How developing economies can benefit from the transformation of conversational AI

Technology has changed the way we buy and sell goods. Thanks to the growth of e-commerce, traders can now trade their products or services virtually anywhere in the world, at any time.

While it has made the trade process easier and more efficient in many Western economies, at the same time it has left millions of other small businesses in emerging market and developing economies (EMDEs) behind. to the back. This is because they are already at a direct disadvantage due to slow adoption of technology and the fact that customers don’t always speak the same language as their financial or technology providers.

Despite this, a new solution has emerged that will allow them to close the gap with their developed market rivals. Artificial intelligence (AI) can help them overcome these obstacles and continue to grow their business. The only hardware they need is a smartphone and the internet.

The following two forms of artificial intelligence are already having a huge impact on traders in emerging and developing markets:

Conversational AI

Conversational AI is designed to support improved customer communications. By using natural language processing (NLP), businesses can automatically process and understand human language. They can also use it to analyze the meaning of text and speech to generate appropriate and relevant responses.

This is a game changer for traders who have previously been excluded from digital commerce due to language restrictions. By providing them with instant, accurate translations, they can respond promptly to any inquiries or requests.

Take Nigeria, for example. The country has more than 500 languages ​​or dialects, which means that businesses that only speak their own language cannot sell outside the local community, whether to their own people or globally. . However, by using artificial intelligence, they can easily enter and participate in these markets

A common type of conversational AI is the search bar. It interprets the user's search query and provides the user with a response based on its understanding of the query and trained data. This can help businesses increase conversion rates, improve user experience, increase productivity and operational efficiency, and reduce costs and the risk of human error

Generative Artificial Intelligence

Artificial Intelligence Can be used to create new and unique content. By quickly analyzing a customer's browsing patterns, purchase history and key behavioral information, generative AI can generate relevant and personalized campaigns, images and targeted offers that resonate with customers' interests and improve their shopping experience in real time, Thereby increasing sales conversion rates

Future uses of artificial intelligence

In the future, artificial intelligence will have many applications that can be used to boost sales and improve customer outcomes. Among them, an important use of conversational artificial intelligence is to automate negotiations, by deploying sales bots to manage transactions for enterprises.

This technology can also be used to provide customers with personal virtual sales assistants, allowing them to negotiate terms and Special offers and build relationships with businesses without having to interact with a human, driving service and sales, as well as increasing efficiency

The above is the detailed content of How developing economies can benefit from the transformation of conversational AI. For more information, please follow other related articles on the PHP Chinese website!