EaseMyTrip said in a press statement on 7 November 2024 that it has partnered strategically with Hyperface, Asia’s first Credit Cards as a Service (CCaaS) platform. The partnership intends to improve the card management features of the travel booking website and provide a more customised, digital-first experience for both new and returning consumers.
Hyperface will assist EaseMyTrip throughout the customer experience through this relationship, from launching hyper-individualised ads for current users to onboarding new ones. It is anticipated that the change will improve client interaction and offer a more fulfilling experience.
In an effort to provide its clients with the greatest financial products available, EaseMyTrip is thrilled to collaborate with Hyperface. According to Rikant Pittie, co-founder of EaseMyTrip, this partnership is a big step towards improving the company’s card programmes and guaranteeing that its clients have a smooth, value-added experience.
How Hyperface will Further Help EaseMyTrip?
Currently in conjunction with several banks, EaseMyTrip’s co-branded credit and debit card programmes will be streamlined with Hyperface’s assistance as part of this relationship. Customers of EaseMyTrip should find it simpler to manage their cards and take advantage of customised benefits and rewards as a result of the integration, which will increase convenience and value. EaseMyTrip and Hyperface are aggressively pursuing the development of new co-branded credit card programmes in addition to improving their current card programmes. These programmes are designed to give EaseMyTrip users specialised advantages and incentives.
Hyperface’s dedication to using creative card solutions to address real-world problems is demonstrated by its collaboration with EaseMyTrip. According to Ramanathan RV, co-founder and CEO of Hyperface, the company is excited to work with EaseMyTrip to provide their clients with the greatest card experiences possible and to help them expand internationally.
ScanMyTrip, a Unique Travel Platform on ONDC, Launched by EaseMyTrip
According to a press statement from the company, ScanMyTrip.com, the nation’s first travel marketplace of its sort, was launched in September 2024 by EasyMyTrip.com. Additionally, it is now the first online travel agency (OTA) to use the ONDC Network to both buy and sell travel services. In order to increase their visibility in the online market, OTAs, MSMEs, travel agencies, and homestays will be able to include services including flights, hotels, and lodging on ScanMyTrip.com.
Businesses in the travel and tourism industry can take advantage of the digital infrastructure offered by ONDC thanks to EaseMyTrip’s partnership with the ONDC Network. Through this collaboration, even small-scale service suppliers can reach a wider clientele. ScanMyTrip.com simplifies the onboarding procedure, which helps companies interact with passengers and prosper well in the cutthroat online market.
Ever wondered what elements keep customers satisfied in B2C businesses? With India’s B2C e-commerce market anticipated to increase to $380 billion by 2030, understanding the elements driving customer satisfaction is essential. To gain insights, StartupTalky connected with numerous B2C business owners and asked them what main elements of their B2C business model contribute to delivering value to individual customers. Now, let’s explore their responses and learn from them.
Dr. Kishore Indukuri, Founder and Managing Director, Sid’s Farm
Dr. Kishore Indukuri, Founder and Managing Director, Sid’s Farm
At Sid’s Farm, we are committed to delivering exceptional value to our customers. Our B2C model prioritizes purity, transparency, and a customer-centric approach. We conduct nearly 10,000 daily milk tests to ensure the absolute safety and purity of every product you receive.
We believe in complete transparency, allowing you to access daily test results, fostering trust and confidence in our practices. Our responsive support team is always available to answer your questions and address any concerns you may have.
We go beyond just selling milk; we actively educate our customers about the importance of high-quality milk and the benefits of ethical dairy practices. This commitment to education reflects our core values. We believe that an informed customer is a loyal customer, empowered to make healthy choices for themselves and their families.
The main elements of our B2C business model that contribute to delivering value to individual customers are centered around three key areas: content diversity, user experience, and cultural resonance.
Firstly, content diversity is a cornerstone of AAO NXT. We offer a wide array of entertainment options, including the AAO Original Odia web series, original movies, short films, classic movies, and soulful songs. This diverse content library ensures that there is something for everyone, catering to various tastes and preferences. By continually adding fresh and engaging content, we keep our audience entertained and coming back for more.
Secondly, we place a strong emphasis on user experience. Our platform is designed to be user-friendly with an intuitive interface that makes navigation seamless. Features like personalized recommendations and easy access from any device ensure that our users can enjoy their favorite content with minimal effort. We understand that convenience is crucial, so we’ve made it possible for users to access our platform from anywhere in the world with just a swipe of their finger.
Lastly, the cultural resonance of our content is vital in delivering value. AAO NXT is deeply rooted in Odia culture, and our mission is to elevate and amplify this rich cultural heritage on a global scale. By showcasing stories that reflect the essence of Odisha, we create a unique connection with our audience, allowing them to see their culture and experiences represented authentically. This cultural focus not only entertains but also fosters a sense of pride and identity among our viewers.
These elements—diverse and engaging content, a superior user experience, and a strong cultural connection—are what make AAO NXT a valuable and beloved platform for our individual customers.
Suman Bannerjee, CIO, Hedonava
Suman Bannerjee, CIO, Hedonava
In our B2C business model, we deliver exceptional value to individual customers through several vital elements. Our portfolio tracking via web and mobile apps offers real-time updates, intuitive interfaces, and advanced analytics tools, ensuring customers have comprehensive control over their investments. We facilitate easy entry to alternative investments with low minimum thresholds, making diversification accessible to all, and support this with educational resources. Our commitment to low fees and no lock-ins ensures customers enjoy maximum returns and flexibility.
Additionally, we offer investments with low correlation to traditional markets, aiding in portfolio risk reduction and stability. Complete transparency is a cornerstone of our approach, with open communication about investment performance, accessible information on fund management, and adherence to high ethical standards. Furthermore, we leverage cutting-edge technology to enhance security, ensuring that customer data and transactions are protected with the highest standards of encryption and cybersecurity measures.
We also focus on ESG (Environmental, Social, and Governance) investments, allowing customers to align their portfolios with their values and invest in companies that prioritize sustainability, ethical practices, and positive social impact. Our 24/7 customer service provides prompt, knowledgeable support across multiple channels, complemented by extensive self-service resources. These elements combine to create a customer-centric model that enhances the investment experience and meets the diverse needs of our clients.
Tapasya Sharma, Global Head, Digital Marketing & E-commerce
Tapasya Sharma, Global Head, Digital Marketing & E-commerce, TERRA
As a leading D2C brand overseas and having created a good user base of informed parents in India by providing sustainable baby and mother care solutions that use the choicest ingredients and upholding global clinically tested standards, we at TERRA cater to a large sustainable babycare products market and see good traction within our website shop. Furthermore, we have partnered with leading e-commerce platforms like Amazon, FirstCry, etc., to expand our reach to existing and potential consumers
We also have our presence offline with over-the-counter products at Firstcry exclusive shops, and BigBasket outlets, among others. Our social media campaigns further connect brilliantly in spreading awareness to doting mothers about how they can select the best self-care and baby care products while being environmentally positive in their approach.
Deepak Khanna, Owner, DRK Jewels
Deepak Khanna, Owner, DRK Jewels
At DRK Jewels, we believe in crafting not just ornaments, but everlasting memories. Our B2C business model revolves around three core elements that consistently deliver value to our discerning clientele. Firstly, our commitment to exquisite craftsmanship sets us apart. Every piece is meticulously designed and meticulously crafted, ensuring unparalleled quality and timeless elegance.
Secondly, we prioritize customer experience. From personalized consultations to seamless transactions, we strive to make every interaction with DRK Jewels a delightful journey, leaving a lasting impression on our customers.
Lastly, our dedication to innovation drives our success. Whether it’s staying ahead of trends or introducing unique designs, we continuously push the boundaries to offer something truly extraordinary to our patrons.
In essence, our B2C business model hinges on superior craftsmanship, exceptional customer experience, and relentless innovation, all converging to create unparalleled value for each individual customer.
