“Fever, a startup that uses proprietary algorithms to help companies plan events, announced today that it has raised $35 million led by Rakuten Capital, the investment arm of Japanese internet giant Rakuten . Other investors in the round, which brings Fever’s total raised to $70 million, included Atresmedia, Accel and Michael Zeisser, the former chairman of U.S. investments for Alibaba Group. Zeisser will also join Fever’s board.”
“The technology itself is used primarily to enhance efficiency, though leading CX firms use AI “to bring a deeper level of customer understanding, driving customization and a personalized journey.” Nine-in-10 survey respondents said since incorporating AI, they had seen measurable improvement in the speed of complaint resolution. Eight-in-10 said AI had enhanced the number of calls they were able to process.
While it’s still early days yet with AI, success stories have started to emerge.
Rakuten, a Japanese ecommerce firm, has been able to move three quarters of inbound calls to chatbots, greatly increasing the volume of calls the company can handle.
Canadian mobile telecom carrier Telus was able to offload 40 percent of calls to chatbots, improving service levels and cutting customer wait times from an hour to 2.5 minutes, improving operational efficiency as well as CX. Customer service representative satisfaction also improved.
Alibaba, the Chinese version of Amazon, used AI-powered chatbots on the company’s Tabao site to handle more than 93 percent of customer queries in 2017, which company officials say would have required 83,000 human agents working around the clock. Alibaba now offers these chatbots as a standalone service.”
“According to Martechtoday, Ocado reportedly planned to spend £175 million ($232 million) for its robotics and automation system this year, Amazon committed $5 billion in its tech investments in India alone, and Alibaba is looking into pouring $15 billion into research and development spending over the next three years. Forrester Research (PDF) predicts that AI-related investments will grow by about 300 percent in 2017, with businesses becoming more competitive by 2020 and gaining $1.2 trillion per year.”
“According to Techemergence, after implementing this new initiative, a number of online orders reached 1.26 billion in 2015 (double the amount of orders in 2014) and approximately 85 percent of those orders were delivered within two days.”
“It’s customer service chatbot processeses 95 percent of customer inquiries, both written and spoken ones, and it is very powerful now.”
“Right now, with their Rakuten Institute of Technology, they are able to analyze their 200 million products to forecast sales with a high degree of accuracy.”
“And going beyond keywords to search for products, eBay launched eBay ShopBot for its users. The app runs on Facebook Messenger and lets shoppers interact with a chatbot using text message, speech or image. According to eBay, the goal of the app is to provide the services of a personal shopper by giving tailored search results.
Sunil Gopinath, CEO of Rakuten India, explains in an interview with Factor Daily that they use the same technology for different applications. Additionally, he said, “Out of over 70 services we have, almost 30 services will be enabled with AI chatbots by the end of . The objectives are to improve customer satisfaction significantly and also sales productivity. We’re partnering with IBM Watson to enable those AI chatbot engines.”
Working on artificial intelligence has brought improvements in customer service, according to the company (Flipkart). A report in the Hindu Business Line on the company’s net promoter score (a measurement of a customer’s likelihood of recommending a company’s services or products) claims an increase of 14 percent in the middle of 2017, growth of 14 percent in customer resolution and a drop of 25 percent in customer pain. The company attributes these improvements to chatbots that were launched in April 2017.”