E-commerce is unbelievably still the future.
Even 20+ years after Amazon was created, e-commerce across the globe is still going strong.
It’s imperative to understand the benefits of ecommerce and how they are of prime importance to both the businesses and consumers before you embark on the journey of starting one.
The Indian e-commerce industry has been on an upward growth trajectory and is expected to surpass the US to become the second-largest e-commerce market in the world by 2034.
Powered by growing internet penetration, internet users in India are expected to increase from 481 million as of December 2017 to 829 million by 2021. India’s E-commerce revenue is expected to jump from US$ 39 billion in 2017 to US$ 120 billion in 2020, growing at an annual rate of 51 percent, the highest in the world.
These gains aren’t simply limited to the world’s largest democracy.
World over, e-commerce has been booming. In 2017, retail e-commerce sales worldwide amounted to $2.3 trillion dollars and e-retail revenues are projected to grow to $4.88 trillion dollars in 2021.
In the U.S., online sales of physical goods amounted to 360.3 billion US dollars and are projected to surpass 603.4 billion US dollars in 2021.
If you own or run an e-commerce site, you’re probably reading this to understand how a chatbot could help you capitalize on this boom and take that next step for your business.
Verloop works with several large e-commerce platforms, so let’s start off strong.
1. Save time
Nykaa is an Indian fashion and beauty e-commerce platform, valued at $450 million.
Prior to implementing Verloop, Nykaa customer service executives spent over 3,200 manhours a month answering and replying to support queries. This backlog leads to customers being left out on support islands with no one to help them.
More customers beached led to an increase in customer support tickets, that negatively impacted customer loyalty and in turn, the company’s bottom line.
Using Verloop’s conversational automation interface, Nykaa engaged 99.7% of all its customers in under 1 minute.
"We've noticed more and more of our customers prefering self-servicing over calls to agents. Understanding customer’s concerns/context is the key to an efficient self-serve. We have been collaborating with Verloop to drive this mission and have come a long way. We are confident of building a state-of-the-art experience where a lot of customer problems would be solved instantly over chat." - Gaurav Tejwani, Vice President - Products, Nykaa
Verloop helped Nykaa automate customer queries ranging from cancellations, returns, shipping inquiries, replacements concerns, refunds and payment hassles for over half a million customers on its app.
In just the first 30 days, the bot handled approximately 1.6 million unique conversations for Nykaa. Over 90% of the customers who participated in these conversations rated the Verloop bot as highly favorable or excellent.
2. make More Money.
Verloop’s chatbots are excellent lead generators. E-commerce companies who used Verloop saw between 30%-150% increase in leads generated.
Great lead generation reflects how humans, not computers, deal with information.
Most of our e-commerce customers saw these improvements in conversion and sales overnight, simply because the bot ensured that their customers weren’t being left unattended. When a customer came to their website to buy a product, they were able to reach out to them proactively and help guide the customer through the sales process. The bots also allowed them to generate, qualify and close leads during the off hours for the business (at night, or during lunch breaks). This meant that every morning a sales team would wake up to sales that were aided while they were asleep.
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Hundreds, if not thousands of these potential leads come to visit your website and look at your products and services every week. They’re greeted with the banners declaring the lowest price in the market, or best service in the industry.
But is that what they’re really there for?
They’re there to ask questions, and get answers. They want to know more about that dress, about what the return policy is like and when the earliest delivery date is. But because they’re on a computer miles away, one of two things will happen.
- They will spend the next half an hour scouring your website to get that answer. (unlikely)
- They won’t get their answer and leave. (likely)
And when customers in your target market are left untouched, they eventually go to one of your competitors. Most of the time, to the one that answered their question quicker.
3. Faster is better
Research by NewBreed shows that when companies take more than five minutes to respond to a lead, their odds of qualifying that lead decreases by 10x. Responding in 10 minutes, vs. 5, further decreases the likelihood of qualifying the lead by 400%.
And that makes sense. In a world of instant gratification where your friends and family are never more than five seconds or a text away, a business using email and taking twelve hours to get back to a customer is nothing short of a crime.
Chatbots allow you to talk to customers on the platform they prefer, when they want it. Instead of flooding inboxes or following up support queries at odd hours, chatbots representing a far more efficient tool. They can field questions from your customers around the clock, 24/7, 356 days a year, without any vacations, bad days or compromise on customer service.
Apollo Munich used Verloop to shorten its Sales Cycle by over 3X.
In the modern age of the internet, businesses shouldn’t work just business hours.
4. Boost conversion
You now have access to more leads. You can reach out to them in lesser time. How else can a chatbot help? By converting them to customers.
The advantage of conversational UIs is that there is no learning curve; People already know how to talk. A well-designed user interface is intuitive — commands don’t have to be taught, unlike the meanings of buttons in a visual interface or the keys on a touch-tone phone system. This allows you to tap into the prime buying behavior of all of your customers, regardless of age, sex, geographical location or technological preference.
And unlike traditional digital analytics, conversations are not simply a tabulation of people who accessed your bot, or a drab breakdown of the data.
Because bots divide each part of the sales funnel into individual messages, Conversational Automation Analytics can measure how much time each user spends on each message, what call to actions they respond to, what their attention span for certain forms of media are, and heat maps to track which part of certain cause “friction” to the sales process.
Proponents and users of chatbots have seen massive improvements in their conversion rates. Education platform Acadgild saw an increase of 240% in their traffic-to-customer conversions post their implementation of a chatbot.
5. Cross-Platform Performance
Our chatbots are both language and platform agnostic.
With Verloop, you can run your chatbot in any language you’d like, on most any platform you’d like; be it an app, website or social media platform. When it comes to building your website or hosting a platform for your business, traditionally web wagged its tail and mobile followed.
But that recipe no longer works, you can’t be either or when it comes to the web and mobile. Additionally, the influx of social media into sales and support means you have a third prong that requires handling. Chatbots can help you automate all three, delivering better results in lesser time across the board.
In an increasingly global economy, however, it is important to be able to speak your customers’ language. While many would suggest English dominates most interactions, technology allows companies to engage their customers with unparalleled customization.
Language is just another hindrance that reduces the efficiency of your sale. If you can’t support your customers in the way they want, and in the language they speak, you’ve already lost them.
Unsurprisingly, when phone calls, emails, and @’ting companies fail consumers so spectacularly, it isn’t difficult to understand why customers want to use messaging to communicate with businesses in real-time.
The end goal for all Conversational Sales, Marketing and Support is simple; Make business personal again.