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These cumbersome chatbots are on the brink of becoming obsolete. Generative AI (GenAI) has the potential to revolutionize online chat sessions, creating a more authentic experience known as "conversational commerce." This transformation offers retailers the opportunity to enhance online self-service, potentially reducing the reliance on human support. According to a recent survey by BCG, 66% of 500 US consumers expressed a strong interest in trying GenAI-powered conversational commerce, suggesting a potential doubling of the channel's usage. However, GenAI comes with significant risks that companies must address, including concerns related to factual correctness, explaining results, data privacy, security, biased outputs, and copyright infringement. With proper handling, such as establishing ethical principles, risk taxonomy, and tolerances, GenAI can present a new model for conversational commerce, enabling companies to improve margins, increase revenue, and elevate the overall customer experience. To capitalize on this opportunity, companies must develop use cases that resonate with customers and strategically plan for the broader transformation that GenAI will necessitate, covering aspects like strategy, technology, people and processes, and governance. #artificialintelligence #ai #machinelearning #technology #datascience #python #deeplearning #programming #tech #robotics #innovation #bigdata #coding #iot #computerscience #data #dataanalytics #business #engineering #robot #datascientist #art #software #automation #analytics #ml #pythonprogramming #programmer #digitaltransformation #developer #healthcare #health #covid #medical #medicine #doctor #hospital #nurse #doctors #healthylifestyle #wellness #healthy #coronavirus #healthyliving #surgery #pharmacy #nursing #nurses #love #fitness #care #nurselife #skincare #bhfyp #healthyfood #mentalhealth #healthcareworkers #selfcare #surgeon #science

Clickatell has introduced a new conversational AI solution - Clickatell AI - to facilitate personalized conversations, enhancing customer engagement and fostering stronger relationships Read more below 👇 https://lnkd.in/dMxW3g5C #cx #ai #messaging #customerengagement #conversationalai

The Chatbot Is Dead—Long Live the Chatbot Most consumers dislike chatbots—less than a third of online customers use them—and for good reason. Chatbots’ mechanical language lacks a personal touch, they rarely understand the consumer’s specific needs, and offer generic and vague information. There’s not much real conversation taking place in chatbots today. For actual advice, consumers turn to offline, human interactions, and physical channels, creating cost for the business and extra friction for consumers. These clunky chatbots are likely to soon be a thing of the past. Generative AI (GenAI) can transform online chat sessions into something more real—known as “conversational commerce”—and give retailers an opportunity to use better online self-service to reduce the necessity for support by people. According to a recent BCG survey of 500 US consumers, 66% expressed strong interest in trying GenAI-powered conversational commerce, potentially doubling the use of this channel. GenAI poses significant risks that companies must manage, including factual correctness, difficulty explaining results, data privacy, security, biased outputs, and copyright infringement. But handled correctly—such as by setting ethical principles, risk taxonomy, and tolerances—GenAI can provide a new model of conversational commerce that helps companies improve margins, boost revenue, and enhance the customer experience. To capitalize on the opportunity, companies need to create use cases that appeal to customers. They also need to plan for the broader transformation that GenAI will require, encompassing strategy, technology, people and processes, and governance. https://lnkd.in/ewv7seU6