Apurv Modi, Co-Founder, Abhay Health
Apurv Modi, Co-Founder, Abhay Health
At the Abhay Group, we operate in two distinct sectors under B2C markets. In the healthcare domain, we have Abhay Health, while in the consumer electronics space, we have Oliv Life. Our primary goal across both sectors is to truly understand our customers and meet their needs in ways that make a real, tangible difference in their lives.
For Abhay Health, this means empowering individuals to take control of their health. We provide products like rapid testing kits and self-diagnostic tools that enable people to conveniently monitor their health at home. It’s all about making healthcare accessible and manageable for everyone.
On the other hand, Oliv Life is dedicated to embedding the latest technology into everyday gadgets. We design products like fast chargers and power banks to be not only reliable and durable but also stylish and easy to use. Our focus is on combining quality and innovation to not just meet but exceed our customers’ expectations.
By focusing on quality, innovation, and customer convenience, we ensure that our offerings consistently deliver exceptional value and enhance the lives of our customers.
Sameer Gandotra, Founder and CEO, Frendy
Sameer Gandotra, Founder and CEO, Frendy
Our target customer group is in the small towns (tier 3+) of India and the adjoining rural catchments around these towns. Customers here are not looking for just a better Kirana but to make their daily shopping experience better. Our Frendy Marts offer them a Better shopping experience – Value via deals & offers, Variety with a wider assortment, and convenience, empowering them with a wide range of choices to make their own selection in a safe, clean environment just like their tier 1 cities counterparts.
We also have a digital app which customers can order from and get home delivery from the Mart. Customers in the rural catchments are connected via a network of micro kiranas connected to each Frendy Mart and a digital app for customers. This omnichannel approach allows them to experience digital commerce with the assistance, trust & assurance of the micro kirana entrepreneur.
Tanay Sharma, Co-Founder & COO, CITTA
Tanay Sharma, Co-Founder & COO, CITTA
At CITTA, our business model is centered on a simple mantra, i.e., delivering exceptional value through premium and high-quality skincare products for babies. Our gentle formulations offer long-term and sustained results, outperforming any standard skincare product. Our key elements include the use of natural blends and ECOCERT/ COSMOS Organics-certified ingredients that amalgamate traditional wisdom with modern science.
Doctors frequently recommend our products due to the stringent standards of safety and efficacy we undergo. We prioritize 100% transparency by clearly listing all ingredients on our labels; ensuring parents know exactly what they’re applying to their baby’s skin. The commitment to quality, safety, and efficacy helps us stand out in this crowded skincare industry.
Product Design: High-performance hardware, user-friendly software, sleek aesthetic design catering to diverse preferences of customers. Example: We have Big Keypad phones, Card Phones along Flip Phones in our range
Customer-Centric Features: Our new keypad models come with support for WhatsApp and Youtube
The analysis by the global market research firm EY states that consumer goods companies have enormous opportunities to use AI to improve asset tracking, supply chain management, and consumer experience and engagement. The use of artificial intelligence (AI) technologies to improve customer centricity and operational efficiency is on the rise among Indian merchants. An overwhelming 82% of Indians surveyed by the EY consumer index are optimistic that artificial intelligence will one day make shopping much easier.
Several industries have jumped on the bandwagon of innovation and adaptation in response to recent tech developments and the expansion of the internet. This trend has been especially accelerated by the fast-moving consumer goods (FMCG) industry’s collaboration with the e-commerce sector. According to McKinsey, E-commerce sales for consumer goods will quadruple from 2016 to 2025, reaching $1.8 trillion. With so much competition and so many brands entering the industry, AI is becoming an important differentiator for brands looking to remain ahead of the curve.
AI is crucial to draw customers closer to the company. Finding reliable customer insights to improve data-backed decision-making is a persistent problem in the fast-moving consumer goods (FMCG) sector. Insights AI ensures organisations acquire in-depth customer behaviour data by combining powerful AI technologies like Emotion AI, Behaviour AI, and Generative AI. These innovations provide precise data for effective decision-making and aid brands in comprehending the wants and needs of target consumers.
Customer wants and demands in the fast-moving consumer goods industry (FMCG) are dynamic, just like in any other industry. Thanks to AI’s data-processing prowess, organisations can swiftly and accurately adjust their marketing plans to meet the needs of their target audience. Insights AI has the potential to greatly enhance the quality and affordability of products and services in the Indian fast-moving consumer goods market.
Through AI, Fast-Moving Consumer Goods (FMCG) companies may better understand their customers’ habits and preferences, which in turn allows them to provide better service and encourages more participation. Artificial Intelligence also allows for substantial process automation, which saves time and money. According to an IBM poll, retail and brand executives expect cognitive automation capabilities to slash operational expenses by seven per cent on average.
Adapting to the latest developments in data-driven technologies like deep learning, artificial intelligence, and machine learning can greatly benefit FMCG companies. There have been revolutionary shifts in the fast-moving consumer goods (FMCG) industry as a result of Machine learning and deep learning. With the massive amounts of data produced by the FMCG industry, Machine learning approaches help businesses identify and segment their target markets by analysing customer behaviour, preferences, and buying habits. Companies in the fast-moving consumer goods industry can use this information to improve their demand forecasting, personalise their marketing campaigns, and optimise product positioning and pricing tactics.
Leading FMCG Companies in India by Market Capitalization
Customised Suggestions
AI is having a major impact on consumer choices by providing tailored suggestions. In contrast to 23% worldwide, 48% of Indians trust AI for personalised promotions and sales, according to the EY report.
Online retailers, media streaming sites, and social media sites all use AI algorithms to sift through customers’ tastes, habits, and online activity. Customers have better shopping experiences, are more satisfied overall, and are likelier to a brand because of AI’s ability to provide personalised product recommendations based on their interests and preferences.
Using AI-based technologies to make buying decisions is becoming more and more acceptable to Indian shoppers. While just 58% of people worldwide are receptive to the idea of AI helping them make better purchasing decisions, 82% of Indians are. Indian customers have more faith in AI-generated personalised suggestions and AI-powered targeted marketing and sales. When asked for assistance, 82% of Indians would be willing to use a chatbot.
Variations in consumer demand contain useful information for fast-moving consumer goods (FMCG) companies due to the many connections and patterns they contain. Discovering these insights is essential for getting ahead in the industry. FMCG companies need to process this data to make informed decisions about product placement, product prioritisation, workflow optimisation, marketing segmentation, pricing and offer launch timings. Applying state-of-the-art tools and algorithms allows for thorough planning and optimisation in the FMCG landscape. As a result, more and more fast-moving consumer goods (FMCG) companies are using AI-powered automation to reimagine the customer service they provide and boost engagement with their brands.
What is the future of AI in the FMCG industry in India?
AI is expected to play an increasingly important role in all aspects of the FMCG industry, from product development to marketing and sales.
As AI technology continues to evolve, we can expect to see even more innovative applications in the FMCG space.
What are some of the benefits of using AI for FMCG companies in India?
Some of the benefits of using AI for FMCG Companies are increased customer satisfaction and loyalty, improved operational efficiency, reduced costs and better decision-making.
How can FMCG companies in India use AI to improve customer experience?
AI can provide personalized recommendations based on customer behaviour and preferences.
AI-powered chatbots can offer 24/7 customer support.
AI can help companies understand customer needs through sentiment analysis.
A discount broker, or a low-cost broker, is a type of brokerage firm that provides trading services at a significantly lower cost than traditional full-service brokers. In contrast to full-service brokers, discount brokers generally do not offer personalized investment advice or comprehensive research services. Instead, their primary focus is executing trades efficiently and providing essential tools and resources for investors to manage their investment portfolios.
