In the modern age of commerce, many customers expect perfect and personalized experiences from the brands they choose to interact with consistently. This means that more companies are turning to artificial intelligence (AI) to try to keep up with demand. SoftBank Mobile, for example, has created a humanlike robot that it calls Pepper. It’s the robot’s job to amuse, inform, and welcome customers as they come into the store and throughout their visit. Pepper knows how to recognize faces as well as to listen and respond just like a human would do.
Another example of a major brand using AI is the chatbot named Flo designed by Progressive. The chatbot is, of course, a takeoff on the character of the same name that Progressive uses in its TV commercials. As a Facebook Messenger chatbot, Flo provides insurance policy quotes, engages with customers, and helps to build brand loyalty.
The growth of AI so far has mainly been limited to the B2C industry. However, the B2B industry could also benefit greatly by using AI technology to increase profit margins and improve the experience of customers. The organization Gartner predicts that 30 percent of all companies in the B2B industry will use AI by 2020 and they will improve at least one sales process by doing so.
Monet is another recent example of the AI trend. This robot provides deep insights to brands so they can offer more personalized recommendations to their customers. It uses algorithms from machine-learning to locate customer data and then utilizes feedback from users to continue learning. This means that Monet can predict the best actions to take next as well as personalize recommendations for every customer. This ensures that each one has buying experiences that they would describe as consistent, fast, and precise.
Company leaders anticipate the continued evolution of customer demands. Unfortunately, they don’t often know how to evolve along with them. Implementing AI into the operation of a business helps to ensure cost-effective and efficient processes that continually engage customers. The following are three specific ways that companies can benefit from implementing AI:
The technology of dynamic pricing is possible only because of algorithms and machine-learning. It is also aware of context and it makes it possible for companies to provide personalized solutions to customers in a prompt manner and at an affordable price.
Companies using dynamic pricing can find deep insights about product pricing due to numerous factors. Some of the most important ones include a customer’s willingness to pay and the demand the market will hold. A company’s ability to provide accurate and timely pricing will increase customer loyalty as well as profits.
As an example, a high-level executive decided to implement dynamic pricing while taking a two-month leave of absence. The algorithm had the power to decide on pricing for the entire organization. Because of this, the company posted record sales during this two-month period. This could only happen due to the consistency and accuracy of AI algorithms as they responded to data in real time.
Knowing when to introduce new deals to customers and ensuring that they receive personalized offers are just as important as setting the right price. Algorithms from machine learning can find data transaction patterns in the buying history of customers as well as identify purchasing behaviors that are inconsistent. A B2B distribution company that took this approach could identify 30,000 new opportunities in less than three quarters. AI technology enabled this company to increase annual revenue to more than $6 million dollars.
A study conducted by Forrester Research indicates that the vendor who responds first wins half of all deals. That means that outdated and static processes that used to protect a company’s profit margins can now cause lost revenue instead. When considering customer engagement, the time it takes to produce a price quote is critical. AI can supplement the sales team with increasing the accuracy and speed of their quotes and thus securing more deals.
Some people have the mistaken impression that AI means cars without drivers and robots taking over the world. B2B companies must consider the best way to implement such technology into the everyday operations of the business. Dynamic pricing and other functional AI applications can aid a business as it reaches out to various industries with its products. Using such an approach can also create across-the-board results with finding new opportunities for sales, increasing profit, and increasing the loyalty of customers. If this sounds good to you, we encourage you to contact Call Sumo to learn more.