intelligence to analyze customer experience in this way has a tremendous potential to positively influence the overall economic condition of whatever region employs it.
The future = growth and satisfaction
As technology improves and e-commerce growth continues, AI platforms likely will become even more commonplace. So learn to expect exceptional service and accept that disappointments could be rare—with AI, the old way of treating customers is officially a thing of the past.