These brokers grant access to various investment products, including stocks, derivatives, commodities, and currencies. This diverse array of investment options enables individuals to diversify their portfolios and capitalize on different market opportunities. Discount brokers are renowned for efficient trade execution, with orders typically processed swiftly and accurately. This feature can be particularly advantageous for traders who rely on timely execution to seize market opportunities as they arise.
Selecting the right discount broker in India is a pivotal decision for investors aiming to optimize their trading experience and maximize returns. With many available options, choosing the best broker warrants a careful evaluation of several key factors.
This article looks into the various aspects you should look into so that you can make informed decisions that align with your financial goals and preferences, thus improving your overall investing experience.
Brokerage fees are the charges levied by brokers for carrying out trades on behalf of their clients. These fees can vary greatly among brokers and significantly impact the profitability of trading activities. Verifying that the broker’s fee structure is transparent and easy to understand is critical. Hidden charges or intricate fee structures might result in unplanned costs, reducing potential savings.
While low brokerage fees are undoubtedly necessary, avoiding sacrificing service quality and the strength of the broker’s trading platforms is also critical. Striking the correct balance between cost-effectiveness and service quality is essential for optimizing the trading experience and returns.
Research Tools and Analysis
Conducting thorough research and analysis is crucial for making well-informed investment decisions. When evaluating brokers, it’s essential to look for those that offer comprehensive market research reports covering various asset classes, sectors, and market trends. These reports can provide valuable insights into potential investment opportunities, giving you a competitive edge in identifying lucrative prospects.
Additionally, consider whether the broker provides analysis resources such as financial statements, company profiles, real-time news updates, market commentary, and economic indicators. These resources can keep you informed about the latest developments and help you stay ahead of the curve.
Furthermore, some brokers offer advanced tools like back-testing and simulations, which allow you to test trading strategies using historical data. This feature is invaluable as it enables you to evaluate the effectiveness of your plan before implementing it in live markets.
Estimated Revenue of Neobrokers in Select Countries
Trading Platform
Trading platforms are software applications or online services that provide users with an interface to buy, sell, and monitor various financial instruments. When evaluating trading platforms, it’s crucial to consider their user-friendliness and intuitive design. The platform should have a well-organized and easy-to-navigate interface, making it simple to place trades and access essential features without complications.
Additionally, fast order execution is a critical factor to consider. The platform should offer swift order processing, enabling you to capitalize on market opportunities promptly. Delayed order processing can lead to missed trades and potential losses, hampering your overall trading performance.
Another crucial aspect to evaluate is the platform’s customization options. The trading platform should allow you to personalize the layout, settings, and preferences according to your unique trading style.
Customer support refers to the assistance and resources provided by the company to ensure customer satisfaction with their products or services. When evaluating brokers, it is essential to consider the availability and quality of their customer support.
You should look for brokers that offer support beyond just trading hours, with 24/7 availability. This ensures that any queries or concerns can be addressed promptly without waiting for extended periods. Additionally, it is essential to assess the various channels through which customer support is accessible, such as phone, email, live chat, and social media platforms. Having multiple communication options can provide convenience and cater to different preferences.
Reliability
A reputable broker guarantees that your trading operations run smoothly, that your funds are secure, and that your orders are processed swiftly. Choose a broker regulated by respected financial institutions, such as the Securities and Exchange Board of India (SEBI). Look for brokers with a solid financial foundation, a proven track record in the sector, and beneficial financial reports. This decreases the possibility of the broker experiencing financial troubles or insolvency.
The broker’s trading platform should also be stable, with no interruptions or technical concerns. Checking for reliability increases your faith in the broker’s capacity to deliver a secure, stable, and trustworthy trading environment, reducing potential dangers and disruptions to your trading activity.
Scalability
Scalability refers to the ability of a system, product, or service to handle an increasing amount of work or accommodate growth capably. In terms of trading, the platform should be capable of handling increased trading volumes, advanced order types, and additional features as your trading activity expands.
When assessing brokers, looking for those with robust IT infrastructure, scalable server capacity, and flexible architecture is essential. These elements ensure the platform can support increased user traffic and trading activity without experiencing performance degradation or bottlenecks. A scalable system can adapt to your evolving needs, providing a consistent and reliable trading experience even as your trading volume and complexity increase.
Additionally, consider brokers that offer scalable customization options for their trading platforms, research tools, and account settings. Scalable customization allows you to tailor the trading experience to your specific preferences and trading style as your needs evolve.
In conclusion, when choosing a discount broker in India, it is essential to examine many important variables to ensure a smooth and pleasant trading experience. Low brokerage costs, powerful research tools and analysis, user-friendly trading platforms, dependable customer support, and regulatory compliance are all essential considerations when making decisions. By carefully evaluating these aspects, traders can identify a discount broker who matches their goals, interests, and risk tolerance, paving the path for successful and rewarding investment journeys in India’s dynamic market.
FAQs
What are the benefits of using a discount broker?
The benefits of using discount broker include:
Lower brokerage fees compared to full-service brokers.
Access to various investment products for portfolio diversification.
Efficient trade execution for timely capitalizing on market opportunities.
What are some drawbacks of using a discount broker?
Some of the Drawbacks are as follows:
Limited personalized investment advice and research compared to full-service brokers.
Requires more self-directed research and analysis for informed investment decisions.
How can I find the best discount broker for me in India?
Research and compare different discount brokers based on the factors mentioned above. Consider your trading style, budget, and investment goals to identify a broker that best suits your needs.
The consumer culture in the 21st century is such that businesses are constantly seeking ways to improve customer experience and meet the high demands for instant gratification. One of the most effective tools in achieving this is the integration of AI chatbots into customer service strategies. These intelligent virtual agents have the power to streamline customer support, provide personalised assistance, and create a seamless customer journey. In this article, we will explore the various ways in which AI chatbot tools can enhance the customer experience and drive business growth.
As technology continues to evolve, AI chatbots have become an integral part of our daily lives. From messaging apps to online shopping platforms, chatbots have changed the way we interact with businesses. These virtual agents are designed to understand and respond to user queries, providing quick and accurate solutions. In fact, research shows that 71% of customers are willing to use chatbots if it improves their overall customer experience.
Providing Customer Support
One of the primary benefits of AI chatbots is their ability to offer additional avenues for customer support. With chatbots, businesses can provide customers with an alternative channel to contact their support teams, aside from traditional methods such as phone calls or emails. This increased convenience allows customers to seek assistance at their own convenience, from anywhere and at any time, using their preferred communication devices.
By offering multiple customer support channels, businesses can meet the expectations of modern consumers who prefer quick and efficient resolutions to their queries. In fact, 71% of customers now expect brands to provide customer support over messaging platforms. By leveraging AI chatbots, businesses can enhance the customer experience by meeting this demand and ensuring that customers can easily access the support they need.
The Average Chatbot Interaction Rates for Typical Use Cases
Quick Responses to Simple Questions
Customers today expect prompt responses to their queries, even for simple questions. However, support teams often face high volumes of requests, making it challenging to provide immediate answers. This is where AI chatbots can play a crucial role. These virtual agents are capable of handling multiple conversations simultaneously and can provide quick responses to simple queries.
For instance, instead of waiting on hold or sending an email to inquire about business hours, customers can simply interact with a chatbot on platforms like Facebook Messenger. The chatbot can instantly provide information on open hours, eliminating the need for customers to wait or search for answers themselves. If a query requires human intervention, the chatbot can seamlessly transfer the conversation to a live agent, ensuring a smooth transition and efficient resolution.
Reducing Customer Wait Time
Long wait times are a major source of frustration for customers. Whether it’s waiting on hold or waiting for an email response, delays in customer service can negatively impact the customer experience. AI chatbots help address this challenge by providing immediate assistance to customers when they reach out for support.
Chatbots are programmed to respond within seconds, meeting the expectations of customers who expect timely solutions. By leveraging chatbots, businesses can significantly reduce customer wait times, improving satisfaction levels and overall customer experience. In fact, 59% of customers expect a response from chatbots within 5 seconds or less, highlighting the importance of quick and efficient support.
