Frost & Sullivan recently released its ranking of Conversational AI platforms in the automotive space. The Best Practices report captures the current situation facing auto retail and explains how conversational AI can help.
Shifting Focus from Product to Customer
According to Frost & Sullivan, "Automotive retail has become one of the most competitive consumer markets with its shifting focus from product to the customer. The abundance of digitally connected customers has increased the use of mobile devices, the proliferation of social media, and the demand for personalized online purchase experiences in a way that is disrupting the automotive retail industry. This disruption has made it crucial for original equipment manufacturers (OEMs) and dealerships to reconsider their conventional retail business models for today’s digitally connected customers or risk losing their business to forward-thinking competitors."
Frost & Sullivan analysts independently evaluated 2 key factors when researching conversational platforms —Technology Attributes and Future Business Value—according to the criteria identified below.
Criterion 1: Industry Impact
Criterion 2: Product Impact
Criterion 3: Scalability
Criterion 4: Visionary Innovation
Criterion 5: Application Diversity
Future Business Value
Criterion 1: Financial Performance
Criterion 2: Customer Acquisition
Criterion 3: Technology Licensing
Criterion 4: Brand Loyalty
Criterion 5: Human Capital
Based on its analysis, Frost & Sullivan recognized CarLabs.ai with the 2019 North American Technology Innovation Award.
“CarLabs distinguishes itself from the market with its auto-domain-specific business logic, ability to dynamically retrieve information, and programmatically construct sentences for any type of query. Its platform can power conversations on any messaging channel or application including Web chat, Facebook, Twitter, Alexa, and SMS," said Dorothy Amy, Senior Research Analyst.”