In today's world of multifarious buzzwords and overspun marketing hyperbole, the term 'revolutionary' is used all too frequently to describe any new technology product or service which promises the moon on a stick.
However, while only a handful of innovations can legitimately claim to have revolutionised the way we communicate, such as the internet, mobile phones or social media, the emergence of conversational commerce could be next in line to join the revolutionary elite.
If you're not familiar with the term, conversational commerce relates to the interface which exists between messaging apps, bots and shopping - an ongoing trend where consumers are interacting with businesses through apps like Facebook Messenger, WhatsApp, Slack and WeChat.
Bots, which are essentially computer algorithms with the ability to learn, enable brands to automate a large percentage of customer service enquires. A combination of computer learning and big data facilitates executing a limitless range of tasks like transferring money, ordering a cab or booking cinema tickets – as if we were chatting to a friend.
This huge consumer shift is likely to have profound implications for how we engage with the brands and businesses which augment our lives. In the near future, consumers will be able to engage with brands and businesses 24/7 and get whatever information they need through a messaging environment.
While a small number of conversational commerce services already exist like Uber's Facebook integration which enables you to order a ride from within the messaging environment, the sector is still very much in its infancy, but all that is about to change. At its recent F8 Developer Conference, Facebook unveiled plans to open up its messaging platforms (Facebook and WhatsApp) to brands and businesses for the first time.
As a result, many industry insiders are already tipping 2016 to be the year of conversational commerce, but just how will this paradigm shift benefit consumers? Here are just a few benefits that conversation commerce could deliver:
1. Conversational engagement
One of the key reasons that conversational commerce is set to take off is the ubiquity of the user interface – which is simply chat. This will replace the need for consumers to learn how different app or website interfaces operate, removing a great deal of friction from the process.
For example, through WhatsApp you might ask your bank to set-up a standing order or query a transaction on your account. Through a mix of bots (computer algorithms) and human agents, consumers will simply be able to ask for the things they need.
2. Concierge-like service
Mobile apps were supposed to make our lives easier, but if you need to book a holiday for example, you might have to use several to complete the task like Uber, Expedia and Easyjet.
Through a chat interface you could execute more complex, multi-vendor bookings, like asking to: "Book return flights for two to Rome, a taxi to collect you from the airport and a 4-star hotel within walking distance of the Arcibasilica di San Giovanni."
3. Instant gratification
"We're sorry, but our offices are now closed. Please call back tomorrow". Forget having to wait until your bank or utility company is available to speak to you, with conversational commerce you'll soon be able to get the information you need 24/7.
Chat bots will be able to automate a large volume of requests made during unsociable hours, so that brands will only need to employ a small team of customer service agents to provide round the clock availability.
4. The power of context
Nowadays companies have access to a wealth of customer data such as where we live, what we buy and where we like to go. This big data will enable brands and businesses to provide a more contextual customer experience.
For example, when booking that holiday to Rome the company may know you love opera and offer you tickets to a performance happening during your stay.
Through conversation, like in real life, brands will be able to build a more detailed picture of who we are and what we like, which will ultimately result in a more rewarding interaction.
5. New money
Last year Facebook launched functionality making it possible for friends to send each other money using the platform, but this is just the start.
It's likely that other messaging apps will follow suit and add payment processing functionality, which could see us using chat apps to not only send money but to make purchases. Imagine being able to chat to Odeon via chat and book and pay for tickets to the movie of your choice.
By Hannah Giles, Head of Marketing at Zensend
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