Customer service is crossing a new horizon. For leaders ready to adopt generative AI but unsure where to start, there’s a perfect testing ground: your employees. Starting with internal people and operations will produce lessons and develop processes leading to immediate, impactful results when directed toward customers. Generative AI is set to take things to a whole new level; these practices will help.
Tailored Brands, a menswear and formalwear retailer that includes Men’s Wearhouse and Jos. A. Bank, needed to anticipate customers’ evolving preferences for various style, color and size choices in its tuxedo rental business. CTO Scott Vifquain and Gurhan Kok, founder of Invent Analytics, talk about how AI-based technology was applied, and the results so far in our MCM CommerceChat podcast.
It’s undeniable that artificial intelligence is having a major impact across industries. But what does that mean in dollars and cents? IHL Group has estimated the business impact of AI, GenAI and machine learning on the retail and restaurant sectors through 2029 at $1.5 trillion. IHL also ranks companies on AI readiness and projected business impact. IHL president Greg Busek breaks down their findings.
Ecommerce fulfillment software firm Flowspace is using generative AI and machine learning technology to streamline transportation and freight management processes, automate workflows and increase the visibility into the status of inbound and outbound shipments. FlowspaceAI for Freight uses GenAI and machine learning to read and interpret emails and determine the status of each shipment.
Despite concerns about what generative AI heralds for society and humankind, in the form of warning letters from prominent tech executives and academics, many consumers are excited about the prospects for the technology. Like every technology-driven shift in commerce, smart merchants will take a customer-first mindset when evaluating available generative AI solutions and investments.
For retailers and ecommerce brands, interacting with customers and leaving a good impression is not only a never-ending task, but incredibly important for sustained growth. This is why brands should make it a priority to take advantage of automated tools that save time, reduce the need for customer service agents and provide a consistently seamless customer experience while shopping.
Ecommerce entertainment is a fast-emerging trend merchants will need to build into growth strategies and investment plans. “Showbiz” will be the new ecommerce battleground. The convergence of tech, commerce, brand power and consumer hunger for enjoyable experiences will increasingly drive competitive differentiation.
ChatGPT, the generative AI tool based on Microsoft-backed OpenAI technology, is creating media buzz on a new level, with its much-touted ability to create human-seeming language, content and interactions for just about any business or private context. It’s also causing major disruption in retail, even as ethical and legal issues arise.
Today, consumers expect you to anticipate their needs and offer relevant suggestions before their initial contact. Powerful martech tools such as customer data platforms, AI-based personalization and digital asset management (DAM) help you make “next best action” decisions that future-proof your customer experience strategy.
Technology, whether through automation or personalized chat settings, was a major trend in customer service during 2021. While it takes a careful balance of implementation, technology can pave the way to new, beneficial customer service practices, many of which are coming to fruition. Here are three trends to watch in 2022.