Support teams often face the challenge of handling a large volume of requests, ranging from simple questions to more complex issues. This can put immense pressure on customer service agents and lead to delays in addressing critical customer needs. AI chatbots can alleviate these pressures by handling common and low-touch queries, freeing up support teams to focus on more high-impact and time-sensitive matters.
By automating responses to Frequently Asked Questions (FAQs) through the use of Natural Language Processing (NLP) and business knowledge bases, chatbots can quickly provide accurate solutions to common customer inquiries. This not only improves efficiency but also ensures that customers receive timely responses, leading to higher levels of satisfaction and a positive customer experience.
What do Customers Expect from Chatbots?
Offering Always-On Customer Service
In today’s global marketplace, businesses often operate across different time zones, making it challenging to provide round-the-clock customer service. However, customer expectations for immediate support remain high regardless of the time of day. This is where chatbots shine, as they can offer always-on customer service, ensuring that customers can receive assistance at any time, even outside of traditional business hours.
With chatbots, businesses can provide 24/7 customer support, catering to the needs of customers in different time zones and offering seamless assistance whenever it is required. This availability enhances the customer experience by ensuring that customers never feel left waiting and can access support whenever they need it.
Generating High-Quality Leads
In addition to providing customer support, AI chatbots can also serve as valuable lead generation tools. Through conversations with customers, chatbots can gather information about their needs, preferences, and level of interest in a company’s products or services. This data can then be used to identify high-quality leads and tailor marketing efforts accordingly.
By leveraging the insights provided by chatbots, businesses can gain a deeper understanding of their target audience and deliver personalised experiences. This not only improves customer satisfaction but also increases the likelihood of converting leads into loyal customers. In fact, a survey conducted by Drift revealed that 54.8% of businesses reported receiving a greater volume of high-quality leads through the use of conversational tools like chatbots.
Obtaining Informative Data About Business Performance
Another advantage of AI chatbots is their ability to collect valuable data about customer interactions and business performance. By analysing customer conversations, businesses can gain insights into common issues, customer preferences, and trends in customer behaviour. This data can then be used to improve FAQs, update product instructions, and enhance overall customer experience.
Moreover, chatbots can provide valuable feedback on how customers perceive a company’s products or services. By understanding customer sentiment and language used to describe the brand, businesses can tailor their marketing content to resonate with their target audience, further enhancing the customer experience.
At Microsoft’s Build conference, Starbucks showed how artificial intelligence is helping them better predict what customers may be in the mood for, taking into account factors such as weather, location and user preferences.
How Starbucks is Using AI to Improve the Customer Experience
Providing Personalisation
Personalisation is a key element of delivering an exceptional customer experience. AI chatbots excel in this regard, as they can tailor conversations to match the specific needs and preferences of individual customers. By leveraging customer data and machine learning algorithms, chatbots can suggest relevant products, offer personalised recommendations, and guide customers through their buyer’s journey.
Through personalisation, chatbots can create a more engaging and customized user experience, making customers feel valued and understood. By delivering relevant and personalised interactions, businesses can foster stronger customer relationships, drive customer loyalty, and ultimately boost business growth.
Conclusion
AI chatbot tools have emerged as powerful assets for businesses seeking to enhance the customer experience. These virtual agents provide additional channels for customer support, offer quick responses to queries, reduce wait times, and relieve the pressures on customer service teams. They enable businesses to provide always-on customer service, generate high-quality leads, obtain informative data, and deliver personalised experiences. By leveraging AI chatbots effectively, businesses can drive customer satisfaction, loyalty, and ultimately, business success in today’s competitive market. Embracing the power of AI chatbot tools is a forward-thinking approach that can revolutionize the way businesses engage with their customers and elevate the overall customer experience.
Chatbots help to minimize errors, however, customer support representatives can make mistakes (human error) in providing appropriate information to the customers. However, the chatbot flow contains pre-written information, intelligent algorithms, and programming, which ensures proper data output.
Why are businesses using a chatbot to interact with customers?
Businesses use chatbots to help them provide proactive support and suggestions to customers. By monitoring user activity on their websites, they can use chatbots to proactively engage with customers to answer common questions and help with potential issues on that page.
How is AI transforming customer service?
Customer service agents can realistically only handle one customer service call or problem at a time. AI, in its various incarnations, gives customer service departments the ability to do more, thus improving the customer experience.
As companies strive to increase revenue and gain a competitive edge, effective channel management has become a crucial component of their strategy. Channel management involves identifying, cultivating, and maintaining relationships or communication with partners and customers who help sell a company’s products or services to others.
By utilizing this approach, businesses can improve customer satisfaction, boost sales and increase brand visibility in the market. In this article, we delve into the concept of channel management and its significance for companies aiming for growth and success in the current business environment.
Channel management is the process of coordinating and optimizing the distribution of a company’s products or services through various sales channels, such as online marketplaces, brick-and-mortar retail stores, direct-to-consumer sales, and more.
The goal of channel management is to maximize revenue, minimize costs, and ensure a consistent brand experience across all channels. This involves activities such as setting pricing strategies, managing inventory levels, monitoring channel performance, and maintaining relationships with channel partners.
Why Is Channel Management Important for Your Company?
By carefully selecting and managing the various channels through which a company distributes its products or services, it can maximize its reach and optimize its distribution.
This can involve identifying the most effective channels for your company’s products or services, and maximizing their potential. Additionally, it can involve creating a clear strategy for each channel, and regularly reviewing and adjusting the approach as needed. By doing so, your company can improve its reach and accessibility to customers, and can increase its sales and profitability.
With channel management tools and software, you can create the right decisions with real-time data, it gives you an advantage over your competitors and helps you to save your time, etc.
10 Channel Management Strategies You Can Use for Your Company
Channel management requires an understanding of customer preferences, an analysis of current and potential sales opportunities, and an understanding of competitors’ strategies and capabilities. Here are 10 channel management strategies that businesses can use to create long-term relationships and drive sales growth:
1. Differentiate Your Channels
Make sure each channel has unique offerings to differentiate them from each other. This will avoid confusion and create loyalty among customers. Differentiating channels also allows the expansion of the reach of the audience.
2. Strategize for Market Expansion
Have specific strategies for expanding your presence in each channel. Analyze current market share and opportunities for expansion. One can also have a closer inspection of the strategies used by competitor platforms while creating one for the self.
3. Analyze Performance
Track the performance of your channels and analyze any changes or trends. If a particular channel is performing poorly, look into ways to adjust or optimize it. However, while looking for a poorly performing one, giving an equal amount of attention to the better-performing channels is also important.
4. Evaluate Channel Partners
Identify the right distributors, resellers, and partners to ensure their upselling efforts are having a positive impact on sales numbers. For a better selection, one can prepare a list and then sort from them as per the requirements.
5. Understand Competitors’ Strengths and Weaknesses
Become familiar with the strategies of your competitors and strive to understand how they manage their channels. Also, taking the knowledge of tools and services used by them can be a good point to consider while learning about their strategies.
6. Optimize Visibility and Accessibility
Make sure customers can find your products or services and have easy access to them. Keep this in mind when designing a website, creating content, executing promotions, and engaging customers.
7. Integrate Channels
Ensure the channels you use are in sync with each other and customers can have consistent experiences across all of them. Having perfectly synced channels can provide great help in executing a better business plan.
8. Leverage Technology
Take advantage of available technology to monitor channels and make it easier to move data between them. The web has a number of applications and software that can help in easy channel management. One should not forget to use them for better management.
9. Focus on Personalization
Create an experience tailored to each customer by personalizing how you communicate with them and addressing their unique needs. Each business has its own need, hence using personalized methods is way better than directly following the path set by others.
10. Provide Good Customer Support
Make sure every channel has good customer support, so customers can easily get their questions answered and access help. One can also take the help of an online chatbot that can help with easy customer management.
