The duo of Infobip, a cloud communications platform and Spryker, a composable commerce platform have unveiled six trends for retailers to boost revenues using Composable Commerce, Conversational Experiences and Artificial Intelligence (AI).
This is coming on the heels of a collaboration between the two companies that is aimed at helping businesses deliver more personalized shopping experiences, optimize customer engagement and drive revenue growth.
The six trends are:
- The Conversational era has arrived: Everything is becoming conversational. Customers expect conversations with retailers across the entire journey on one device and channel. As a result, retailers need to offer large-scale escalation of two-way conversations throughout the customer journey, with app-like experiences in chat apps.
- Personalization with Composable Commerce: Retailers can use permissible customer data like browsing history and preferences to offer personalized recommendations and promotions, enhancing the shopper’s experience. This leads to higher conversion rates and ROI alongside improved customer loyalty.
- Intelligent strategies for efficiency: AI and analytics are paving the way for hyper-personalized customer experiences throughout the entire journey of customers for retailers. These technologies offer anything from handling basic queries and predicting customer behaviours to enabling real-time responses. By integrating AI and analytics throughout the customer journey, retailers can further enhance loyalty and brand recognition.
- Omnichannel Integration: Composable Commerce combined with conversational experience solutions allow retailers to seamlessly merge online and offline channels, offering a consistent shopping experience across e-commerce sites, mobile apps, social media, chat apps and physical stores. Features like buy online, pick up in-store, endless aisle, and real-time inventory visibility especially when exposed in common chat apps can attract customers, drive sales, and increase profitability.
- Agile and Scalable Technology: Composable Commerce offers retailers an adaptable and scalable tech infrastructure. Businesses can quickly adapt to market shifts and customer needs by integrating top-tier software through APIs. This flexibility lets retailers innovate, efficiently scale, and improve revenue. Cloud-based solutions have superior performance and cost-effectiveness.
- Hyper-Automation through AI-powered chatbots: The adoption and scaling of automated chatbots is revolutionizing the customer experience for retailers. Improvements in text, voice, and video chatbots, like integrations with ChatGPT, provide retailers with automation, speed, and availability. Retailers are increasingly adopting intelligent virtual assistants to streamline customer service, enable up-and-cross-selling, marketing and sales automation leading to enhanced ROI.