Technological advancements are dominating the world, with artificial intelligence leading the charge. Transforming business and human functioning, this cutting-edge innovation is evolving every minute, expanding to various applications and developments within its landscape. A collaborative study by NASSCOM and BCG forecasts that India's artificial intelligence market will reach $17 billion by 2027, underscoring its significant growth potential.

Especially when it comes to businesses, AI has become an instrument for enhancing efficiency, optimising procedures and providing exceptional value to customers. Undoubtedly, the ultimate goal of every business is customer satisfaction. The advent of AI has offered businesses a means to elevate the customer experience and foster strong brand loyalty and recognition, cultivating a resilient customer base.

Here are some brilliant ways AI can enhance customer experience:

Customised suggestions: In this world of infoxication, modern-day consumers actively seek customised suggestions. This is where AI plays a game-changing role, examining past consumer behaviours and preferences. Armed with this information, this cutting-edge technology offers customised recommendations that are unique to each individual. For example, e-commerce platforms leverage the might of AI to collect and analyse previous purchasing trends, thereby delivering personalised recommendations.

Consistent support: Instant support and communication are critical elements that enhance customer retention. Ensuring quick and 24/7 customer support, AI-powered chatbots and virtual assistants play a vital part in catering to consumer queries round the clock. In addition, they adeptly manage high volumes of queries, eliminating the need for human intervention, thus serving as a valuable asset for businesses.

Analysing customer sentiments: By harnessing predictive analytics, AI can analyse diverse keywords extracted from a range of consumer interactions, such as reviews, emails and social media posts, amongst other channels, to ascertain the underlying sentiment. Drawing insights from this customer sentiment analysis, artificial intelligence can promptly offer recommendations to retain satisfied customers and anticipate potential churn. Consequently, this enables businesses to assess the market performance of their products and take appropriate measures.

Enhancing real-time interactions: Personalised experiences have become the very need of contemporary consumers. AI, armed with real-time customer insights, provides hyper-personalisation, which assists brands in engaging with consumers in a more personalised manner. To put it better, AI acts as a facilitator, equipping support agents with the needed information to deliver efficient and highly customised experiences to each individual.

Future-centric customer behaviour analytics: Businesses can now make better future plans in terms of consumer demand, inventory management and potential concerns, thanks to AI. By analysing historical customer data, encompassing purchase histories and browsing behaviours, businesses with artificial intelligence at their disposal can forecast future customer behaviour and address potential concerns.

AI in customer experience: What's next?

With consumer demands evolving and businesses striving to enhance customer satisfaction in every manner possible, AI is destined to become an even more pivotal element in shaping customer experiences. Moreover, with AI maturing at an unprecedented pace, various emerging trends are set to usher in a new era of customer interaction.