By using these channel management strategies, businesses can create successful long-term relationships with their customers and ensure they get the most out of each channel. It takes time and effort, but the results are worth the effort.
Most Commonly Used Channel Management Tools
Top channel management tools
Distribution Software
This type of software is used to manage the distribution of products or services through various channels.
It typically includes features such as inventory management, order processing, and shipping and tracking. Some of the best examples are NetSuite ERP, ShipStation, QuickBooks Commerce, etc.
Sales Force Automation (SFA) Software
SFA software is used to manage and optimize the sales process, from lead generation to closing deals.
It often includes features such as customer relationship management (CRM), lead tracking, and sales forecasting. Some of the best examples of SFA software are Teamwork, Salesflare, PipelineDeals, etc.
Marketing Automation Software
Marketing automation software is used to automate and streamline marketing tasks, such as email campaigns, social media marketing, and lead generation.
It can help companies save time and resources by automating repetitive tasks and providing insights into marketing performance. Some of the marketing automation software examples are Tidio, HubSpot, Sendinblue, etc.
Channel Partner Management Software
This type of software is specifically designed to help companies manage their relationships with channel partners, such as resellers and distributors.
It can include features such as partner portal management, lead sharing, and commission tracking. Some of the channel partner management software are PartnerStack, Allbound, ImpartnerPRM, etc.
Overall, these tools can help companies manage their channels more effectively and efficiently, enabling them to better serve their customers and grow their business.
How Can You Effectively Manage Your Channels?
Effective channel management is essential in ensuring the successful delivery of products and services from the company to its customers. It ensures that the organizations can ensure that their marketing and sales efforts are effective and successful.
It is key that organizations have effective channel management strategies in place to maximize their sales potential and maintain efficient business partnerships.
Identify The Most Effective Channels for Your Business
This will depend on your target audience and the type of products or services you offer. For example, if you are a B2B company, LinkedIn may be a more effective channel than Instagram.
Develop a Clear Strategy for Each Channel
Once you have identified the channels that will be most effective for your business, you should create a clear strategy for each one. This should include goals, a content strategy, and metrics for measuring success.
Regularly Review and Adjust Your Approach
As with any marketing strategy, it’s critical to regularly review and adjust your channel management approach. This will help you stay on track and ensure that you are using the channels that are most effective for your business.
Use Tools and Technology to Manage Your Channels
There are many tools and technologies available that can help you manage your channels more effectively. These include social media management tools, email marketing platforms, and analytics tools.
Engage With Your Audience on Each Channel
To be effective, your channel management strategy should include a plan for engaging with your audience on each channel. This could include responding to comments and messages, posting regular updates, and running promotions or contests.
Important attributes helpful in customer experience can be made better with effective channel management
By following these tips, you can create an effective channel management strategy that will help you reach your target audience and achieve your business goals.
Effective channel management can also help a company to optimize its distribution and reach more customers and can improve its overall efficiency and profitability. Additionally, channel management can help a company to maintain healthy relationships with its channels, and address any challenges or opportunities that may arise.
The Future of Channel Management in Businesses
The future of channel management is likely to be shaped by several emerging trends, including the following:
1. Increased use of digital channels: As more and more consumers turn to the internet to shop, companies will need to focus on developing and managing digital channels, such as e-commerce websites and social media platforms, to reach and engage with customers.
2. Continued globalization: As the global economy continues to integrate, companies will need to adapt their channel management strategies to account for differences in consumer preferences, cultural norms, and regulatory environments across different regions and markets.
3. A stronger emphasis on customer experience: With increased competition and changing consumer expectations, companies will need to focus on providing a seamless and personalized customer experience across all channels to retain and attract customers.
4. Rise of omnichannel marketing: Omnichannel marketing refers to the use of multiple channels, such as brick-and-mortar stores, online platforms, and mobile apps, to provide a consistent and integrated customer experience. This approach will likely become more relevant as customers increasingly expect a seamless and consistent experience across different channels.
5. Increased use of data and analytics: As the amount of data generated by customers and channels continues to grow, companies will need to use data and analytics to gain insights into customer behavior and preferences, and to optimize their channel management strategies.
Altogether, the future of channel management will likely be characterized by a continued shift towards digital channels, the need to adapt to a global and increasingly competitive marketplace, and the growing importance of customer experience and data-driven decision-making.
Businesses are looking for ways to establish and maintain successful relationships with their customers, and a key way to do this is through effective channel management strategies.
To ensure successful channel management, there are several key steps to consider. These include researching the target market and the characteristics of the products or services, identifying the most effective channels, creating a clear strategy for each channel, and regularly reviewing and adjusting the approach as needed.
Additionally, it is important to stay up-to-date with the latest trends and developments in the industry, as this can help to ensure that the company is taking advantage of the most effective channels. By following these steps, a company can ensure that its products or services are widely available and accessible to customers, and can improve its overall efficiency and profitability.
FAQs
What is channel management also known as?
Channel management is sometimes also referred to as marketing management.
What is the importance of channel management in marketing?
Channel management allows the creation of a direct pathway for the marketing and selling of products or services offered through them.
What is the need for channel management?
Chanel management is essential for forming a connection between customers, supporting third parties, different vendors, etc. They establish direct communication with customers in each channel.
Starting a business is a very famous idea for earning money. You can meet a salaried person and he/she will tell you about his/her dream of starting a business and earning with no cap. There is no denial to the fact that money is a necessary requirement and everyone works to earn some money, some do a job and others are self-employed. However, in the real world, a business is a very popular way of earning among people. The reason could be watching multi-millionaires online and noticing that they all are businessmen. Also, a job is a fixed and tied-up income stream which makes the business the most lucrative income-generating activity out there.
Having said that business is popular, it is also to be mentioned that starting a business and sustaining it is not easy. It requires capital, skills and many more qualities. Thus, it is not anyone’s cup of tea. However, there are some people who try to hack systems to create businesses that do not even require them to get off the couch. This sounds imaginary, right? But it is true. The business that we are talking about is Dropshipping. This is a very modern and famous form of business that has grown so much in the past years. One of the reasons for the scope is TikTok trends but this form is really easy and doable business. This article talks about how this new form of business has covered the whole world.
Dropshipping is nothing but another form of retail business. In a dropshipping business, the seller looks out for customer orders and accepts them as he/she has the stock but does not keep goods sold in stock. Dropshippers take direct orders from customers and then they contact sellers of that product and ask them to ship directly to the customer. Acting as an intermediary, they earn the difference that lies in between the transaction.
Dropshippers can be seen as an intermediary. The social media advertisements of products that you see on Facebook, TikTok, and Instagram are most of these sorts. These ads are run to get the attention of the potential customers who will place the orders. They take advantage of the mindlessness with which people scroll their smartphones and click anywhere and buy mindlessly. Some sellers even make millions of dollars from overseas dropshipping without touching the goods. While others use it as a scheme of gambling scams that hurt legitimate businesses and humble customers.
Dropshipping Business Model
At the inception is a drop shipper who thinks to sell something online to someone without owning that product. He searches the web all over to find products that might be huge in demand and products which people will pay money for. After they figure out a product to sell, then it is time to set up a store just for that product. There are many services available online that can be used to set up online stores for free or with minimal payment. One of them is Shopify, and we will discuss the company a little later. Once a store is set up for a product, it is time to get to the most important part of the business. The most important part of the business, also known as the customers, but how to reach the customers?
Global Dropshipping Market from 2022 to 2024
In this technological world where people are more online than they are offline, gives a pretty good reason to reach people online and not offline. Not only are online methods very messy and can reach millions of people but they are cheap too. At this step, when a product is chosen and a shop is set for selling the product, the dropshipper now has to reach online customers who might be interested in the product. This is when advertising the product gets into the picture. This is the time when the dropshipper looks out for good advertising platforms. Most of the dropshippers look up to Instagram as they go to places for their advertisements. Others might also choose other social mediums like Facebook, or YouTube depending on their target audience and the sort of product that they are trying to sell.
