Excellent customer experience is key to customer loyalty and retention. Businesses are incorporating technology more and more to optimize the customer experience. New tools and technology are being innovated, keeping improvement in customer experience as a priority.
Businesses are willing to increase their technology budget, even if it means availing of business loans. The benefits of technological upgrades far outweigh the burden of a business loan EMI. Here are the kind of technologies such a loan could help develop:
Artificial Intelligence (AI) –
In recent years, customer expectation has multiplied exponentially. They expect a quick response, high-quality service, and a personalized approach. It has become a necessity for businesses to put extra effort to keep themselves ahead of competitors.
AI technology can study the need pattern of the customer by observing their past transactions and product search. They can identify the customers who will make the next purchase and accordingly focus on them with offers and personalized product searches. If you seek to make your business AI-ready, check your business loan eligibility to get affordable business loan interest rates to finance the investment.
Also, keep eyes on: Why Customer Service Is Vital To Your Business
Also known as Virtual Assistants, a chatbot is an AI software designed to streamline the communication between humans and computers.
It helps your customers connect with your brand through simulated conversations. Chatbots can answer the queries of the customer related to the product, coupon codes, offers, or any other services. This makes the brand promotion easier on a low budget as the routine questions get answered and your service representative needs get reduced.
Speech-enabled voice recognition –
This technology is becoming quite popular with customers as the system can listen and respond round the clock. It is an improved speech technology with accurate vocabulary and specialization. Amazon Alexa, Google Assistant, Microsoft Cortona are some of the more popular voice assistants.
In business, in-car voice recognition, mobile app voice recognition, individualized experiences are examples of this technology.
Video Chat –
While the right information is being offered to customers through voice assistants and chatbots, video chatting tools sometimes offer better responses to customer queries. By providing visual support, customers are able to see the products, and less time is taken to resolve problems.
Customer analytics will help to examine your customer’s information and behavior. The more you identify customer’s buying stance and lifestyle, the more your brand can satisfy their needs. From the frequency of purchases to preferences, customer experience analytics can offer clinching insights.
Tools and technology need investment, and in today’s market, a business loan can be an ideal choice. Once you are happy with the monthly liability as per your business loan EMI calculator, you can invest in the technological aspects of your business and enhance the customer experience.