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Episode 117 of 133

Entrepreneur Eric Kades on How Technology Supports Business: The ROI Online Podcast Ep. 117

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The ROI Online Podcast
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Duration: 42:53
How can your business maintain vital human connection with your clients when you’re already stretched thin? In this episode of the ROI Online Podcast, Founder of TextChat Eric Kades talks about Chatbots and AI and how they relate to conversational interfaces–whether it’s customer support, service, o
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How can your business maintain vital human connection with your clients when you’re already stretched thin? In this episode of the ROI Online Podcast, Founder of TextChat Eric Kades talks about Chatbots and AI and how they relate to conversational interfaces–whether it’s customer support, service, or sales.Eric is an entrepreneur, he’s the founder of TextChat—a revolutionary live chat software for small businesses that is highly personalized and brings the timeless touch of human connection to the sophistication of AI technology. TextChat makes website live chat as sociable and easy as texting with a friend, so you can stop missing messages and start closing sales. To date, Eric and his team of 75 have raised 1.6M and have accrued over 100 customers.Sometimes as business owners we think that we need live agents available all day every day to close deals with customers. Eric and the TextChat team are rethinking how to approach customer communication using a simple, affordable, and effective alternative. It’s one less thing small businesses have to worry about.Among other things, Eric and Steve discussed:What a live chat app and live chat support areHow artificial intelligence and data add value to businessesHow businesses can use artificial intelligenceWhat a tech support business isWhat cart abandonment rate is—and what to do about itWhy shopping cart abandonment is a problem for retailersHow to reduce cart abandonment rateYou can learn more about Eric here:Follow Eric on LinkedInYou can learn more about TextChat here:https://textchat.com/old-homeRead the books mentioned in this podcast:The Golden Toilet by Steve BrownThinking of starting your own podcast? Buzzsprout’s secure and reliable posting allows you to publish podcasts online. Buzzsprout also includes full iTunes support, HTML5 players, show statistics, and WordPress plugins. Get started using this link to receive a $20 Amazon gift card and to help support our show!Support the show (https://cash.app/$stevemfbrown)
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So in Shopify were like the top three things that you could do now to reduce cart abandonment rate. One is certainly um you know trying to collect the phone number so you can follow up with the person. So um you know, having that phone number in your checkout form and kind of having that express consent that you can follow up with the person. So if you got their phone number and then they jumped, you have a way of getting back to them. The other is making that checkout process as easy as possible. I mean if I as a personal chopper, if I have to go through a bunch of hoops in a shopping cart and go back to pages and check things once it becomes, if it's not a seamless experience, once it comes becomes annoying to me, I'm gone and I'm I'm looking at amazon and see if they have the same product because I know I'm going to get it in a couple of days. Um And then number three, Number three is really, I would say email follow up is so critical as well. Um I think, you know, if you have that contact information you need to follow up with, that person may be offered them a discount. You know, you're sorry, they left, but you really want them as a customer and you know, come back and we'll give you a 10 discount.
So why is shopping cart abandonment a problem for retailers? Because people have questions right before, you know, we talked about that anxiety of making a purchase, especially, you know, if it's more than $20, you know, you might put it all in there and I'll crap. Am I gonna be able to get it by this date or you know, does this size really gonna fit me? I don't want to go through it. Is you know, does this necklace run big or how long is it? Those kinds of questions are the ones that cause people to jump out of the shopping cart. So if there's someone there to answer that question and close them, they're not going to jump. So your, your data man, what is the cart abandonment rate, the cart abandonment rate in general on businesses? Or You know, I gotta be honest with you, I don't have that statistic off of the top of my head. I know it's in the, you know, high 80%, something like that is crazy. Yeah, I mean it's like it's a huge problem on Shopify and it's, it's interesting. I know it's a huge problem on Shopify alone and look, amazon's winning because it's a one click purchase, they have 200 million of our credit cards in their amazon prime. And so when you go to amazon, you know what you're getting, you know what, it's going to get delivered and you push a button and boom, you get it when you're a small business trying to compete with amazon and someone has a lot of questions and they don't really know you and they're putting in their personal credit card information and you're a small business, they're jumping because they're not secure that this is What they really want. So, you know, this is a game changer for cart abandonment, it's a game changer for really any kind of business that, you know, is selling something. In my opinion, if you're selling something more than $20 and it's worth it to you to talk to that customer, to build a lifelong customer, you know, you need to talk to them right away.
