Balancing Customer Experience for Optimal Business and Customer Value

Conversational commerce, the art of creating a two-way dialogue between businesses and their customers, is revolutionizing the way companies interact with their audience. By leveraging various conversation mediums, including chatbots, voice assistants, messaging apps, and social media platforms, businesses can engage with customers at every stage of their life cycle, fostering meaningful relationships and maximizing value for both parties.

Conversational commerce offers a plethora of benefits that enhance the customer experience and drive business value. It empowers businesses to deliver personalized experiences, foster meaningful relationships, and achieve increased sales and customer satisfaction. By facilitating seamless customer journeys and addressing concerns promptly, conversational commerce helps reduce cart abandonment rates and churn rates, ultimately saving businesses money and building brand loyalty.

Key Benefits of Conversational Commerce includes :

 Smart Personalization: Conversational commerce enables businesses to deliver personalized experiences tailored to individual customer needs and preferences.

 Increased Customer Satisfaction: By providing frictionless interactions and personalized assistance, conversational commerce enhances customer satisfaction, leading to greater loyalty and brand advocacy.

 Improved Customer Engagement: Conversational commerce facilitates deeper engagement with customers, keeping them connected to the brand and fostering a sense of community.

 Increased Sales: Personalized interactions and seamless customer journeys can lead to increased sales and conversions.

 Reduced Cart Abandonment: Conversational commerce can help reduce cart abandonment rates by providing real-time assistance and addressing customer concerns promptly.

 Reduced Churn Rate: By enhancing customer satisfaction and engagement, conversational commerce can help reduce churn rates, saving businesses money on customer acquisition costs.

So what is the key to building effective Conversational Commerce? Communication Platform as a Service (CPaaS) is the answer. To put it simply, Communication Platform as a Service (CPaaS) is the foundational building block of conversational commerce.

It enables businesses to integrate real-time communication features, including voice, text, video, instant messaging, and social media, into their internal and external applications.

This empowers businesses to create personalized omnichannel experiences that meet the demands of today’s customers.

Thailand is at the forefront of CPaaS adoption, with 61% of organizations currently using CPaaS solutions and over 79% planning to increase their communications platform spending over 2023-24. This growth is driven by the desire to leverage conversational commerce to offer distinctive and immersive customer experiences.

According to IDC’s research, Thai businesses are investing in CPaaS driven by three key factors: digital transformation, business process improvement, and business expansion.

CPaaS is seen as a catalyst for modernizing operations, enhancing customer interactions, streamlining communication processes, increasing efficiency and productivity, and facilitating seamless communication across geographical boundaries, which supports business expansion plans both domestically and internationally.

IDC’s Asia/Pacific Communications and Collaboration Survey 2022 also highlights that over 70% of organizations in Asia/Pacific are looking to increase their spending on SaaS-based collaboration platforms to deliver personalized interactions and improve customer experience throughout the customer's life cycle.

Benefits of Using CPaaS and SaaS-Based Platforms for Conversational Commerce include:

1. Easy Integration: CPaaS seamlessly integrates into existing business applications and processes.

2. Lower Cost of Ownership: CPaaS offers lower upfront costs and flexible pricing models.

3. Interoperability: CPaaS integrates with existing on-premise communications systems, enabling omnichannel capabilities.

4. Enhanced Security: CPaaS leverages cloud-based infrastructure for enhanced security and data integrity.

All in all, there is no denying that conversational commerce is revolutionizing the way businesses interact with their customers, offering personalized experiences, fostering meaningful relationships, and driving business value.

CPaaS and SaaS-based platforms provide the foundational infrastructure for businesses to implement conversational commerce strategies successfully. As the demand for personalized and engaging customer experiences continues to grow, conversational commerce is poised to play an increasingly critical role in the future of business and finding the " Right" balance to maximize value.

To learn more about how you can integrate conversational commerce into your business through powerful and easy-to-implement CPAAs and SaaS capabilities, visit www.infobip.com