Let us take the example of Instagram. Let’s say a dropshipper chooses IG as their advertisement place and they set up advertisements on social media. The target is to run ads hoping that some person will look out for your product and buy it. Most of the time, these advertisements promotional giveaways are targeted to some specific sorts of people, as we can display and list our preferences according to our product. The hook or the trick here is to make the advertisement as catchy as possible. It can be hard for a person to stop scrolling and look at a specific post (Ad) and click on that and make an impulsive purchase. Thus, the dropshipper has to pay extra attention to this detail and has to set up some really smart hooks for the customers to get. The customer can come through two routes, one is to buy thoughtfully and another route is to buy the product impulsively.
Once a customer has clicked your link, or ad, and is taken to the online shop page of your product. That online shop that you created should work efficiently with the payment system. It should involve all the famous payment methods because the customer will be needing a speedy cash-out option when buying something online. Plus, the store should be believable so that the customer who is about to buy that product believes that it is authentic. Once they make the payment, you go and order that product from a big wholesaler who will give you a good discount on the deal just enter the address of the customer who purchased it from you. It is noted that most retailers are from China as it is the manufacturing hub of the world, and examples include Alibaba’s online enterprises.
Why Is Dropshipping So Famous and Viral?
Dropshipping is one of the most viral business models and has amassed a lot of views and beliefs from audiences of all sorts. Especially on the short video platform, TikTok. People on TikTok use the social media platform to promote a product and then sell it online using an online shop.
Global Dropshipping Market by Product
One reason is that we all are always online, which lead to the success of huge social media apps like TikTok and Instagram. This reason, that the internet gets a lot of screen time, makes dropshipping a viable business option. One can operate very easily with this sort of business model. Dropshippers just need a computer with a stable working internet connection and can even work from home everywhere.
Another reason includes the easy set-up of an online business. It has become increasingly easy for a person to set up an online store and list an item or product to sell it. Interestingly, people can ship their products anywhere in the world now, due to advancements in tech and transport sectors.
Side Effects of Dropshipping
Not every online store and product is not true to its customers. There are many cases of counterfeits and fake products being peddled in the market. They must be believable and true to the nature of the products. There are also a lot of fake and counterfeit sellers online that pose to be true but they are fake. Due to the high popularity of this model of business, people often fall prey to such mischief.
“What happens is then a whole cascade of different events where you buy fake reviews to distinguish yourself. You buy fake ratings, fake upvotes, a lot of ads, marketing, but all that adds up,” said Saoud Khalifah, founder of consumer protection software company Fakespot.
Fakespot has a Chrome plug-in that alerts shoppers if a seller on Amazon, Walmart, Ebay, Best Buy or Sephora can’t be trusted. It recently added capabilities to detect untrustworthy stores on Shopify. “They made this a one-stop-shop for you to set up a store, and it’s just super easy for you to start selling online and a lot of these dropshippers know it,” Khalifah said.
This is a drawback of this model being super famous, there are people all over who try and convince you that online shopping is not authentic. In an analysis of more than 124,000 Shopify stores, the analysis agency, Fakespot found out that about 25,000 shops set up online are involved in counterfeit activity, data leaks and fake reviews mafia. Out of those twenty five thousand online shops and stores, almost about 72% showed traces of bad dropshipping tactics.
Shopify
Shopify is an online store creator which helps people to set up online stores for little or no fee. It is easy to sign up and set up an online store for a product. It has all the features enabled for a store, including payments, cart and delivery services. There is also fraud detection and consumer protection in the platform. On Shopify’s Help Center, there’s an entire section devoted to tips and strategies for dropshipping. This helps in regulating the online storage space.
The company makes money by charging transaction fees on sales made through its platform and offering paid add-ons and services such as custom themes, advanced shipping and payment options. Shopify earns revenue from its app store, where third-party developers can sell their tools and services to Shopify merchants. The platform caters to businesses of all sizes, from small, independent retailers to large enterprises.
Gymshark: A Case Study
Gymshark, which is a company dealing in the business of gym wear and athletic apparel, has a great influence. The company initially used influencers to promote their products and it used its power of audience to market its product. The effect of which was that the brand was able to generate a cult-like following all over the place. Be it the internet and offline spaces, the company was successful in creating a stir in the public.
The story does not end here, in fact, it is the beginning of dropshippers in context. The huge success that gym shark created for itself was also apparently used by dropshipping people all over the states. Yes, dropshippers actually started making that cash and capitalised on the company’s success. Gymshark CCO Niran Chana said he’s seeing more and more copycat drop shippers selling knock-offs.
“Someone else is acting as the brand at that point. And we put a lot of investment into assets, content, etc. So for someone to come and almost copy that is frustrating,” Chana said.
“Where we could really do with their help and support is actually when people are abusing those brand rights and running away with a business model that is unsustainable for both themselves and/or Gymshark if they regulate that better. They have the right to be able to say we’re going to pull this site down or you guys are trading sort of uncompetitively,” Chana said.
Gymshark, for now, is working on building a legal team. The legal team will be at the front of safety and security to protect intellectual property, but Chana also called on Shopify to help.
This above example of Gym shark proves the fact that dropshipping can take the shape of something really ugly. People can try to tarnish the brand image of a company just by setting up individual shops which operate in an independent form. This is one of the many examples which shed light on the credibility of online shopping of any sort, it has to be hugely regulated nonetheless.
Conclusion
Dropshipping is a very famous model of business. It is not a surprising fact, as for a businessman it is easy to just order something that he does not own, and delivering it to the customer is rather easy. Another reason for the business to be a famous model of business is that the product can be marketed easily. It is easy to market products with platforms like TikTok and Instagram. You just have to create a trend or just stick to a trend and market the product that you are selling.
Stores like Shopify make it really easy to set up online stores for every product and it also comes with all the features of a full-fledged online store. From the payments interface, and cart features to the proper listing of products, everything is listed here and plain. The fact that this business model is easy to carry out, makes it prone to viruses. There are people of all sorts out there who are trying to sell counterfeit products online. They can sell fake products, they can come up with some really mischief tricks to trick customers online. There are however regulations and strict rules that try to minimise fake selling, and the number of originals is expected to go up. On the contrary, the business model has supported many people financially. No one can point out the general profitability but if you stick to a trend and create good marketing, the product will sell, even overseas.
FAQ
Is TikTok good for dropshipping?
TikTok live is a great dropshipping tool for all independent content creators, businesses, and brands, TikTok is a great platform to promote their work, products, personalities, and ideas in creative and entertaining ways to a global audience.
Is drop shipping still a good business model?
Yes. If you choose the right niche, implement a proper marketing strategy and constantly improve your customer support, dropshipping will be the most profitable business model to run.
Which social media is best for drop shipping?
Instagram is a top-rated social media platform for dropshipping businesses, primarily because it’s so visual. So it’s a great idea to use a few product photos and then mix these up with videos and images that complement what you’re selling.
What is the weakness of drop shipping?
Dropshipping isn’t simple. It has challenges like suppliers, order processing, returns, customer support, website maintenance, attracting online traffic, and tracking inventory changes and shipping prices with manufacturers, all requiring time.
As a business owner, improving customer satisfaction is crucial to your success. One way to achieve this is by implementing an automated answering system known as an auto-attendant. This phone-based system can handle a high volume of calls, directing them to the appropriate department or individual, eliminating the need for a live receptionist. This makes it an effective solution for businesses operating outside of traditional hours.
When it comes to improving customer satisfaction, companies often take various steps to achieve this goal. However, when faced with a high volume of customer requests, concerns, and complaints, it can be difficult to keep up. Fortunately, with the help of automation, automated answering systems are now available to act as customer service representatives and handle all customer inquiries on your behalf.
