Over the next four years, the value of conversational trading will increase by over 590% to $290 billion. And chat and voice bots will account for 50% of spending on this type of online sales. Will it be possible to increase e-commerce profits through intelligent automation?
What is conversational trading?
Conversational trading uses innovative technology, including artificial intelligence, to automate transactions and payments through channels such as voice chat and robots, email, telephone, instant messaging and digital voice assistants. It allows the creation of a valuable dialogue between companies and potential customers at different levels and in many channels. As a result, engage customers in deeper relationships with brands, and therefore increase sales.
Conversational commerce – efficiency
However, in practice, the management of all communication channels requires the involvement of the resources of a large company. And the more companies invest and dedicate themselves to achieving the given indicators and planned measures, the less effective they are.
– The less resources and team commitment you devote to routine and monotonous tasks, the more motivated and efficient your team is. Thus, the key performance indicators of your processes increase. The more automation you introduce into your organization, the more space you give your employees for creative and strategic tasks. – says Bartosz Malinowski, head of the Voicebot department at APIFONICA.com. – Automating communication allows companies to be both multi-channel and efficient, which translates into a better return on investment. – adds Malinowski from APIFONICA.
However, according to research from the Sales Insight Lab, up to 50% of all leads contacted by sales are characterized by low quality and a low likelihood of dropping sales calls. On the other hand, according to McKinsey Global Institute, up to 65% of salespeople’s work time is in non-revenue-generating activities, and actual sales make up only 35% of salespeople’s time.
Automation of sales activities in practice
This is why companies automate the sales process so that the sales department can spend more time on actual sales in order to increase sales accordingly. Intercars is an interesting example of how companies use intelligent communications automation to analyze and optimize processes. It is the largest importer and distributor of spare parts for passenger cars and commercial vehicles in Central and Eastern Europe. Phone calls are one of the primary communication channels with customers, so measuring and tracking call activity is crucial.
– With them in mind, we have introduced a solution known as Phone Number Masking. Intercars uses over 10,000 different phone numbers to track incoming calls from various sources. This is because a phone number is assigned to an individual marketing mix action or tool, i.e. to each ad, website, country, etc. This lets the client know which resources are generating sales and which are not. You can increase your ROI by investing in the best performing activities and channels and eliminating the underperforming ones. – says Bartosz Malinowski, head of the Voicebot department at APIFONICA.com.
Another example of how companies are automating the sales process, such as handling incoming leads, is the online learning platform Foxford.com. Before the implementation of the system, the response speed to a new contact averaged 8 minutes per lead. After setting up the automation, the voicebot calls the potential interlocutor one minute after the information about him appears in the CRM. In addition, the intelligent system asks initial questions, collects answers itself or organizes a subsequent interview at the request of the customer. Lead responses are independently placed by the voicebot into the appropriate CRM fields. It also assigns a status to each contact in the CRM, assigning them to a specific department.
Practical data showed that over a period of 2 months, approximately 30% of contacts were completely unreachable. A total of 2,500 invalid phone numbers in databases, no answer, etc. By implementing Voicebot Apifonica, Foxford saved 333 man-hours. Automation not only saved resources, but also helped maintain a high conversion rate and increased return on investment, which is known as ROI by helping to maintain the most valuable asset of a company – its employees.
Conversational trading data comes from Juniper Research.
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