Industries are in constant flux and evolution, but some trends unite many of them. When that happens, the root cause tends to be their audience. Their shifting behavior requires anyone from educational institutions to financial services providers to adjust significantly. Conversational engagement software is the perfect example of an industry-spanning trend that fits this definition.
Consumers increasingly have 24×7 habits. They expect instant communication on their schedule, not just during traditional business hours. At the same time, they still crave an experience that feels human over endless company automated telephone menus that offer more frustration than help.
This mixed need for instant answers and personalized experiences has given rise to conversational engagement software. This tech goes beyond simplistic chatbots. Companies across industries are turning toward this type of software, like AtlasRTX digital assistants. The goal? It is to provide a better customer experience that meets 24×7 demands while still feeling human, providing immediate answers but without disregarding the need for empathy.
The software has made significant inroads across many industries. But a few have especially begun to embrace it as a way to take on an intuitive format. As a result, their customers get instant, personalized, scalable help. These are the industries in which conversational engagement software has become most prominent over the last few years.
1. Higher Education
Higher education is perhaps the best example of an industry traditionally slow to change that is embracing new technology. According to one report, 36 percent of universities use AI-enabled digital assistants in at least some capacity. Another 17 percent plan to pilot similar conversational software. Only 21 percent of respondents had no plan of using any such technology.
The need for this type of platform in higher education is becoming increasingly obvious. Tightening budgets and staff turnover are clashing with an increasing student need for instant and flexible availability beyond traditional business hours. Conversational engagement software is closing that gap, creating more flexible communications streams in the process.
2. Banking and Financial Services
As part of another traditionally slow-to-change industry, financial services providers have needed to come to terms with the fact that thanks to the disruption of a number of online-first alternatives, digital transformation has taken on a rapid pace. In fact, some experts predict that by the end of this year, 90 percent of banking interactions will be automated.
Conversational engagement software plays a large role in that move towards automation. The right platform can securely handle even sensitive interactions. Customers can get help with anything from balance checks to transfers and even loan applications. The 24×7 flexibility of the tool makes this another industry where digital assistants continue to play a more prominent role by the day.
3. Home Construction and Real Estate
Home construction companies and real estate agents alike may have the most untapped use for digital assistants of any industry on this list. Their industry is reliant on both flexibility and complex information. Customers need to know personalized information about available homes, construction updates for new buildings, and anything in between.
At the same time, this is not an industry in which comprehensive customer service departments can support these types of questions around the clock. Homebuilders who are inundated with new leads understandably struggle to keep new buyers informed about the construction process, or any delays caused by labor shortages and supply chain issues.
Add in the fact that homeowners need to be satisfied after move-in in order to become brand champions. It can be impossible for a purely human team to accommodate all possible needs. Enter conversational engagement software. This tech can provide a human-like experience, especially for millennial buyers expecting A+ service at their convenience.
4. Travel and Hospitality
Digital assistants and other types of conversational engagement software are the fastest-growing technology in the hospitality sector, and for good reason. A 2018 survey found two-thirds of respondents said they like the instant, AI-enabled chat experience to improve their travel experience, and that number has only risen since then.
Because of the major investment required both in terms of time and budget, communication around travel-related topics and purchases can become quite stressful. The ability to get instant answers and even change bookings or add extras to a trip can go a long way toward a positive travel experience.
5. Retail, eCommerce, and DTC
The versatility of digital assistants is especially clear in the retail industry. The right platform can answer initial questions about products or opening hours, creating the ability to both automate and improve customer service significantly. But the possibilities also go far beyond the ability to improve the customer experience early in the sales funnel.
In fact, Juniper Research predicted last year that by the end of 2023, eCommerce sales achieved directly through digital assistants would top $110 billion. Meanwhile, abandoned cart bots that gently follow up with shoppers can increase revenue up to 25 percent. In an industry that increasingly relies on an online-first experience, the fit for conversational engagement software is natural.
6. Health Care and Pharmaceuticals
The health care industry’s last two years have been turbulent, to say the least. Instant answers have become more important than ever, as have virtual and in-person medical appointments. Meanwhile, pharmacies have moved to virtual environments to better serve patients needing pharmaceuticals.
Within that environment, digital assistants have begun to play a prominent role. A 2018 Deloitte survey found that among American adults who used technology for health, 75 percent rely on digital assistants for medication reminders, while 72 percent use the same technology to monitor their health. The global surge of automation in this industry is expected to continue growing until at least 2031.
Conversational Engagement Software for Current and Potential Customers
In these and many other industries, digital assistants and other conversational engagement software have made inroads largely because of a simple truth: they are proven to provide a better consumer experience while at the same time reducing operational costs. This kind of Goldilocks zone for technology will only see related platforms rise in importance in future years.Of course, you need the right partner to unlock similar kinds of benefits for your business. AtlasRTX has built a digital assistant capable of intuitive and AI-enabled messaging, and we’re focused on helping members of the home building, higher education, retail, financial services, and hospitality industries succeed. Ready to learn more? Get started by requesting your demo today.