How can conversational experiences be optimized to enhance customer engagement and satisfaction? Enhanced Personalization: AI-driven conversational experiences enable businesses to tailor content and recommendations to individual customers based on their interaction data. By delivering personalized experiences, businesses can reduce churn rates and increase conversion rates, as customers feel more valued and understood. Proactive Churn Prevention: Predictive analytics powered by AI can identify customers at risk of churning before it happens. This allows businesses to take proactive measures, such as offering tailored incentives or addressing concerns, to retain customers and prevent them from switching to competitors. 🤖 Enhanced Personalization: AI-driven conversational experiences enable businesses to tailor content and recommendations to individual customers based on their interaction data. By delivering personalized experiences, businesses can reduce churn rates and increase conversion rates, as customers feel more valued and understood. 🤖 Proactive Churn Prevention: Predictive analytics powered by AI can identify customers at risk of churning before it happens. This allows businesses to take proactive measures, such as offering tailored incentives or addressing concerns, to retain customers and prevent them from switching to competitors. 🤖 Improved Customer Insights: AI facilitates the analysis of customer feedback and sentiment across various platforms, providing valuable insights into customer emotions and perceptions. By understanding customer needs and preferences more deeply, businesses can refine their marketing strategies and enhance overall service quality, leading to higher satisfaction and loyalty. AI facilitates the analysis of customer feedback and sentiment across various platforms, providing valuable insights into customer emotions and perceptions. By understanding customer needs and preferences more deeply, businesses can refine their marketing strategies and enhance overall service quality, leading to higher satisfaction and loyalty. Juniper Research anticipates that AI-powered LLMs, including ChatGPT, will play a pivotal role in distinguishing conversational commerce vendors in 2024. Their forecast indicates that global retail spending through conversational commerce channels will surge to $43 billion by 2028, a substantial increase from the $11.4 billion recorded in 2023. This remarkable growth of over 280% will be fueled by the advent of personalized services facilitated by the integration of AI and LLMs. https://lnkd.in/gtUWRaaC #chatgpt #llm #chatbot #rag #machine #machinelearning #conversational #genAI #customer #marketing #business #ai #generative #deeplearning

#Conversationalcommerce transforms shopping into an engaging dialogue. At the heart of this innovative approach are #Large Language Models, which enable chatbots to generate human-like responses. These advanced AI tools are adept at interpreting customer queries, preferences, and behaviors, offering a uniquely #personalized shopping #experience. As a result, each user gains a knowledgeable and attentive shopping assistant, streamlining their purchasing process and enhancing satisfaction. And…hope you have the quality #data in place to feed this #AI beauty-or were you looking for a #silverbullet? 😄 Thoughtworks DaveAI HITEC Latino Corporate Directors Association (LCDA) NVIDIA

AI-Driven Customer Interactions & Conversational Marketing 🤖📈 The era of AI-powered customer interactions is here, and it's changing the game for businesses. AI-driven chatbots, personalization, and conversational marketing are delivering exceptional user experiences. 🚀 ✅ Personalized Recommendations: AI analyzes user behavior and offers tailored suggestions, as seen on platforms like Netflix and Spotify. ✅ Real-Time Support: Chatbots provide instant assistance, improving customer service efficiency for companies like Zendesk. ✅ Conversational Commerce: Brands are leveraging chat apps like WhatsApp and Messenger for Business to connect with customers seamlessly. This AI revolution isn't slowing down! Are you ready to embrace it? 🌐 #AI #CustomerExperience #ConversationalMarketing #TechTrends #HanySewilam

As customer expectations continue to rise, organizations must adapt and innovate to deliver exceptional experiences. The latest advancements in conversational AI are enabling more human-like interactions and scalable solutions that meet the needs of modern customers. By leveraging AI and machine learning, we can drive efficiency and personalization in customer service, setting a new standard for excellence. #CX #DigitalTransformation #Personalization

Located at the intersection of technology, e-commerce, and customer service, conversational commerce enables brands and consumers to engage in ongoing dialogue enhanced by AI and natural language models. While brands are already deploying chat and other messaging solutions to address incoming customer inquiries, the initial response from consumers has been somewhat cautious.     Read our latest blog post to learn how brands can orchestrate their internal systems to introduce AI-powered conversational commerce capabilities that will lead to higher-quality interactions with customers. https://bit.ly/3Wi1QA9   #ConversationalCommerce #GenAI #DigitalTransformation 

Generative AI for Conversational Commerce revolutionizes e-commerce by enhancing interactions and operational efficiency. Through personalized chatbot interactions, businesses offer real-time assistance, driving customer engagement, and loyalty. Advanced AI analyzes data to predict behavior, refine marketing strategies, and improve products. This results in a seamless shopping experience, increased satisfaction, and streamlined operations. In essence, Generative AI transforms e-commerce by enabling personalized, efficient communication that drives success in today's competitive landscape. Read the full coverage here: https://lnkd.in/eftEzsCK #generativeai #ecommerce

Generative AI is impacting business growth in India. "70% of surveyed large enterprises are already engaging with half of their customer base using conversational platforms" according to a Meta and Bain & Company survey. Utilizing AI to enhance the customer experience is critical because a huge aspect of small business growth is consumer connection, engagement, and retention. #IndiaBusiness #BusinessGrowth #GenAI