A research conducted by the conversational commerce company, Flamingo Customer Experience Inc., showed that 77% of consumers are comfortable and very comfortable with the concept of using Chatbots when interacting with organization. About the same percentage of businesses (73%) believe that Chatbots are somewhat to very relevant to their businesses.
Flamingo developed an Intelligent Guided Selling platform (Artificial Intelligence) designed for selling complex financial products online. The Flamingo Platform aims to turn a website’s visitors – those that are looking to purchase financial products – into customers.
A Chatbot is a computer program that uses rules of Artificial Intelligence to simulate conversation with human users over the internet. The study was conducted to find out the views and experiences with Chatbots of 84 Australian-based businesses, as well as 528 Australian consumers.
The research also shows that the first generation of online customer assistance and help tools have largely failed to deliver tangible results for businesses with 60% of consumers having abandoned an online application or purchase process in the past three months. Dr. Catriona Wallace, Founder and CEO of Flamingo said,
The number of customers who abandon the online purchase process is staggeringly high. Organizations have spent millions of dollars trying to improve the online customer experience, but largely the technologies supporting these efforts have neither delivered to the customer nor the business.
Other findings of the research showed that both customers and businesses are looking for better connections and experiences online, with 77% of consumers saying immediate online help would increase their likelihood of completing transactions, and 85% of businesses saying that immediate online help would improve online sales conversation rates.
Further, 81% of businesses believe that a focus on online conversion rates will become more important in the next 12 months.
The new research illustrates that improved online functionality and navigation, coupled with improved experience and implementation of chat tools are the three highest-ranking ways organizations are looking to improve online sales conversion.
Thus, Flamingo has developed one of the world’s first significant Conversational Commerce platforms to provide Intelligence Assistance (IA) to financial services companies.
Designed by Flamingo’s Chief Data Scientist, Dr. Jack Elliot and CTO, Joe Waller, Rosie, Flamingo’s unique Chatbot tackles the widespread problems of low online conversion rates and poor customer retention in financial services companies.
Dr. Wallace said that the Flamingo Platform not only reduces the overwhelming nature of purchasing complex products online, it’s also intelligent. With each completed transaction, Rosie learns more about how customers and employees interact. Catriona added,
While other Chatbots focus on just chat, our entire focus has been around online sales conversion from the start. Rosie allows the entire online selling process to be automated, meaning employees are required less often, or not at all.