How Conversational AI is Helping Brands in B2B Marketplace
February 13, 2023
Conversational AI is one of the breakthrough advancements of Artificial Intelligence, especially for B2B digital marketplaces. Customers and buyers are showing more and more preference for automated conversations at each step of their journey.
One of the most critical junctures for a business is customer retention. It comes only after customer satisfaction. This is the main reason why brands emphasise providing a smooth customer experience. CX is how customers perceive the brand, right from the first impression of the brand and decision-making regarding the product purchase. It crucially includes post-purchase services as well. A happy and positive customer experience is essential for a company’s long-term development as it fosters loyalty and increases brand advocacy.
There are certain problems that customers and brands face that can be solved with the help of AI and help the brand to retain the customer.
One of these problems is a warranty claim. Warranty claim is a tedious process for the customer and the brand. Customers usually need to find the purchase bill. With a purchase bill, it is easier for the brand to track the product and the customer.
With the help of conversational AI, the brand can create and update a database with all this information in no time and with a minimal workforce.
Leveraging Rezo’s Solutions
Rezo can help you in solving this problem in the following ways:
1. Product Registration
Information like name, contact number, and email ID are usually registered during online purchases. Still, it is often missed when purchasing offline from dealers. Therefore, every time customers make a purchase, they should be guided to register their product online using AI Bots. The companies can leverage Rezo’s Conversational AI Bots which are easy to use, to enable the product registration process in minimum time.
2. Real-time dashboard updation
Customers look for super-fast solutions to their problems. Rezo’s AI bots can be the quickest mode for the aforesaid problem. With Rezo’s real-time updation of the dashboard, brands can create and update a database with customers’ information. Bots could ask for details like the customer’s name, contact number, or email id of the customer. Using this information and instantaneous database, bots shall revert with the options of products bought. After selecting the product by the customer, it shall generate the bill of purchase.
3. Upselling and Cross-selling
With product registration and real-time data updation, the brand will be able to provide a quick resolution to customer queries. This will enhance customer experience and their trust in the brand. Further, this would lead to up-selling and cross-selling services like extended warranty, AMC, buyback value, exchange value, etc.
The Solutions Provided by Rezo Are Feasible and Achievable
1. Increasing Digital Penetration
Digital penetration in India is proliferating. According to a report by PWC, 13% of the population uses a smartphone, 91% of whom search for products to buy via their device, and 54% of them have completed a purchase. This level of digital maturity comes to a population with 37% Internet penetration, growing at a CAGR of 31%, which is higher than that in China and the US. This bodes well for the e-retail sector and omnichannel players.
This digital penetration has made conversational AI an obligation for B2B brands to grow and refine consumer experience.
2. Driving customer-centricity
Technology is progressing each day, and you must imbibe advancements in your business, which are both brand and customer-centric. Technology is meant to ease human efforts and increase the scope of work. Collecting and maintaining an extensive database manually containing all customer information is strenuous and inconvenient. With artificial intelligence, it is possible and seamless to create and update such a database on a real-time basis. This data helps to analyze customer behaviour to drive customer-centricity in the brand strategy.
3. Leveraging services to retain customers leading to revenue growth
One of the crucial things to boost your revenue is retaining your old customers. It cuts down the cost of the acquisition of new customers. Also, it helps in increasing loyalty and advocacy among existing customers. The data that conversational bots build can drive valuable insights for the business. Based on the insights, brands can identify new revenue streams using service propositions.
Adoption of Rezo’s Technology
Adopting Rezo is very easy as it integrates with any CRM without making changes to the current system. The conversational bots of Rezo support multiple languages.
Rezo provides deep learning solutions combined with natural language processing. This interprets the conversation with the right intent and provides a solution accordingly.
You can use the bots of Conversational AI in B2B to capture data from customer chats. This data can be verified with the existing database and can be updated as per the requirement. The past conversations can be used to train bots, and eventually, the database formed can be used to draw business insights.
Rezo enhances the customer experience for the brand. Better customer experiences increase the trust and loyalty of the customers. When the company has a loyal customer base, it can use them as an opportunity to upsell and cross-sell other products, which subsequently increases ROI and overall revenue.
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