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New Ways Conversational Commerce and Machine Learning Is Revolutionizing Sales

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So, how exactly business uses of or plans for AI?

BRAIN [BRN.AI] CODE FOR EQUITY

It is a well-known fact that eCommerce has always remained one of the most customer-facing industries. But it is also true that customers’ expectations for smarter interactions has been rising. In response to these rising expectations, businesses have been trying to find ways to infuse AI into everything ranging from customer experiences to internal sales operations.

So, how exactly business uses of or plans for AI? For one thing, AI promises to re-architect business models — enabling companies to get closer to their customers, design hyper-personalized experiences, all of which results in delivering relevant customer engagement in real time.Apart from this, one of the important facts that must be mentioned is that AI and machine learning clearly has demonstrated the potential to reduce the most time-consuming, manual tasks that keep sales teams away from spending more time with customers.

U.S. Sales, Service, and Marketing Leaders who describe business use of or plans for AI. Data attributed to Salesforce Research’s (SF Research) AI Snapshot Survey is sourced from U.S. respondents only.

AI technology has contributed to a situation when customer expectations have skyrocketed. Sales teams adopting AI are seeing an increase in leads and appointments of more than 50%, cost reductions of 40%–60%, and call time reductions of 60%–70% according to the Harvard Business Review article Why Salespeople Need to Develop Machine Intelligence. In the sales department, intelligent selling has already been driving productivity improvements and increasing the speed at which sales teams operate for quite some time now.

AI-powered developments such as, for instance, individualized recommendations and automatic order fulfillments are constantly raising the bar against which customers tend to judge companies.

Currently, 55% of consumers and 75% of business buyers expect personalized offers. By the end of 2020, 51% of consumers and 75% of business buyers are going to expect companies to anticipate their needs and make relevant suggestions and as many as 30% of all B2B companies will employ AI to augment at least one of their primary sales processes according to Gartner.

What about customers’ point of view? It is predicted that half of consumers will abandon those brands that don’t anticipate their needs. However, only one-third of consumers, on the other hand, is able to name an example of AI they keep using on a regular, day by day basis. Data proliferation, paired with increasingly refined modeling capabilities, is making AI a mainstay of everyday life and, as a result of this, expectations are currently being fundamentally altered.

62% of customers are open to the use of AI to improve their experiences — AI has gone mainstream, although some reservations still remain by SF Research

Sales, service, and marketing leaders mostly view AI as a tool to drive better customer engagement and increased revenue as well. This can be explained with the fact that High-performing sales teams are 4.1X more likely to use AI and machine learning applications than their peers according to the State of Sales. It seems that it is AI that is helping sales organizations make that critical shift from simply facilitating transactions to building lasting relationships with customers

If we were to name but a few out of the most important areas of its use, we would put intelligent forecasting, opportunity insights, and lead prioritization on the list as the top three AI and machine learning use cases in sales.

Customer-Centric Use Cases Are Viewed as Strong Contenders for AI
Ranking of Top AI Use Cases for Sales, Service, and Marketing Leaders by SF Research

It generally seems that the role of sales is no longer that of an order-taker. To succeed in the Age of the Customer, sales teams are focusing on driving trusted advisor relationships with customers through personalized and proactive engagement. Top sales teams — those driving significant revenue growth under this new dynamics — are more likely to leverage AI. In the meanwhile, since AI and machine learning technologies keep excelling at pattern recognition, which enables sales teams to find the highest potential new prospects by matching data profiles with their most valuable customers.



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