Automated answering systems can complement the role of a receptionist by helping to grow your business, manage customer relationships, and streamline processes. They do not replace the need for a human receptionist. It acts as a digital receptionist that is available 24/7 to handle all customer inquiries. This eliminates the worry of missed calls or missed messages, as the service will take care of everything on your behalf. This guide provides a comprehensive overview of everything you need to know about automated answering services.
What is the process of using automated answering systems and how do they function? This guide will provide a basic understanding for beginners.
Several companies have live operators on board to answer phone calls and take down key customer messages. Such companies generally rely on automated answering services that take care of the phone whenever the live operators are busy with other tasks.
Automated answering services are ideal for individuals who frequently receive important calls but cannot answer each call personally. In short, an automated answering service acts as a replacement for a traditional answering service, handling customer requests and inquiries and providing prompt responses without making customers wait on hold.
An automated answering service is a tool that manages inbound calls, as opposed to an automated calling service which primarily handles outgoing calls. It utilizes advanced AI technology to provide self-service options to customers, allowing them to quickly receive answers to their requests or inquiries without having to wait on hold. This makes it an ideal solution for individuals or businesses that receive a high volume of important calls.
How Does an Automated Answering Service Work?
An automated answering service can be customized to fit your business needs. Whether you need to accept payments, route calls to different teams, or perform other tasks, an automated answering service can handle it for you.
In other words, an automated answering service is a digital receptionist that can answer calls on your behalf, direct customers towards the relevant department, or guide them through a series of menus. An automated answering service generally works in three different ways
Answer the calls on your behalf using your existing phone number
Play a pre-recorded greeting message that is tailored to your business requirements
Guide customers through a series of menus and ask them for their intent and gather all relevant information
Global IVR Service Distribution by Region
An automated answering service can gather a significant amount of information, transfer it to the user, and then direct the caller to the appropriate department. Additionally, an answering service can also use a call deflection feature to manage high-volume calls.
What Is Call Deflection?
Call Deflection, as per the name, is an Interactive Voice Response (IVR) feature that automatically redirects a call from one point to another whenever a particular endpoint is busy. It is one of the many forms of call diversion.
Automated answering services can be tailored and customised to meet your business requirements and the needs of every client. When it comes to answering services, every time you receive a call, it will be directly routed to an operator who will then ask the caller/customer their name and the nature of the call.
Once the operator has obtained the information, they will check if the client has a record in their database. If a match is found, the operator will then route the client to the appropriate party. If no client record is found, the operator will take down the client’s message and then convey it to the client via text message or email.
Benefits of Automated Answering Services
Apart from saving you from high customer service costs, and improving customer services. An automated answering service serves several benefits such as
Professional Imaging
Based on the needs of your business, you can customize your answering service to ensure that all responses are prompt and enhance the company’s professional image.
Tailored Answering Service
An automated answering service can be used for a variety of purposes such as receiving payments, scheduling appointments, recording customer requests/complaints, handling inquiries, and more.
Saves On Operating Costs
An automated answering service acts as a digital receptionist that collects all customer information on your behalf, eliminating the need for a middleman or agent and ultimately reducing customer costs.
Minimum Missed Calls
Not every call requires an agent to be present. An automated answering service can assist by prioritizing important calls and saving time.
Wait Time Expectations/Queue Management
Customers waiting in a queue need to know how long they will be waiting before their request is addressed. An automated answering service can provide wait time expectations for better queue management.
Simplicity And Precision
An automated answering service can connect customers directly to the appropriate agent or department by asking them a few simple questions.
Multiple Routing Options
Many modern answering services have multiple routing options that reduce customer wait times. This allows customers to bypass the queue and speak directly with a designated agent to address their issues.
24/7 Customer Service
An automated answering service allows your business to be available 24/7, providing customers with access to customer service across all time zones.
Added Sales Opportunity
Automated answering machines are beneficial for both small business owners and large enterprises to improve and increase sales. Customized answering messages can be created to provide customers with the latest offers and product updates whenever they call.
Different Sectors That Use Automated Answering Services
As we mentioned earlier in the article, it doesn’t matter whether you are a small business holder or have a large enterprise, having an automated answering service will help your business grow and flourish.
Businesses of every stature and size can avail of the benefits that come with automated answering service to save time and cut down on operator costs. Furthermore, these services are perfect for businesses that run 24/7, have limited resources, and/or have international clients.
Moreover, automated answering services are largely dependent on the type of services businesses offer. Based on the services provided, the following are the places where you can find automated answering services used the most.
MSME: Medium Small and Micro Enterprises (MSME) are some of the best businesses that prefer automated answering services. Although the volume of phone calls might be less, they can still reap the benefits associated with an answering service
HVAC Services: HVAC services, such as plumbers, often receive calls outside of standard business hours. This is where having an active service can come in handy. An automated answering service can take down inquiries and essential messages.
Growing/Transitioning Business: Businesses on the verge of transition or an update too tend to use answering services that are flexible and can adjust to their growing business needs
Real Estate:Real Estate generally happens out of work and on the field. At this time, real estate professionals need someone in the office to attend to client calls and inquiries. This is where a tailored automated answering service comes in handy
Medical And Dental Offices: Thanks to strict HIPAA regulations, medical and dental service providers have to adhere to strictly when taking down customer information over the phone. This is where you can customise an answering service as per HIPAA laws to ensure safe and secure client information
Insurance Companies: Insurance workers, like real estate people, tend to work odd hours to better match their clients’ schedules. Therefore, in such scenarios, even after-hours calls are equally important. Setting up an automated call answering service will help attend to those calls and give potential customers the information they want.
Spas And Salons: Unlike the good old days, modern-day spas and salons require you to make a prior appointment. Setting up an answering machine and customising it will help customers make that appointment with ease.
In short, having an automated answering service is a great option for businesses with multiple operations areas. Therefore, if your business operates in different areas, having an answering service is extremely supportive in growing your business.
Conclusion
Automated answering services can complement traditional agents at a call centre and help grow your business in many ways. With an automated answering service, you have a digital receptionist available 24/7 to handle all customer inquiries. This has made it even more important for businesses to have an automated answering service in place to ensure that they don’t miss any important calls, even when they are not physically present to answer the phone. With an automated answering service, businesses can ensure that all calls are answered promptly and efficiently, regardless of the time of day or the location of the caller.
By having an automated answering service, you can improve customer service, increase productivity, and streamline your business communication. It can also help you save on operating costs, time and staff resources, and provide you with a professional digital presence 24/7.
FAQ
What is an IVR dialer?
An IVR Dialer is an automated dialer that dials numbers from a given database and plays IVR (Interactive Voice Response) messages when connected.
What is an automated answering system?
An automated answering system allows your contact centre to answer phone calls without a customer service agent on the line. Instead of your team answering calls, an automated phone answering machine uses self-service and advanced automated AI to answer.
What is the function of an automated voice answering system?
Interactive voice response is an automated telephone system that combines pre-recorded messages or text-to-speech technology with a dual-tone multi-frequency (DTMF) interface to engage callers, allowing them to provide and access information without a live agent.
Customer friction is caused when the customers feel hesitant to buy goods or services or are unhappy with your company. Friction is something that slows down the customers or they lose interest in your products and services. Friction arises because of numerous flaws in the product or design or delivery. This will lead to poor customer service.
An example of customer friction is that when you are a software company and the app developed by you is in trouble. The company’s website haschat-bots which instantly gives solution for the problems faced by the customers. A chatbot is a solution for customer friction which otherwise need the customers to make a call to the customer care who does not respond quickly.
According to the survey, 84% of customers say the experience a company provides is as important as its products and services.
Friction can be reduced when you make the business as easy as possible for the customers. This is when you will increase the customers and retain the existing customers.
In the business, As a first step, understanding customer’s problem is important. Know who your buyer is and what they are looking for. When you identify the customer’s needs and understand what they are expecting from you, then you will reduce the customer friction and make their experiences will be more pleasing.
