Customers want rapid, individualized, and practical methods to interact with brands. And that’s why businesses from various industries are embracing the potential of conversational AI. The fact that 67% of worldwide consumers interacted with an AI chatbot in the last year demonstrates how widely conversational AI is being used. The conversational AI industry is poised to surpass $32.70 billion by 2030 as AI chatbots continue to demonstrate their viability across company areas like customer service, engagement, sales, and marketing.
Let’s examine how conversational AI can assist brands in increasing sales, earning money, and releasing their hyper-potential growth.
Sales growth using conversational AI
Being everywhere at once:
Brands can create an omnichannel presence and connect with customers where they already congregate with the aid of conversational AI. 66% of customers worldwide concur that social media sites like Facebook, Instagram, WhatsApp, and others have developed into reliable sources for them to learn about and investigate goods and services before making an investment in them.
Here are some figures that demonstrate the importance of these platforms:
- 90% of Instagram users follow a company.
- Facebook is used for purchasing by 91% of Facebook users in India.
- Over 100 million messages per day are already sent by businesses utilizing the WhatsApp Business API.
- By being accessible on all the major platforms, brands can engage customers and provide help via AI chatbots.
- Increase marketing profits:
Every brand wants to get the most value out of their investment in digital advertising, and conversational AI can be a catalyst in assisting firms in achieving this goal. Brands may run interactive Conversational Ads with Click-to-Message CTAs using an AI chatbot to start a discussion with prospects and respond to all of their real-time questions in order to create leads right away.
An AI chatbot can assist brands in gathering behavioral user information. Instead of using generic messaging, they may create targeted campaigns for their clients using this data. 72% concur that consumers only respond to marketing communications that are relevant to their individual interests and needs. Businesses may increase engagement and their chances of conversion by using appropriate communication.
2.Automate the process of lead creation and qualification:
Brands can engage prospects in two-way communication by deploying an AI chatbot rather than asking them to fill out a lengthy lead generating form with a high risk of drop-off. The AI chatbot may communicate with potential customers, share information, and elicit more specifics about their needs, finances, and other preferences. used to establish strong pipelines and qualify leads as well.
3. Selling customized goods:
When given tailored shopping recommendations, 92% of consumers were persuaded to purchase a product. Conversational AI can assist firms in systematically adding customization to online purchases. Brands can make their AI chatbots into shopping assistants who provide clients expert-like advise, comprehend the motivations behind the purchase, and assist them in finding exactly what they’re looking for in the least amount of time by using a strong recommendation engine like kAIron.
4. Raise conversion rates
Giving clients a fantastic shopping experience is just as crucial as providing the actual good or services. An AI chatbot personally engages with online customers, assisting them with their purchasing decisions and suggesting the finest items. This increases conversion rates and leaves a positive image that fosters customer loyalty.
5. Increase opportunity for upsells
AI chatbots can proactively recommend the best add-on when they have real-time access to client data. These chatbots can make suggestions based on a customer’s interests and past purchasing patterns, giving businesses more opportunities to upsell.
6. Retargeting
A startling 69.57% of carts are abandoned, and 4 out of 5 customers ditch their shopping carts before making a purchase. By sending targeted notifications that engage clients at the right point in their purchasing process, conversational AI can assist firms in recovering abandoned carts. Companies can employ an AI chatbot to update customers on the progress of their orders, payments, and shipping on a regular basis. Additionally, AI chatbots can encourage customers to finish their purchases by offering fresh discounts and offers, back-in-stock alerts, pending cart reminders, etc.
Conclusion:
According to reports, consumer retail spending through AI chatbots will increase to $142 billion globally by 2024 from just $2.8 billion in 2019, demonstrating the promise of conversational AI. Brands are empowered to participate in the purchasing process using conversational AI. Brands can be present at key customer touchpoints to support, give value, and nudge when appropriate with the use of AI chatbots, which will improve conversions, increase sales, and encourage repeat business.