Conversational commerce is a form of commerce that takes place over messaging platforms such as Facebook Messenger, WhatsApp and WeChat. These platforms allow customers to interact directly with businesses, cutting out the middleman. Customers can ask questions, get recommendations, and even purchase products directly from the platform.
The trend of conversational commerce is quickly becoming a major disruptor in the world of product management. In the past, product managers have typically focused on physical products, but the emergence of conversational commerce is changing the way customers shop and interact with products. By leveraging the power of artificial intelligence, conversational commerce has allowed customers to shop and interact with products in a more personalised, natural way.
“The future of product management is inextricably linked to the rise of conversational commerce.” — Joe Sibilia, CEO of C Space
With the rise of conversational commerce, product management has undergone a dramatic transformation. For product management teams, this shift presents both challenges and opportunities. On the one hand, they must create new product offerings that can be sold through these platforms. On the other hand, it also gives them unprecedented access to customer data and feedback, allowing them to make better-informed decisions about their products.
On the surface, conversational commerce is a new way of interacting with customers, allowing them to ask questions and receive answers in real time. However, the implications of this technology go far beyond simple customer service.
Increased focus on product development efforts
By leveraging the power of conversational commerce and engaging in conversations with customers, product owners can gain valuable insights into their preferences, as well as their pain points. This can help product owners understand what features and functionality their customers need and want, allowing them to create products that meet those needs.
By analysing customer conversations and utilising AI-powered analytics, product owners can more easily identify which features are most requested by customers and which features are least used.
Improving experience through the customer journey
At its core, conversational commerce is about providing customers with a personalised experience. Using AI-powered chatbots, product managers can create a more natural and intuitive conversation with customers. This allows product managers to understand customer needs and preferences better, allowing them to develop products that are better tailored to their needs.
Faster resolution of customer issues/queries
Product managers must be aware of the impact conversational commerce could have on their customer service teams. With customers now able to interact directly with businesses through messaging, customer service teams may find that their workload is reduced. As such, product managers must ensure that their customer service teams are adequately equipped to handle any new customer queries that arise from the shift to conversational commerce.
By leveraging AI, product managers can analyse customer behaviour, and this data can help customer service teams understand their customers better and generate personalised responses for each customer.
A WORD OF CAUTION
Product managers must also be aware of the privacy concerns associated with conversational commerce. With customers now sharing more personal information with businesses, there is an increased risk of data breaches. Product managers must ensure that appropriate measures are taken to protect customer data, as well as to ensure that any data collected is used responsibly.
In conclusion, the emergence of conversational commerce presents product managers with both opportunities and challenges. By leveraging the data and feedback available through these platforms, product managers can create better products and experiences for customers. At the same time, they must also be aware of the associated risks and ensure that they are taking the necessary steps to protect customer data and provide customer service teams are adequately equipped to handle any new customer queries that arise.
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