What is Conversational AI? Learn Why You Need it For Your Business

Today's customer requirements

• Value
• Convenience
• Personalized experiences

And as customer behavior changes, it becomes increasingly important for companies to engage customers through compelling experiences.

Companies that quickly understand this shift in patterns are already using high-end technologies such as predictive analytics and augmented reality.

If your company wants to commit to this transformation (as you should), you don't have to go all out, because even with simple software (simple is a term for software;), you can provide your customers with a personalized conversational experience through conversational AI.

What is conversational artificial intelligence?

Have you ever talked to Siri, Google Assistant, Amazon Alexa, or your virtual travel companion Gene?

Basically, with any AI-driven smart assistant. How easy is it to communicate with them?

They have the information we need and share it with us in the simplest way we understand it, by sharing it with us. Simple conversations that give us the information we need, or bring us closer to the actions we need to take.

And all of this is done through conversational artificial intelligence.

Dialogue AI is a fusion of artificial intelligence technologies, including machine learning (ML), deep learning (DL), natural language processing (NLP), speech-to-text, recognition, intent, and domain prediction.

"Through chatbots, voice assistants, and messaging applications, conversational AI enables enterprises to provide users with a personalized communication experience. As a kind of artificial intelligence, conversational artificial intelligence acts as a bridge between machines and humans. It uses natural language processing to help software understand what people are saying and interact with them in the most intuitive way.

Any machine that can talk to a human is powered by Conversational AI. This can be a chatbot, a messaging app, a voice assistant, a voice device, any interface that supports interactive messaging. Genietalk.ai's solutions change the face of human-computer interaction and allow people to talk to each other to find support, get recommendations, implement solutions, conduct transactions, gather opinions, and achieve contextual goals.

Conversational AI brings conversations to life

Conversation AI simplifies a request and breaks it down into essential elements to identify people, actions, and objects as it interprets the conversation as a whole. It interprets what the user says during The Natural Language Processing (NLP), and based on this meaning, the bot then decides how to perform the conversion.

Where to find Conversational AI?

Conversational AI-controlled bots and assistants are all around us - assistants on our phones, support desk chatbots, voice-controlled interfaces that become more popular over time.

Conversational AI is a global trend

With a CAGR of 30.2%, the market for Conversational AI is expected to grow from USD 4.2 billion in 2019 to USD 15.7 billion in 2024. Among the main drivers of market growth are.

• Increasing demand for AI-based customer support.
• Omnichannel use

Reduce the cost of chatbot development

Messaging app marketing is gaining amazing traction, and a strong reason for this is these virtual beings. These conversation-ready, AI-controlled digital assistants are able to be there 24x7x365 to offer fast, personalized solutions that automate the feeling of being with a person in the room.

According to a Statista survey, companies use the following possibilities of conversation AI

• 78% use AI chatbots in simple self-service scenarios.
• 77% use bots to assess the nature and difficulty of a request before forwarding it to a human agent.

Seventy percent use bots to retrieve information for their agents so they can advise customers and resolve their questions quickly.

"The genieTalk.ai conversational AI solution enables brands to deliver an intelligent and personalized customer experience, and is easy to use and more user-friendly, making it the first choice for customers."

In addition to these simple reasons, there are a number of other reasons why companies are using this intuitive technology.

Conversational AI is a global trend

At an average annual growth rate of 30.2%, the conversational AI market is expected to grow from $4.2 billion in 2019 to $15.7 billion in 2024. The main drivers of market growth include.

• Demand for AI-driven customer support is on the rise.
• 3D deployment
• Reduce the cost of developing chatbots

Messaging app marketing is gaining amazing traction, and one powerful reason is these virtual lives. These conversational AI-driven digital assistants are able to provide a fast, personalized solution there at 24x7x365, and automation feels like a person in the room.

According to a Statista survey, the company is using conversational AI in the following ways.

• 78% use AI chatbots for simple self-service scenarios.
• Seventy-seven percent use robots to assess the nature and difficulty of a request before handing it over to a human agent.
• 70% of people use robots to retrieve information for their agents to advise customers and solve their problems in the shortest possible time.

"GenieTalk.ai's conversational AI solutions enable brands to deliver intelligent and personalized customer experiences that are easy to use, more user-friendly, and the first choice for customers."

In addition to these simple reasons, there are many other reasons why enterprises adopt this intuitive technology.

1. Save resources

Enabling quick response helps provide faster and better customer service. This is especially helpful for customers looking for quick solutions to common problems.

2. Visit at any time

Customers can connect to chatbots at any time through the channels they are used to.

3. Improved efficiency

As operations automate with conversational AI solutions, operational and customer support efficiencies increase and customer acquisition costs decrease.

4. Relationship management

Personalized, synchronized conversations enable brands to manage social media interactions and brand engagement as a whole.

5. Piped customer consultation.

Provides important information, answers frequently asked questions, and responds to complex questions -- AI solutions that efficiently address customer needs and reduce employee burden.

6. Master the customer cycle

AI-driven chatbots or voice assistants can guide customers from start to finish, from searching for products to completing purchases, with details such as purchase information and after-sales information covering the entire cycle.

7. A higher level of intelligence

In each new conversation, interaction becomes better because the robot will be based on your preferences, your preferences.

8. Reduce the rate of shopping cart abandonment

Because communication is continuous and cross-channel, customer engagement is high. It also eliminates the hassle of dealing with support centers.