Optus Launches New AI Project to Enhance Customer Spending
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Optus Utilises AI to Enhance Customer Spending with Tailored Experiences
Optus is immersing itself in the world of generative AI, with the goal of boosting customer engagement through customised content. By leveraging artificial intelligence, the telecommunications provider aims to refine every customer interaction on its digital platforms, thereby increasing customer lifetime value and maximising transaction amounts.
This initiative was unveiled at the Dreamforce 2024 conference, where Optus’ digital transformation executive, Sanjay Sharma, provided insights into the company’s strategy to dynamically tailor content for each customer visit. Through this innovative method, Optus aspires to make every click significant and nurture deeper connections with its clients.
Quick Overview: Key Insights
- Optus is exploring generative AI to dynamically personalise customer engagements on its website.
- The initiative seeks to boost transaction amounts and enhance customer lifetime value.
- Optus is prioritising personalisation to elevate conversion rates and decrease cart abandonment.
- These efforts have led to a 62% increase in cart-to-checkout conversion rates.
- The AI-driven strategy is especially vital in a regulated industry where customer consent restricts outreach efforts.
Dynamic Personalisation: The Next Era of Customer Engagement
Optus is making significant progress by employing generative AI to dynamically personalise content during customer interactions on its website. According to Sanjay Sharma, digital transformation executive at Optus, the company is dedicated to delivering the right information to customers at the optimal moment, ensuring relevance and increasing the likelihood of converting interactions into sales.
At Dreamforce 2024, Sharma remarked, “We are beginning to experiment with aspects like dynamic content generation during incoming customer interactions, allowing us to present relatable content.”
This AI-driven personalisation could potentially show a customer intrigued by extreme sports a content graphic that resonates with their interests, thereby fostering a stronger connection and enhancing the likelihood of a sale.
Tackling Timing Issues with Real-Time Data Analysis
Conventional marketing and customer engagement tactics often fall short due to the sluggish processing of collected data, overlooking the crucial moment when a customer is most engaged. Optus is addressing this challenge by analysing extensive amounts of data in real-time to provide personalised recommendations during incoming interactions.
“We’re diligently working to process a substantial amount of data ‘on-the-fly’ so that we can genuinely deliver a highly personalised experience during customer interactions,” Sharma explained.
This timely provision of pertinent information is vital in a tightly regulated sector like telecommunications, where customer consent and privacy standards limit outreach frequency.
Revitalising the Digital Storefront: A Smooth eCommerce Experience
Optus embarked on its digital transformation journey in 2013 with the goal of establishing a unified storefront for customers to purchase fixed, mobile, and entertainment offerings. While this vision was achieved by 2019, the platform initially served primarily contact centre agents and retail personnel.
However, with the growth of self-service and eCommerce, Optus had to rework its platform to cater to customer expectations for a smooth, guided, and personalised shopping experience. The outcome is the “universal cart,” which enables customers to combine products in any configuration and quantity.
Personalisation Coupled with Automation
The universal cart serves as the cornerstone of Optus’ fresh digital strategy, allowing customers to construct personalised orders from a cohesive storefront. After an order is placed, the system automatically disassembles it into several components for fulfilment across various platforms.
This platform is powered by Salesforce technologies, including Commerce Cloud and Marketing Cloud, which underpin Optus’ personalisation initiatives. By layering personalisation over the storefront, Optus can cross-sell, upsell, and provide tailored nudges that assure customers of making informed purchase choices. This tactic has already resulted in a remarkable 62% boost in cart-to-checkout conversion rates.
Enhancing Customer Lifetime Value
Optus’ objective extends beyond simply increasing individual transaction amounts; the company is also keen on amplifying customer lifetime value. On average, an Optus consumer remains with the telco for around six years, but with AI-driven personalisation, the company aspires to extend that duration.
Sharma noted that initial personalisation efforts have already produced a “noticeable uplift” in checkout and conversion rates. Optus is now intensifying these initiatives through abandoned cart assistance, transactional emails, and customised attachment options to further enhance value and boost customer retention.
A standout outcome is the 19.5% increase in prospect conversion rates thanks to abandoned cart support, where customers receive prompt follow-ups to motivate them to complete their purchases.
Conclusion
Optus is making impressive advancements in its customer engagement strategy by integrating generative AI to personalise interactions in real time. This initiative aims to amplify both transaction amounts and customer lifetime value. By processing data instantaneously and delivering dynamic content, Optus is ensuring that every customer interaction is customised and relevant. The company has already witnessed marked improvements in cart-to-checkout conversion rates and is continuously seeking ways to further personalise customer experiences, particularly with tools to reduce cart abandonment.
Q: What objectives is Optus’ new AI initiative pursuing?
A:
Optus’ new AI initiative aims to dynamically customise customer interactions on its website, enhancing transaction amounts and increasing customer lifetime value. By utilising generative AI, the telco can adapt content in real time, ensuring its relevance and improving conversion rates.
Q: In what ways does real-time data processing benefit Optus?
A:
Real-time data processing enables Optus to deliver personalised recommendations promptly during customer interactions. This ensures that the content provided is timely and pertinent, boosting the likelihood of converting an interaction into a sale. It also addresses issues related to delayed data processing that may lead to missed opportunities.
Q: What is the “universal cart” and how does it support customers?
A:
The universal cart is a digital platform that allows Optus customers to combine products from different categories, such as mobile, fixed-line, and entertainment services. After an order is made, the system automatically disaggregates it for fulfilment across various platforms. This provides customers with a seamless, personalised, and guided shopping experience.
Q: How has Optus enhanced conversion rates through personalisation?
A:
By applying personalisation to its commerce platform, Optus has experienced a 62% rise in cart-to-checkout conversion rates. Personalised prompts, cross-selling, and upselling capabilities assist customers during the purchasing process, ensuring they feel confident in their decisions, which leads to higher conversions.
Q: What measures is Optus taking to handle cart abandonment?
A:
Optus addresses cart abandonment by sending prompt follow-up notifications to customers who leave items in their carts unfinished. This strategy has produced a 19.5% increase in prospect conversions, encouraging customers to complete their purchases.
Q: What role does Salesforce have in Optus’ digital transformation?
A:
Salesforce supplies the technological infrastructure for Optus’ digital storefront via its Commerce Cloud and Marketing Cloud. These platforms enable Optus to personalise customer engagements, automate order fulfilment, and enhance customer interaction through targeted marketing.
