What are the Benefits of Implementing Conversational Commerce?
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In this new age of technology, consumers expect more from their interactions with brands. They want genuine and human interactions that feel like they are being spoken to directly. They want to be able to ask questions and get answers quickly, in real-time. They want to be able to get help immediately when they need it most.
Conversational commerce is an emerging trend transforming how we interact with brands. This new way of doing business is already proving its value by promoting brand loyalty, reducing cart abandonment, and improving customer experience.
With conversational commerce, brands can create a two-way communication channel between themselves and their customers via an AI-powered chatbot that engages in conversations with them.
These bots can be used on any platform (website, app, etc.) and can provide users with helpful information about products or services that they might be interested in purchasing or even give them incentives right then and there!
If you missed our post on different types of conversational commerce, read it here.
There are many benefits for both the brand as well as the consumer when it comes to using conversational commerce technology. So we decided to dive deeper and uncover them in this post.
The rise of Conversational Commerce
Conversational commerce uses artificial intelligence (AI) and natural language processing (NLP) to have conversations with customers, making it easier than ever before for them to find the products they’re looking for. The technology also allows businesses to provide personalised recommendations based on customers’ previous purchases or browsing history.
This new technology can be used in many ways, including:
- Give customers suggestions based on what they’ve looked at on your website or app previously.
- Provide answers to frequently asked questions about products or services offered by your company.
- Alert customers when promotions or sales are happening on certain items they’ve added to their cart but haven’t purchased yet (this type of “remind me later” feature).
6 Benefits of Conversational Commerce for Online Retailers
Conversational commerce has unleashed numerous benefits for both the brand as well as the consumer and has completely turned around the eCommerce game.
1. Increases customer loyalty
Conversational commerce is a powerful way to engage with customers and increase customer loyalty. Customers are more likely to engage with your company if they have an ongoing relationship with your brand through conversation rather than just one-off purchases.
Because of the nature of engaging in conversation with a brand, customers are more likely to feel like they’re interacting with another person. This can create a sense of familiarity, which makes them feel more connected to your brand and more willing to purchase from you in the future.
Additionally, conversational commerce can be used to gather information about your customer’s preferences, interests, and needs that would be difficult or impossible to obtain through other forms of communication. This means that you’ll be able to provide them with more targeted content and offers in the future, making it easier for them to see why purchasing from your brand will benefit them!
2. Reduces cart abandonment
Cart abandonment is one of the most significant issues faced by eCommerce store owners, with up to 70 % of shopping carts being abandoned. This means that for every 100 people who visit your site, only 30 will actually make a purchase. Every year, cart abandonment leads to a staggering amount of lost sales and money on the table.
So how can you get more customers to complete their purchase?
Conversational Commerce allows websites to leverage bots and messengers, which create opportunities to win back customers and prevent potential leads from bouncing. This kind of technology will help brands reduce cart abandonment by making their websites more user-friendly and convenient for customers who are already interested in buying from them but need extra guidance or assistance before making their final decision.
When a customer abandons their shopping cart, it’s usually because they got lost on the site or had some issue with their order. With conversational commerce, you can use chatbots and other AI tools to provide instant answers to questions about products, shipping times, and anything else that might get your customers stuck in the checkout process.
This also allows you to engage with them on a deeper level by asking them what they’re looking for or what they like about your brand. You can then use this information to make recommendations based on their answers and suggest products that they might find useful or interesting.
3. Provides unparalleled customer support
Brands can provide unparalleled customer support with conversational commerce by enabling customer service 24/7 and reach customers who may not be able to use traditional forms of communication.
Conversational commerce allows brands to communicate with customers in a more natural way, rather than simply communicating through text or email. It allows you to use language that you’d use in a face-to-face conversation, giving your customers the same level of interaction they’d get from talking with you over the phone.
