The auto industry was never known for digital technology prior to 2020, but in order to meet rising consumer demand for AI-driven experiences, adoption of the $5 billion chatbot market became crucial for survival.
Now that the old auto retail model has been permanently disrupted and implementation of conversational AI chatbots in the automotive industry is surging, how can auto companies reinvent and design enhanced customer experiences for the new digital, omnichannel environment?
Artificial intelligence veteran Beerud Sheth, Founder/CEO of Gupshup, is available to discuss technological trends in the auto retail sector. Valued at $1.4 billion, Gupshup is now the global leader in cloud messaging and conversational experiences. More than 100,000 global businesses and developers in the world rely on Gupshup’s AI platform for customer service, including Verizon, Citibank, McDonalds, and Amazon.
“Dealership profits stocks were vastly underperforming pre-2020, and used car retailing was already embracing digitization as companies like Carvana accelerated the adoption of price-competitive business models,” Sheth remarks. “Then, there was a huge uptick in AI chatbots to support the auto industry during the pandemic.”
Sheth will shed light on the evolution of the automotive industry and why conversational AI is the number one application of artificial intelligence by enterprises right now (according to research firm Gartner). He’ll also tell you about:
· Touchless Car Experiences: The old auto sales model is dead. The largest independent tire retailer in the U.S., Discount Tire, said customers enjoy a touch-free experience from the minute they select their tires to the moment they drive off
· Surging Demand: Customers turned to conversational AI to schedule automated bookings of test drives and follow-ups, while GM Financial saw live-chat requests on its mobile app soar after the pandemic hit
· The Future of Conversational AI Communication: Within a few years, enterprises will make their bots empathetic, smarter, trained in multiple dialects/languages, and able to decipher complex conversations. Beerud outlines the humanization of bots and its importance in auto retail
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