Creating AI-Powered Conversational Interfaces for the World’s Largest Brands
Tell us about the LivePerson mission.
Our mission is to make life easier for people and brands though trusted conversational AI. Leveraging decades of data and a powerful AI-engine, we develop conversational experiences for top companies including HSBC, Home Depot, Orange, and GM Financial, helping to ensure today’s consumers are served with the personalized customer experience they have come to expect.
Explain the “Fourth Industrial Revolution.”
The term “Fourth Industrial Revolution” represents the blurring of boundaries between the physical, digital and biological worlds. We are at the start of a convergence of advances in artificial intelligence (AI), robotics, the Internet of Things (IoT), 3D printing, genetic engineering, quantum computing and other emerging technologies. This convergence is the force behind many products and services that are quickly becoming indispensable to modern life, GPS for example. This is also paving the way for a seismic shift in the way people live day-to-day and the way business is conducted. We at LivePerson are excited to be helping to manage this change on behalf of our customers.
How is the “Fourth Industrial Revolution” affecting consumer behavior?
Differentiation based on brand is rapidly disappearing. As technology has enabled businesses to offer more connected experiences, today’s consumers have many more options and are not afraid to switch brands to find a better experience. In fact, 73 percent of consumers will give up on a brand if they cannot get an answer to their question within 10 minutes. Consumers have come to expect immediacy when it comes to brand engagement.
What percentage of consumer inquiries can be automated?
Nearly 70% of consumer inquires can be automated. What’s more, 90% of consumers begin their shopping journey online but in the U.S., less than 15% of sales are completed online. Consumers need to ask questions, get advice and understand their options before making their purchases. Conversational interfaces make this possible without the shopper ever having to visit a store or place a call. Today, 50 percent of all conversations (tens of millions) on our platform are automated; that’s a jump of almost 200 percent over past year-and-a-half!
How difficult is it for companies to implement conversational interfaces?
Building automations can be slow and fragmented with a heavy reliance on developers. However, our Conversation Builder is an all-in-one platform tailor-made for conversational commerce, giving brands a dramatically faster and non-technical way to implement automation. Additionally, team members, such as customer care managers and even qualified agents, can participate in creating and optimizing chatbots.
What role does messaging play in the future of commerce?
Today 13 million texts are sent every minute in the world. There are 100 million messages sent every day on platforms like WhatsApp and Facebook messenger. That’s astounding. Thus, many of the tasks we now do, such as shopping, will be shifted to messaging and voice platforms such as WhatsApp, Apple Business Chat, and Alexa. Conversation is just a much more natural way to interact with brands. For businesses to scale this, they’ll need the help of really effective conversational AI, which is where we come in.
What has your experience been like working with the DMI team?
We at LivePerson have been extremely pleased with the DMI partnership. The team’s technical expertise is impressive and we share a common vision and passion for digital transformation. Additionally, with DMI’s deep roots in the government contracting sector, we look forward to exploring opportunities to enhance the customer experience for U.S. federal agencies and the Americans they serve.