This is achieved by using natural language processing to understand the customer’s intent and context, allowing for an automated response relevant to the individual and their needs. This provides customers with a seamless experience without involving humans or waiting on hold. This reduces wait times, improves response times, and provides more personalized service. This can also help reduce costs and improve satisfaction levels.
It allows customers to ask questions, get help, and make purchases without leaving the app or website. This can be especially effective for brands that have an established relationship with their customers, as well as those who are trying to build their brand’s reputation and trustworthiness.
Some benefits of conversational commerce include:
- Increased satisfaction among customers who prefer this type of interaction over traditional methods like email or phone calls
- More opportunities for upselling and cross-selling products or services that are relevant based on what has been said so far during the conversation
- Better overall customer experience because it’s easy to understand what’s going on at any time during the conversation
Sweetwater Sound exhibits the highest level of social customer care by sharing personalised responses to queries asked over social posts.
4. Increases sales
Conversational commerce has the potential to double a brand’s profits and increase sales. In fact, research has shown that over half of customers who were already considering buying from a brand are willing to spend more than they initially planned when they engage in a conversation with a brand.
With conversational commerce, brands have access to data about a customer’s behaviour, preferences, and interests, making it easier for them to cross-sell or upsell products without alienating the customer by making them feel like they’re being sold too much or too often.
For example, conversational commerce can help brands drive more traffic to their sites and increase conversion rates by providing customers with the information they need when they’re looking for it. In addition, conversational commerce can provide customers with recommendations based on their past purchases and help them find products they didn’t even know existed!
They can do so by:
- Providing personalised product recommendations via LiveChat.
- Using a Messenger chatbot to proactively connect with customers who have purchased in the past. The chatbot can remind them of a complementary product that could go well with their previous purchase or replenish that face cream they bought some time ago.
5. Reduces costs
Conversational commerce doesn’t require any hardware, so there’s no need for expensive purchases. This means you can start up quickly and cheaply (or even free) without investing a lot of money upfront on things like servers or other infrastructure.
You don’t need to pay for software licences, hosting, or maintenance fees with conversational commerce. You can also expect to save money on labor costs because your customers will be able to interact with your chatbot directly through a website or mobile app without needing any human intervention.
6. Gather feedback
Conversational commerce is a great way to gather feedback. It’s easy to do, feels more natural than filling out a survey, and is faster than sending an email.
One way to do so is by implementing a Facebook post reply tool that automatically sends a chatbot message to every user who comments on your Facebook post.
For example, if you create a Facebook post promoting your latest launch, then promise to send more information to users who leave a comment on your post. This increases your post’s engagement and allows the chatbot to follow up with commenters with more feedback questions.
Another way to gather feedback is to share a post-chat survey via live chat. This works right after a shopper has finished conversing with a chat agent. By asking for an opinion upfront, you increase your chances of getting genuine feedback.
If you’re getting started with conversational commerce to gather feedback, here are some tips to get the most out of your experience:
Start with a simple question. If you don’t know what you want feedback on yet, start with something broad like “Do you think our services are adequate?” or “What do you think of our new product line?”
Follow up with more specific questions based on their answers. If they say yes, ask them why they like it or if there’s anything else they’d like from us. If they say no or give negative feedback, ask them why not and see if there are ways we can improve those things for them.
Ask questions about what else they’d like to see from us in the future so that you can keep building on the positive things people have told you about your company and what needs improvement!
Join the conversational commerce revolution today!
Are you ready to embrace conversational commerce for your brand? If you’re not, it’s time to start thinking about how you can get there.
Conversational commerce is the future of online shopping, and it’s not just for the big guys anymore. We’d love to help you get started on the right foot.
We know that you want to make the most of every customer interaction and build lasting relationships with them. We also know that it’s a lot easier said than done. But don’t worry—we’ve got you covered.
At LimeChat, our team of experts has helped hundreds of clients succeed at leading the conversation with their customers, building trust and loyalty along the way. Book a demo today!
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