Importance of speech analytics in the e-commerce sector

What if there was a way for an e-commerce brand to predict what a particular customer is most likely to buy and in what price range, as soon as the person logged on to the website?

Not only that, imagine how good it would be if as an e-commerce brand, you already knew how a customer’s journey takes place on your portal, foresee the challenges and proactively find ways to resolve those issues?

This kind of a solution can make enhancing customer loyalty, sales conversions and customer satisfaction a breeze!

Mihup’s transformational speech analytics platform known as Virtual Interaction Analyst (VIA) is already doing this for e-commerce brands. Here is what Mihup VIA brings for your brand:

Helps you build a strong supply chain: People go online for — ease of shopping, better prices and hassle-free doorstep delivery in the pandemic times. However, to fulfil their needs, an e-commerce brand needs to maintain robust supply lines. Speech analytics helps understand the consumer’s preferences and expectations which in turn lead to identification of products that are most likely to sell faster. Thus, you can stock products in adequate quantities through this power of sales forecasting enabled by speech analytics.

Personalized Recommendations: Returning customers are the real gold-mine as they don’t cost you as much as acquiring a new customer. That’s why you get better value of sales to loyal customers. A prominent strategy to bring customers back to your site is to send personalized recommendations. Analytics helps you identify that customer A was interested in buying photography gear, so you send them personalized recommendations on special offers and new products in that category.

Even when the customer is on the website, you are able to show them other products similar to what they are looking for. If they do not like one product, there are several other options visible in the same window. Eventually, you might not only ensure that the customer buys something, but even sell two-three products to someone who came looking for one.

Helps in creating more accurate customer profiles: It is crucial for e-commerce retailers to know customers, their demographics, culture, behaviour, past purchase history and other triggers. Speech analytics helps generate all these insights and allows you to create more impactful special offers, festive deals and other things.

Helps in optimizing product pricing: Demand directly influences the price of a product, and this applies to ecommerce as well. Analytics helps you optimize your product pricing dynamically based on the insights on product sales, profit margins and price points that customers are more comfortable paying.

Mihup VIA helps you with all the above-mentioned enhancements, and build a smoother and highly personalized shopping experience for your customers. They log on to the website looking for a product and find it right there on the recommendations. This omnichannel solution can be deployed on premises as well as the cloud. It empowers you with accurate insights to proactively create strategies and outsmart your competition, thereby delivering superior customer experience. By analysing 100% of customer interactions across voice, chat, email and social media channels, Mihup VIA delivers actionable insights and visualization of the analysis with simple dashboards and reports. The solution is a multi-lingual platform which is of incredible importance in a country as linguistically diverse as India. To say it succinctly, Mihup VIA helps ecommerce brands understand the ‘True Voice of the Customer.’

Voice AI - interaction analytics, voice bot, IoT and the likes