eCommerce spending in Australia is thriving, with the Australian Post 2024 Industry Report showing Australians spent A$63.6 billion online in 2023. Consumers are only a click away from brands at any given moment which has heightened expectations for fast, efficient and effective service. However, many retailers still struggle to deliver the personalised, loyalty-building experiences required by today’s customer.
According to the Genesys State of Customer Experience Report, 86% of consumers feel a company is only as good as its service and one-third of customers have switched brands in the past year over a negative interaction. The report also found that 87% of businesses operate with fragmented systems that lack the capabilities needed to provide empathetic experiences across all moments of engagement.
To address this challenge, modern-day retailers are embracing artificial intelligence (AI) solutions to enhance the customer experience (CX) by improving service speed and availability and orchestrating more personalised customer journeys.
AI-driven technologies offer significant potential for tailored customer experiences, but it’s also crucial for organisations to be vigilant about potential misuse that could compromise security and ultimately undermine customer loyalty and trust.
Today, retailers must focus on four key areas to enhance customer experiences in the era of AI.
AI agents
AI agents, employed on voice and digital channels, enable businesses to orchestrate the personalised experiences their customers desire. AI Agents serve as invaluable tools to provide around-the-clock self-service across various digital channels, ensuring every customer interaction is tailored, purposeful, and resolved quickly.
Furthermore, AI Agents can help capture information, answer enquiries, provide basic transactional assistance, and conduct identity verification and validation (ID&V) processes. All of these tasks can be accomplished prior to routing inquiries to human agents. This enhances the overall customer experience and facilitates seamless interactions across channels.
Building and maintaining Trust
Fostering customer trust through robust security measures is paramount in today’s digital landscape. One crucial aspect of building trust is the implementation of advanced customer verification processes, such as Identify Verification and Validation (ID&V). This standard practice allows businesses to seamlessly confirm a customer’s identity and authorise them to make transactions. It is carried out before any sensitive information is shared, instilling a sense of safety and security when interacting with consumers.
However, with the emergence of AI-generated deep fakes companies face new challenges. Deep fakes pose a risk of circumventing traditional ID&V methods potentially leaving the door open for fraudulent impersonation. To counter this, businesses should leverage AI technologies to effectively combat deceptive tactics.
Retailers can adopt automated predictive signals to improve fraud detection capabilities. Implementing two-factor authentication methods adds an extra layer of security, effectively thwarting identity theft and impersonation attempts. By employing these proactive measures, businesses can safeguard customer trust and information, preserving the integrity of their operations in the face of evolving threats.
Ecommerce experience
When it comes to purchasing experience, retailers commonly employ biometric-assisted payment platforms like Apple Pay and Google Pay. However, there’s a growing recognition of the benefits offered by AI-powered payment processors. This approach enhances fraud protection as well as enables swift analysis of large datasets, efficiently identifying potential risks and detecting unusual payment activities.
Both models contribute to a safe, secure, and seamless payment processing experience. These advancements are crucial as consumers often hold retailers accountable for any payment related issues. Minor disruptions in the online payment journey can lead to abandoned carts and lost sales, whereas by offering seamless payment experiences supported by secure technology, retailers can ensure customers enjoy a safe, one-touch transaction experience.
Harnessing the power of AI for unparalleled customer experiences
A single negative encounter can impact consumer trust and tarnish a brand’s reputation. Therefore, it’s crucial retailers leverage innovative CX technologies to meet and exceed customer expectations as they evolve. AI currently represents a transformative force, capable of revolutionising customer interactions. By strategically integrating AI into their customer experience strategies, retailers can elevate customer satisfaction levels and foster brand loyalty.
While the potential benefits of AI are vast, it is imperative for businesses to remain vigilant against associated risks, such as deep fakes. Proactively addressing evolving fraud technology is key to identifying reliable vendors equipped to mitigate such threats effectively.
When deployed correctly, AI holds the ability to enhance CX, safeguard loyalty, and nurture trust – enabling retailers to position themselves at the forefront of customer-centric innovation and achieve success in today’s ecommerce service landscape.
Brett Weigl is senior vice president and general manager of digital, AI and journey analytics at Genesys.