A business is successful when they have happy employees. It is the responsibility of a business to prepare their employees well so that they can clearly explain and brief it to the customers. This type of clear human interaction will reduce frictions. The employees will also know the skill to satisfy the customers with theirs needs. When the employees are made comfortable they in turn help in increase the business by understanding the customer’s needs. When the employees are happy, the customers are also happy.
Improve customer Interaction
Improving Customer Interaction
Lack of customer interaction is the major cause of customer friction. If you want your customers to invest more in your company or brand, then it is important to improve your company’s website, train your employees well as they represent your company’s pride and create informative posters. Whether it is online or offline, provide a helpful platform for your customers to directly interact with your products or services.
Maintain quality design
It is important to have a well-oriented and clutter-free website or an interface that will allow customers to show more interest in your company or brand. When you have a clear web design that equalizes the market standards, half of the friction is reduced. When a company provides many useful ways to stay connected with your product like pamphlets well-informed websites, et cetera this will ease the customer friction and increase your business.
Use persuasive content
The content must be clear and to the point, where it is a website or social media or blog. Proper content will answer many of the questions of customers and they show more interest in your brand or product. There must be a clear call to action that will lead the customers to additional information or the opportunity to buy your products.
Answer the questions before they ask
Having good communication with the customers is the best way to serve your customers well. Communication means having real-time notifications about the purchases, shipping and follow-ups to make sure that your customers are satisfied with your products or services. Also, place a FAQ section on your website which will help the customers to know more about your company and its products.
Taking the feedback
When people buy your products, ask them for their valuable feedback. Feedback also give insights into thecustomer’s satisfaction. You can improve your weak points and serve your customers with the best quality of products. You can also make customers interview to understand their pain points and try to fill those gaps. In this way, you can remove the customer friction completely and focus on building your brand/company.
Regular customers are the best source to know about the hindrances created by any of your products/services. On this basis, you can improve the defective areas and reduce customer friction. If you follow up with these customers they will identify the changes exactly and also help to boost the word of mouth marketing.
Conclusion
Customer friction lowers your brand and also affects your business. Following the above strategies will help your company to have happier and loyal customers. When a company or business reduces the frictions, it will decrease your unnecessary investments in other things, increase the purchasing base for your customers.
The digital world has eliminated the global barrier, thus it is important to make your process and information as simple as possible to reach out to a more customer base. Simplifying the content and website is very important as research says that- “78% of customers cancelled their orders/purchases because they were not happy with the company’s services”. So invest in good website design, train your employees well, attract more customers by reducing customer friction as ‘word of mouth marketing is still a KING’.
FAQs
What are the other frictions that reduce your customer base?
The friction varies from business to business. Some of the common customer frictions are poor website quality, poor customer service, limited business hours, negative reviews, improper content and many more.
What is the difference between customer friction and poor customer service?
Customer friction is caused by flaws in the product or its process. This will reduce the customer base. Whereas poor customer service is a service that does not meet the customer’s needs. An increase in customer friction leads to poor customer service.
How to improve customer satisfaction?
There is a number of ways to track your customer needs and serve better. Few are taking feedback, conducting customer interviews, create customer journey maps etc.
You have a business or a startup or maybe just handling your family store, then you must always think about customers. Business is everything about customers. So, why don’t do anything extra for them?
Toll-free numbers are not that tough to get. And als o not that expensive too. However, it is the age of “everything for free”. Everyone has a free unlimited calling on their phones. But, giving toll-free number is not all about making it free. It is also about valuing your customers. Toll-free service providers make this job much easier. But there are so many service providers out there. You cannot just roll a dice and pick one up. You have to learn everything about this field. But we value your time, so here is everything in as brief as we could make it.
Who Are Toll-Free Service Providers?
To get the number registered and usable by your customers, there are companies that help you in this process. There are so many companies that do this. You can even choose an international company for this. In case, you don’t trust any companies, you can also go for companies like Tata Teleservices.
Companies nowadays also provide additional services besides giving a toll-free number. Like cloud telecommunication, which is a service that lets you access your toll-free number from anywhere in the world along with SMS and WhatsApp support. While buying the plan, you have to let them know how many incoming calls do you expect. Also, how many of your people will be there to serve the calls.
What Are Vanity Number?
Ever received a message from our Hon’ble PM N. Modi from a number like “JG-PM Modi”. This same number is called a vanity number. You can customize them according to your needs. They are very helpful when you want to send bulk messages for promotion purposes. Remember those old-school phones? To type “Hi”, we used to press 4 two times and again 4 three times. This system works on the same concept.
While choosing your toll-free service provider, make sure you ask about the following things to the provider.
How to choose toll free number service provider?
ResOrg
ResOrg stands for Responsible Organisation. It is the certification standard for toll-free number providers. Make sure whichever company you choose, they are ResOrg.
Fail over Protection
These all are a piece of machines. You cannot say when will they fail. So, in situations when the system fails, some companies give failover protection. When anything goes wrong, the primary network automatically switches to the redundant network. And no calls get missed.
Additional Charges
This is in every field nowadays. They say this product is free, you only have to pay for shipping and the shipping charges turn out to be more than the product’s price. Ask them about any additional charges and if possible record it.
Portability
Make sure you don’t forget this one. Ask them about the portability of their number. Do they offer it? If that toll-free service provider is Responsible Organisation, then there are strong chances they provide number portability.
Reasons To Get A Toll Free Number
This is 2020. Most of the people have unlimited call plans. You may ask, nobody cares about toll-free these days. Let’s burst your bubble.
Reasons to get a toll free number
Easy To Remember
Toll-free numbers are much easier to remember than any other ordinary numbers. If your number is short or if you have a vanity number, then people are more likely to call you.
Looks More Professional
These numbers make you look more professional in your market. People will think that you are very serious about your business, which is true. More professionalism means more sales, means more profit.
Increase Satisfaction
When the customers will have a separate line to get listened to from even a small store, they will be much more satisfied than anyone else. Customers want attention. So, toll-free numbers which are especially for them will give them attention.
No Need Of Separate Department
Nowadays, you don’t need a separate department for customer service. In fact, you don’t even need a separate business phone. You can do anything from your personal mobile phone. You can talk to them from anywhere. The technology is advanced so your business should be too.
We think these reasons are enough to let you decide about it.
Which Toll-Free Service Providers Should You “Not” Go For?
Although you already know that you should not go for any toll-free service providers who are not ResOrg, there are some more things to know. Getting a toll free number is not a game. You have to take it seriously. There are many fraud companies who provide toll-free numbers.
You have to research well about each and every option. The best thing you can do before deciding the company is to search for the company on consumer complaint websites. Make sure there are no or fewer complaints about that company. Moreover, you can search about them on forums and social media like Quora where people share their own experience.
One of the best examples of these types of companies is Sarv.com. Their website is damn amazing. But when we researched deeply about them, it turned out there were many complaints against them. Also, if there is a chat option available on any website, then don’t hesitate to use it. But don’t give them your details. When we asked about the services of Sarv.com on their chat option, they didn’t even know about their own potential. So, please read, research and observe companies before making your final decision.
If you want some genuine names, then you can also go for companies like Tata Teleservices and Knowlarity. You can also opt for MyOperator. But, whichever you choose, just research well and if possible ask about it from the old users.
Conclusion
Toll-free service providers can be fraud or genuine, but a toll-free number will always be your best friend in the business. It will help you to grow your business. So, don’t think too much to have it in your office, or at your store. If you have customers, you will definitely need a toll free number.
Any customer calls to customer care, mostly in emergency situations, and the emergency might be “no recharge”. I know, I’m talking to another level, but the truth is, toll-free numbers are really important. So, call toll free service providers now, and get the details.
Comment on the use of toll-free in your business in the comment down below.
Nitin Konde
