Retailers, No Need to Spend a Fortune on Voice AI to See Results

Many retail businesses assume that implementing voice AI technology is expensive and out of reach for their budget. However, this assumption is not entirely accurate. Contrary to popular belief, businesses do not have to spend a fortune to see results from voice AI technology.

The cost of implementing voice AI can vary depending on the specific needs and goals of a business, but there are many affordable and scalable options available. In this blog, we will explore how implementing retail voice AI can be a cost-effective solution for retail businesses, regardless of their size or budget.

Retail and voice assistants

Because the retail industry is highly competitive, businesses need to be innovative and cost-effective to stay ahead of the curve. AI-enabled voice engagement offers numerous benefits, including improved ROI from increased customer retention and sales, as well as cost savings and optimization from allowing AI voice services to handle labor-intensive tasks.

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Capturing Up to 30% of missed calls

Retailers can purchase a voice AI phone ordering service from SoundHound from $249/month for a basic plan to $499 for premium. Many restaurants, for example, in addition to the benefits of faster service and more time for staff to focus on serving customers in front of them, are finding that they are capturing up to 30% of previously missed calls with SoundHound for Restaurants. This results in thousands of dollars of additional revenue.

Here are a few of the other benefits that restaurants and retailers are experiencing:

• Increased Customer Retention and Sales Voice AI can offer 24/7 self-service access to retail businesses, which is incredibly convenient for customers. With voice AI, customers can make inquiries, place orders, and get support without the need for human intervention. This kind of self-service increases customer satisfaction and retention, as customers can access the business at any time, even outside of regular business hours. AI-enabled voice agents can also provide personalized recommendations and promotions based on customer preferences and purchase history, which can lead to increased sales from your existing customers.
• Cost Savings and Optimization Implementing voice AI can lead to significant cost savings for retail businesses. By automating repetitive and time-consuming tasks such as order processing and customer service, the investment can reduce labor costs and increase efficiency. Staff time is often freed up to focus on higher-value tasks such as more focus on new VIP customer engagement and strategic planning. Voice AI can also help reduce errors and improve accuracy, preventing costly mistakes and improving customer satisfaction.
• Enhanced ROI. The ROI of implementing AI-enabled engagement for retail businesses can be significant. By increasing customer retention and sales and optimizing labor costs, businesses often see exponential returns on their investment. For example, a retail business that implements voice AI for customer service could see a reduction in call center costs, an increase in customer satisfaction and loyalty, and an overall improvement in the bottom line. The ROI of this type of investment is not just limited to cost savings, as businesses can also benefit from improved productivity, increased revenue, and enhanced customer experiences.

In conclusion, implementing voice AI services in your retail businesses can be highly cost-effective. With increased customer retention and sales, cost savings and optimization, and incredible ROI, it is clear that voice AI can offer significant benefits to your businesses. To stay competitive in the industry, retail businesses should consider investing in voice AI technology to improve their operations, customer experiences, and bottom line.

At SoundHound, we have all the tools and expertise needed to create custom voice assistants and a consistent brand voice. Explore SoundHound’s independent voice AI platform at SoundHound.com or speak with an expert or request a demo below.

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