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By Udit Agarwal
The global economy is undergoing rapid changes, which has resulted in increased volatility and uncertainty and India is no exception to that. Deloitte’s recent report on India’s economic outlook revised its growth projections for the Indian economy given the weaker-than-expected performance in H1 FY 2022-23. The report predicts that India will grow in the range of 5.8%-6.3% in FY 2023-24. As the specter of recession looms large, businesses are under increased pressure to stay competitive and cost-conscious. They need to create engaging (or Connected Customer Journeys) customer journeys that offer seamless and personalized experiences across all touchpoints to stay one step ahead of their consumers in the face of one of the biggest economic slowdown of the past decade.
Amid these challenges, AI is emerging as a key driver of transformation in customer interactions and is helping businesses enhance customer experience and build stronger connections with consumers across retail, healthcare and hospitality industries. By streamlining interactions, delivering tailored experiences, and reducing costs, AI is helping businesses navigate the economic downturn and emerge stronger. With applications of AI and chatbots, businesses can contend with issues such as limited resources and infrastructure, as well as address cultural and linguistic plurality.
Dreading the great recession and facing a bleak funding winter, companies are changing tack from “growth at all costs” to focus on “revenue growth at frugal cost,” an approach that emphasizes maximizing revenue while keeping costs low and sustainable. In this scenario customer experience (CX) has become the key differentiator, with the banking and financial services industry leading the way with conversational AI bots. Marketing professionals across sectors are investing in CX to lower the cost of engagement. Brands in India are reimagining their marketing strategy with advanced conversational AI-driven CX to bring down costs with the right blend of Human plus AI approach.
One of the foremost strategies being adopted during economically challenging times is to focus on customer retention by adopting AI-based tools to cut cost and improve CX. Several studies have proven that it is much easier and more cost-effective to retain existing customers than to acquire new ones. Businesses are doing this by providing exceptional customer service and personalized experiences to build loyalty and encourage repeat business. By offering fast, accurate, and 24/7 customer service, AI-based communication tools are fundamentally transforming the customer-business relationship.
In the world of digital explosion, it is important to understand and be with customers where they are, a smart connected omni channel journey integrated into digital plans is becoming crucial.
An AI-powered chatbot offers customers the convenience of resolving queries on their preferred medium or channel at their leisure. Additionally, AI-based communication tools can analyze customer behavior and patterns to deliver personalized solutions.
Partial automation has emerged as a viable solution to cut costs and scale up call center operations, while retaining human intervention as a crucial aspect of customer service. AI powered bots have an innate ability to efficiently process a high volume of inquiries in a short span of time, which allows businesses to prioritize and categorize customer issues, leading to a significant reduction in the time spent on resolving each query. This helps employees focus on more critical tasks, fostering creativity and productivity for the business.
AI chatbots are an ideal solution for businesses looking to expand their reach beyond geographical and linguistic limitations. They can respond and understand multiple languages, abbreviations, and cultural contexts, eliminating the need for extensive agent training.
Brands are also reinventing marketing strategy by using AI to identify customers who are most likely to churn and develop targeted retention campaigns to keep them engaged. Similarly, AI helps them identify high-value customers and develop bespoke offers and promotions to encourage repeat business.
Businesses are also leveraging technology to stay ahead of fraudsters by deploying effective verification and fraud prevention mechanisms that are part of customer experience. Authentic communication at all levels is crucial, and privacy becomes one of the major concerns as customers give out essential data. Brands are using number masking, browsing agents, and other privacy-first principles to ensure that customers’ data is secure and their privacy is protected. Data privacy and confidentiality have become a key concern for customers, who demand that brands do more to protect their personal information. This has significant implications for CX, as customers are more likely to trust companies that prioritize data privacy and security. Brands that adopt a comprehensive approach to CX, including robust data privacy measures, can build stronger relationships with customers and gain a competitive advantage in the market.
Prioritization, the use of technology, and an outcome-over-output mindset can all contribute to increased funnel efficiency, faster response times, and improved customer satisfaction. By combining these strategies, businesses can streamline their customer service processes, reduce response times, and improve customer satisfaction. By prioritizing the most critical tasks, leveraging technology to automate routine tasks, and focusing on delivering value to customers, businesses can create a more efficient and effective customer service experience.
Undoubtedly, brands in India and indeed globally, are facing significant challenges in the current economic climate. However, by focusing on digital channels, personalized customer experiences, and sustainability, brands can differentiate themselves and build stronger relationships with customers. By continually seeking new ways to differentiate themselves, stay attuned with technology to meet the evolving needs of consumers, businesses can thrive and maintain their competitive edge in the modern market.
The author is the vice president and global head of marketing of Exotel
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