Converting visitors of your online store into purchasing customers is a never-ending process. Cultivating leads, nurturing advertising campaigns, and ensuring your store is captivating enough to keep the sales funnel flowing will keep you up all night if you let it. High traffic and low conversions plague countless online retailers across various shopping platforms, but this doesn’t have to be the case.
Medling in the dark arts of online conversions in itself can be similar to solving for the mystery of dark matter, but what we do know is the one tried and true solution is a great customer experience. According to recent data, 85% of all online customer interactions will be handled without a human agent by 2020. This significantly cuts down on costs by 30% or more while providing an outlet for customers to interact with your store. Not only are costs cut, but the speed to resolution is also increased by answering 80% of routine questions.
But how do chatbots and virtual shop assistants actually lead to increased conversions? Let’s breakdown a few key areas of online retail to understand how a chatbot solves this dilemma.
Abandoned shopping cart recovery
One of the predominant conversion hurdles is tackling abandoned carts. Customers visit your store, shop around for a bit, add a few items to their shopping cart and then poof, they are gone. What happened?
By interacting with customers during their shopping experience and once they enter and more importantly exit their cart page, a chatbot can remind them they have a pending purchasing waiting and walk them through the checkout process.
Recommending additional products or services is key in increasing the average order value of your customers. A chatbot coupled with advanced artificial intelligence such as Acobot’s Virtual Shop Assistant can recommend the best product that suits both the customer’s needs and what is most likely to convert based on historical data.
Customer support & service inquiries
Customers demand instant answers, period. On the flip-side, a customer support staff is an expensive investment for a small online business to operate. 25% of customer service and support operations will integrate a virtual customer assistant or chatbot technology across channels by 2020. In another two years, bots are expected to save businesses $8 billion per year.
Why are service and support important to increase conversions? The reason is simple. According to research, 82% of buyers demand an instant answer to their questions.
Discounts and sales
Discount codes or limited time offers can be programmed into the chatbot and these campaigns can be aimed at first-time customers or to return visitors. Customers like to feel that they are getting a deal made exclusively for them, increasing the chances of making a sale. What is better than a human-like chatbot providing you with your unique code!?
Speed is more important with each day that technology advances our society. We are becoming accustomed to faster and faster transactions with each purchase we make. According to an American Express survey, more than 60% of their customers expressed that they prefer digital self-service tools to answer their simple queries. Online customers don’t like to wait longer than 5 minutes for a response and chatbots have an average wait time of only 45 seconds, well below the 10-plus minutes that it actually takes to call a company.
The difficulty of increasing conversions doesn’t have to be the scary monster in the closet, let them out into the daylight and embrace technology to aid your online shopping experience. Placing chatbots strategically on each product page and throughout the sales funnel will ensure that you are not only providing the best customer experience but uniquely aiding in product adoption and upselling products.
With the added benefit of an increase of 30% or more in online sales, Acobot has been leading the development of artificial intelligence in chatbots. By using machine learning, Acobot is able to provide a completely unique experience to each customer tailored to what is actually happening minute-by-minute with your online store, all without you having to go in and constantly adjust the code.
Give a chatbot a try today!