Indian e-commerce is expected to grow to a $111.40 billion industry by 2025.
E-commerce has matured in recent years. However, as business owners continue to explore the possibilities of opening their own online stores, the sophistication is increasing to unprecedented levels.
This means the traditional e-commerce methods won’t work anymore. Online sellers need something advanced to remain relevant in the coming future.
Fortunately, conversational analytics can be just the answer. Let’s understand how conversational analytics is changing the face of e-commerce with artificial intelligence.
What is Conversational Analytics?
Conversational analytics is a hybrid of traditional analytics and conversation analysis. It can measure users’ reactions to products, brands, customer service, and sales through their banter with smart speakers.
Artificial intelligence is used in conversational analytics to extract data from human speech, both written and vocal. It is a natural language processing (NLP) technology that aids computers in “understanding” and organizing information so that the data can be obtained.
It is the technique of obtaining usable data from human speech and conversation with natural language processing (NLP) and artificial intelligence (AI) to allow computers to “understand” speech and extract and organize data from it.
In other words, Conversational AI boils down to the algorithm’s capability to interpret speech. Thus, allowing e-commerce sellers to get insights from large numbers of conversations at scale — both of which were difficult, if not impossible, jobs only a few years ago.
How Does Conversational Analytics Help Sellers Scale Their Ecommerce Business?
Modern analytics works by collecting all the data and by storing it. It provides sellers with information about customer preferences, previous purchases, most searched products, and browsing habits.
This information is vital for sellers to maintain product inventory, including sales trends, changing product demand, supply-related issues, etc.
As an eCommerce business owner, integrating conversational analytics can provide several benefits for your online business. Some of these benefits are as follows:
1. Tracking Purchases
Sellers have to fulfill orders within a specific time frame after the customers place the order. During this time, customers will be anxious to learn the status of their orders.
According to a report, 87.4% said that real-time order tracking made their buying experience more enjoyable.
Fortunately for them, conversational analytics technology like digital assistants can help them track their purchases and remain up to date on their progress without contacting a customer service representative.
They may access this information at any movement, on any day, using any device. Receiving real-time information puts the consumer in control and improves their shopping experience.
2. Analyzing Users Behavior
To stay ahead of competitors, e-commerce sellers need to understand what their customers really want. But it’s not always easy. That’s where conversational analytics comes into play.
Conversational analytics has the ability to completely change the way retailers interact with their customers. It provides useful insights into consumer behavior, expectations, tastes, and aspirations, thanks to its AI-powered technology. Sellers can predict trends months ahead of time, which can help them stay ahead of customers’ demands.
3. Improves Customer Experience
We’ve already seen how conversational analytics opens the way for a more seamless purchasing experience by analyzing user behavior. Now, we’ll look at how you can improve the user experience. Conversational analytics technologies, like chatbots, also help shoppers find the item they’re looking for. Thus, making it easier to search and navigate the store.
Once you’ve provided what the consumer requires, you can move to the next step, i.e., upselling and cross-selling. Conversational analytics unlocks the potential to improve conversions by automatically suggesting complementary products that sellers can buy with their current purchase. Amazon’s ‘’people also bought’’ section is a prime example of upselling.
4. Gain Feedback With Ease
Sentiment analysis is one of the prominent features of conversational analytics. It can potentially transform the way companies gather and respond to feedback.
You may utilize it to understand how customers perceive your products or services for starters. Simultaneously, you’ll notice areas where you can improve, whether it’s your method or your product.
Most importantly, it enables you to listen to your consumers and draw feedback from them actively. For example, conversational analytics will mention when customers discuss your brand online. This can help you gain honest feedback to improve your product.
Conclusion:
Established retailers such as Amazon are already moving towards the use of voice search to simplify the buying experience.
It will be safe to say that conversational analytics is the future of eCommerce. It will not only provide great results in the near term, but it will also future-proof your online business as we get closer to a day when natural speech will outnumber text.
Builderfly’s online store can help you get started with conversational analytics today!
