Why F&B Businesses Need To Implement Voice AI Today

Anish

Feb 14 · 4 min read

The recent 2020 Budget (India) proposed a sweeping income tax reduction for middle and entry-level consumers, which translates to more disposable income. This reduction is intended to motivate consumers to spend more. The proposed reduction will fuel exponential growth for several sectors like consumer goods, F&B, and automotive.

The Indian F&B sector is projected to display a robust growth, witnessing a CAGR of 7.2% (2019 to 2024), but now this growth is expected to bump up due to the recent budget. That said, the budget is not the only factor influencing growth in this sector.

According to NRAI Indian Food Services Report (IFSR) 2019, the Indian market for non-home cooked food has proliferated in the last several years. India has the highest millennial population, and its food and taste habits are the direct cause of this growth.

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The combination of more disposable income and changing food/taste habits indicates that the F&B sector will receive a high influx of customers, and that sets the tone for most businesses in this sector. As the market opportunity increases, companies have to streamline their process and set the stage to deliver an enjoyable experience and stay ahead of their competition.

To do this, businesses in the F&B sector have a few factors to consider while operating:

  • Food Quality

  • Inventory Management

  • Delivery

  • Vendors — Stock & Delivery

  • Personal Training

  • Customer Service

Amongst all these factors, the one that stands out is customer service. The general meaning is well understood; it refers to the direct interaction between the customer and the company; the objective is to execute this in the best way possible. Most businesses across industries prioritize this, but when it comes to companies in the F&B space, the importance given to customer experience is much more. It can be the fuel for growth and increase CSAT scores if done right or a bane if done wrong.

Customer service is divided into two pillars:

  • In-person — Service at the location

  • Support — Service via calls/emails

The service at the location depends entirely on the training, ambiance, food quality, etc. This varies and is never constant. It plays a pivotal role in deciding the success or failure of a business.

The second pillar — support, is something that most businesses in the F&B sector get wrong. Support creates critical touchpoints for F&B companies, if done right, it will help boost brand advocacy, improve the rate of returning customers, and also attract new customers.

Support in F&B is required at two touch points — Pre and Post

During the pre-phase, the objective of the support is to handle incoming calls to book reservations and to deliver information to prospects. In the post-phase, it is about contacting customers for feedback and maintaining a touch base with them via email or call. The challenge that occurs here is scale and quality. If there is an unexpected rise in the number of prospects and customers, then handling large scale enquiries and delivering a consistent customer experience becomes a challenge. The only solution is to introduce technology to maintain and provide a great experience.

One such technological solution is Voice AI

Voice AI platforms can streamline support operations and deal with large scale enquiries. One such platform that does this is VIVA.

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VIVA is a unique service that helps accelerate engagement strategy and utilizes cutting edge speech recognition and NLU technology. It provides the best engagement possible. It is an intelligent, multilingual platform that can help automate up to 80% of call center operations. With 100,000+ hours of training data, VIVA has been deployed to help businesses boost customer stickiness and loyalty through a deep understanding of the customer’s context and intent.

VIVA can help F&B businesses deliver a hyper-personalized engagement and maintain engagement quality. It will be able to handle large scale enquiries and provide a better customer experience.

VIVA partnered with Barbeque Nation to help improve its customer service and bring in operational efficiency to its call centers. Here are a few key performance metrics to showcase its business impact:

  • 42% decrease in call handling time

  • 70% of overall automation on calls for table reservation

  • 4.5 CSAT score

Technologies such as these will help F&B businesses deal with the potential influx of customers and also deliver a delightful customer experience.

Conclusion:

The F&B industry is rife with opportunities for growth, the combination of rising disposable income and generational change will reshape this industry. F&B businesses have to be ready to tackle these changes to stay ahead of the market and to deliver top-notch customer service/experience. Technologies such as VIVA will be an effective and efficient tool for these businesses to grow. Talk to us to learn more.