Consumer traits impacting the effectiveness of virtual conversational agents

Abstract

Successful firms require a solid customer relationship management strategy that can generate higher value for customers while staying within the resource, time and budget constraints. With the fast-changing market loaded with heavy competition, it is more important than ever for businesses to develop effective strategies while keeping in mind their customers’ ever-changing wants. Integrating various tasks like sorting customer queries, resolving complaints, interacting with customers while solving the issues is a big task. Doing all of it manually as well as correctly is definitely inefficient in today's technologically advanced ecosystem. This is where the VCAs come up to give the maximum output in minimum time. The core capabilities of these virtual conversational agents mainly include following up with customers on sales, password help, account questions, and recommendations. The objective of our research is to study how VCAs can be leveraged to get the best returns for business and maintain a cordial relationship with the customers. We have first attempted to narrow down to factors that highly influence the successful usage of VCAs. Post that, based on the most influential factors, we have come up with a set of recommendations.