Before E-Commerce, Now Conversational Commerce

We all remember what happened in 2020. The world stopped, store doors closed, and suddenly retail became completely digital. In places like the UK, online sales accounted for 31.3% of retail sales. What started as a stop-gap solution is now the norm. And, within this new digital landscape, conversational commerce emerged. And, as with digital commerce back in the day, conversational commerce is now having its heyday. This phenomenon has been driven by three major trends:

  1. The growing demand for conversational experiences: 70% of consumers now expect personalized, seamless experiences when interacting with brands.
  1. The popularity of WhatsApp: With 3 billion active users in more than 180 countries, it is the perfect channel for companies looking to personalize their communication.
  1. The advancement of artificial intelligence (AI): More than a third of companies already integrate AI into their processes, and 40% plan to invest even more in this technology in the coming years.

Why Conversational Commerce?

If we think about the expectations of today’s customers, we realize that they are looking for a personalized and close experience. They are not satisfied with a simple ad or an email; they want to talk, ask questions, receive quick answers, feel cared for. According to the Customer Experience (CX) Trends Report , 70% of consumers expect to have conversational experiences with the brands they choose.

Clearly, we are facing a profound shift. And the integration of conversational AI, such as advanced chatbots, is enabling companies to achieve this hyper-personalization that consumers demand. McKinsey reports that one-third of organizations are already using generative AI and 40% plan to increase their investment in these technologies.

Challenge in the adoption of new technology

Today, conversational AI is already a $10.5 billion market and is estimated to reach $86 billion by 2032. This means that, in a few years, companies that do not adopt conversational commerce will be missing a huge opportunity. The key is to achieve hyper-personalized experiences, something 66% of shoppers already expect.

But there is a big challenge that persists in the market: many companies are unclear about how to adopt these technologies effectively. This is where the concept of the last mile of artificial intelligence comes in, which is to help companies integrate technologies such as large language models (LLMs) from big vendors like Google, Llama, ChatGPT, etc.

The implementation of these tools, along with integrations with CRMs, Ecommerce Systems and the WhatsApp API, coupled with the design of unique conversational experiences, are key. The goal is to create conversations with customers that are engaging and low-friction, so that both the company and the customer want to continue the interaction. This approach ensures that technologies are properly incorporated into companies, helping to generate real and meaningful engagement that translates into an increase in conversion rates, be it sales, customer service, collections, among others.

Another major challenge is that many companies do not have internal teams prepared to adapt to these rapid technological changes. This is where we come in. At Flexi, we are proud to have over 15 years in the communications market. Throughout this time, we have witnessed the evolution of technology: from voice over IP to PBXs in the cloud, to the incorporation of WhatsApp and then automations with APIs. Now we are at the forefront of the integration of artificial intelligence.

This accumulated experience allows us to help medium-sized companies incorporate the last mile of artificial intelligence with the necessary support to achieve the results they are looking for. It is this support that really makes the difference. With more than 400 companies already trusting us, we know how to guide companies through this transformation process and towards a future where communication is more personalized and efficient.

Conclusion

Conversational commerce is not just a trend; it is a necessity that companies must embrace to stay competitive in the future. At Flexi, we are committed to making this transition as smooth as possible for companies, providing them with the necessary tools to make every conversation personalized, efficient and, above all, human.

Digitalization starts with a conversation 💬 Click here and schedule a meeting with our experts to implement customized solutions for your company.

 

Picture of Franklin Marcelo

Franklin Marcelo

CEO of Flexi.cx