September 26, 2019

AI and Chatbots Drive the Real-Time Customer Engagement the Automotive Industry Needs

“While self-driving, autonomous cars are often talked about as the “headline” use case for AI in automotive, today’s reality is that cognitive learning algorithms are mainly being used to increase efficiency and add value to processes revolving around traditional, manually-driven vehicles.”

A look at the younger generation and it’s clear that, for better or worse, messaging applications are the preferred channel of communication – whether between friends or the businesses they interact with. Today’s consumers even use the medium to make large purchases once solely done in person. But while these real-time interactions have in the past required an army of employees, many consumer interactions are now spearheaded by AI chatbots.

As the apogee of modern customer experience, chatbots deliver personalized and learned interaction with minimal staffing. For an industry currently undergoing significant technological changes, these tools are fast becoming the primary driver for the entire automotive sales cycle. McKinsey & Company states that “AI creates numerous opportunities to reduce costs, improve operations, and generate new revenue streams.” Bypassing traditional marketing channels, forward-thinking businesses are leveraging chatbots embedded within social media applications to converse with potential customers in real time and drive organic traffic. In fact, “Hyundai Motor Co. created…a marketing campaign for its 2018 Sonata that used machine learning to sort through billions of data points on factors like personality, demographics, and brand relevance to identify social media influencers ideally positioned to boost the brand.” Other solutions, like SHIFTMobility’s Genie AI, help autonomously manage an even greater number of complex business processes, from reactive customer touchpoints to performance analytics, while leveraging the speed and security of blockchain along with the flexibility to interface with any third-party system. But the benefits do not stop there.

From specifications of vehicle models that just hit the lot to financing based on specific customer needs, no question is beyond their reach. All in all, AI technology is inherently convenient to both business and customers, and significantly accelerates the sales cycle by identifying qualified leads and driving them quickly towards purchase. Furthermore, chatbots learn through continued interaction, greatly improving the overall customer experience; meaning that once a customer finally sets foot in the dealership, they’re ready to buy, while the store has all the information they need – the only thing left is a signature.

For automotive dealerships, after-sales service and repairs makes up a significant portion of their revenue, and is an area perfectly suited for chatbots. From simple diagnostics and estimated costs of services to appointment scheduling and customer engagement, advances in AI will drive customer and loyalty like never before. In the back office, these tools glean unique insight from unstructured data for a variety of critical business efforts that in the past would have taken significant legwork. From planning business operations to running campaigns without lifting a finger, AI tools enable automotive businesses to better understand their customers and make relevant, and most importantly timely, recommendations based on their actual needs and predicted reactions. What channel is best? What’s the best time to reach out? The answers to these questions and much more can be found with the right AI-enabled solution.

Learn more about the future of automotive technology at shiftmobility.com/blog

SHIFTMobility Inc.

 

Source:

https://www.forbes.com/sites/bernardmarr/2019/03/27/artificial-intelligence-in-automotive-industry-surprisingly-slow-uptake-and-missed-opportunities/#4a555d097707

 

https://www.mckinsey.com/industries/automotive-and-assembly/our-insights/artificial-intelligence-as-auto-companies-new-engine-of-value

 

https://sloanreview.mit.edu/article/machine-learning-in-the-automotive-industry-aligning-investments-and-incentives/

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