How Tymely wants to improve chatbot conversations

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As digitization continues to influence consumer behavior towards e-commerce companies, consumers increasingly demand fast and convenient online shopping experiences. Fueled by the COVID-19 pandemic, that demand also increased the online presence of e-commerce companies. As more and more enterprises navigate the digital transformation wave, a positive customer experience (CX) is critical to acquiring customers and improving sales.

In 2021, Vonage named chatbots (40%) as the second most preferred communication channel for consumers. Shopify’s Future of Commerce Trend 2022 report revealed that 58% of consumers bought from brands where they have experienced excellent CX. The report further showed that more brands (44%) are planning to invest in asynchronous chat experiences to manage customer responses. Undoubtedly, many ecommerce brands are becoming more aware of the impact of CX and are turning to artificial intelligence (AI) tools such as chatbots to improve customer service.

While chatbots have become a critical part of the customer journey today, issues surrounding personalization remain. In 2019, Forrester reported that 54% of online consumers in the US believed that interacting with a chatbot “negatively affects their quality of life”.

This means that while chatbots are great tools, they are not perfect yet. However, Ohad Rozen, co-founder and CEO of chatbot provider Tymely, believes that human oversight in its processes offers a solution that enables human-level personalizations.

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The company, which today announced it has raised $7 million to “make AI talk better,” claims it is using AI-human hybrid technology to enable brands to deliver email and chat support services in a more humane, empathetic and precise way.

Rozen told VentureBeat in an interview that, in addition to Tymely’s advanced NLP (natural language processing) models, the company is taking the human-in-the-loop approach to close the gap between the current technology stack and optimal customer service.

The rise and fall of chatbots

Chatbots are AI-powered programs that provide on-demand customer service – and unlike human customer service, chatbots are always available. In 2018, Drift reported that 64% of consumers cited 24-hour service as the most useful feature of chatbots, while 55% were impressed with the quick response.

While chatbots are quickly and easily available, creating personalized messages is still a block. This is due to their inability to understand the nuanced industry-specific languages ​​that customers use. WATConsult’s 2021 research adds weight to this view, revealing the key barriers to using chatbots: lack of understanding (50%), inability to solve complex problems (47%) and lack of personalized service. experience (45%).

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According to a report from Gartner, the Chatbots self-service report is also statistically disappointing. The report showed that chatbots self-service only resolves 9% of queries without human intervention. In addition, chatbots are of limited use for customer engagement, and chatbots with poor customer service output are bad news for sales. Chatbots, for example, caused sales to fall by 80% in 2019.

Due to limited customer service functionality, many companies are slow to adopt the technology. For example, fashion retailer Everlane ditched the Facebook Messenger chatbot after it recorded high failure rates in 2017. Along the same lines, Accenture reported in 2018 that 53% of organizations have “no plans” to invest in chatbots.

Timely intervention

Tymely claims its AI technology can create personalized messages. Launched in 2022, the company says it is building an AI that understands complex human language to improve CX. Unlike most chatbots and other fully automated solutions, Tymely claims it understands customer language on a human level, with the technology being a mix of humans and AI.

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Rozen also believes that the human touch is the answer to creating empathetic messages that mainstream chatbots lack.

“Tymely employs experts who review each AI input and, if necessary, correct it in real time. This results in human-level accuracy that allows us to understand minor and implicit nuances in a client’s text; a high-resolution concept that also allows us to generate hyper-personalized and empathetic responses to customers, consistent with the brand’s voice and policies,” he said.

Rozen also noted that Tymely can improve contact center efficiency because it is fully digital, helping businesses save labor costs. He further noted that Tymely AI costs 50% to 80% less than outsourced contact centers. “And unlike contact centers, Tymley commits to an SLA in minutes, not hours,” he added.

This new funding boost was led by venture capital firm Hetz Ventures and DESCOvery, the venture studio of the DE Shaw group. In a statement announcing the funding, Rozen revealed that Tymely plans to use the funding to “improve its natural language understanding (NLU) technology” for better service offerings.

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This post How Tymely wants to improve chatbot conversations

was original published at “https://venturebeat.com/ai/how-tymely-aims-to-improve-chatbot-conversations/”

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