Okay. What I'm curious about is and in the application of this for, you know, the businesses just draw a picture of of an example, like let's say I'm a plumber and I wanna I want to implement your technology. What does it look like the solution? Sure. It really requires no training. The hardest part of it is you have to put a line of code that we give you onto your website. Now we're already integrated into shape. If I were to happen, the Shopify app store, so if you're an e commerce store, you don't have to integrate any software, you just go in, you answer a few questions, click a button and this is live on your website. But if you're a plumber and you're not on Shopify, you are going to have to have your web designer or whoever is handling your website install that line of code for you. We take it a step further where if you don't have that person accessible as long as we can, we have a team of developers as long as we can get access to your website, will install the code for you from that point, you just have to be able to receive a text message. If you can receive a text message, you can then chat with your people via live chat in real time. Because yeah, that's it. If you can text with your friends, you can do text chat and you get a text message when someone's live chatting, not entering their phone number, just live chatting. You click on a link in that text message and you're in a two way conversation with the person like I said, I answered them when I'm talking on the phone. So they the person that's on your website and types in the question, they have not giving you their phone number. No, their live chatting. We're just using the text message notification as the differentiator because you don't get those app notifications and then you, you know, lose a customer because you told them you were going to speak to them live and then you gave them nothing. Um, and that text message notification has really been the game changer for all of our businesses that.
that's hard to discern that moment when you need to hand off to human. So what is it about your technology that makes it easy? Well, couple of things, you know, Ai and natural language processing and machine learning, which is conversational. Ai Ai is kind of this broad term and no one really knows what it means. And you know, the ai you're using to figure out what's a great um drug for certain cancer is very different than conversational Ai and chatbots and you know, converting on your website. And like I just mentioned, that's two key technologies, natural language processing and machine learning. So on the natural language processing side, you're the software is trying to figure out what it is that you're actually answering and are asking. And so um you can train ai over time to get better, better figuring out what it is steve that you're asking at the same time. Once it figures out what you're asking, it goes and taps the database and says, okay, here's the right answer for that question. But what often happens, especially in a new instance when you're just starting to train and it takes a good six months to a year to continually update that ai to train it to what you're trying to get to a lot of times you'll get stuck in what I call wrong answer hell. Which I've experienced myself. I went to a major um automaker, one of the big four automakers in our country and I I'm not going to tell you the car, you know anything personal. I was excited about a car that I read about motor trend and I went to the website and I first question I asked the a I was how much does this cost and the ai comes back sorry I don't know what you're asking me. Like the most obvious question. I went back and asked how much does it cost three different ways and it still couldn't answer and then it left me hanging and I was so you know disenfranchised by the experience that I don't even care about the car so much anymore and just forgot about that new exciting car. So it's really, really important that you have that safety valve that when you get in a wrong answer more than once or twice that you're you're able to transfer that to a human being, otherwise you're gonna lose a customer.
Yes. How does how how does artificial intelligence and data add value to businesses And yet yet we still need that human connection. It's a great question. And look we're a chat bot company. So I believe in a I conversational Ai which is really two technologies, natural natural language processing and machine learning and advanced automation. And I believe in it big time and where I believe in it, we do this for some of our college customers now. We build them chatbots. Look if you're coming in and you need to reset a password or you need to find out a fast to ID for your college because you're filling out your financial aid form. You don't need to speak to someone to get that answer quickly. Hey I can pick that up and say, ok, here's what that person is looking for, boom. Here's your number in a millisecond. You have your answer and you don't need to talk to a human being. But there are a lot of questions that you can automate that, especially on a product that is more than $50. That you have some anxiety about buying. We like to use ai and automation to get buyers to humans because we know that A. I. Is 10 20 maybe never going to be able to sell as well as a human. So use the technology to either answer someone's question quickly. That can be automated or using artificial intelligence to answer it. But when someone wants to buy something and they have a question, get him to a human, you're losing the game if you if you think about it any other way.
So what is a live text chat support? So it's so all of a sudden I've been in the telecom business for 20 plus years. Texting has been around for 20 years. It started in the financial industry for security pass codes. All of a sudden it's the hot new e commerce thing, something that's been around for a couple of decades. And what text chat is, you know in terms of text messaging is when someone puts text us, you know, and you've got to give them your name and your phone number to text. But my argument is that's great. But not everyone wants to give you their cell phone number and has that fear that you might start spanish, spamming them. You know, just to get a question answer that that might cause them to jump to another site that they can just live chat and get a quick answer. So really the differences. Um Texting, first of all, it's not always automatic. You know, someone might take 10 or 15 minutes to respond to a text message until they log into their computer or using that new text companies at to respond to you where live chat is supposed to be live and immediate. And the big difference again is you know, with like I agree with all of them. First of all, if I'm a big buyer of Ralph Lauren and for example, I wouldn't mind if ralph Lauren texted me special sales and things like that. But I also don't want 10 brands texting me, I want my go to brands texting me and that's it. Maybe I have room for two or three of them. So texting certainly has its place in e commerce and any kind of conversion, but live chat has its place as well. And I would argue it's a better conversion tool than texting.
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