racetrack.ai

Salarpuria Sattva Group

One of the profound Real Estate developers in the country

Salarpuria photo

Background

Problem Context:

Being in real estate, client had to address millions of customers from an assorted background and different geographic locations. Having such a huge base, client was not able to attend every customers equally or assist them as personally. Customers either had to wait for the desired responses or to leave unattended. Again, for the queued customers, it time limit exceeds 10seconds, it was obvious that they would leave the platform without getting assisted; this resulted in a remarkable business loss for the client in terms of operating cost and sale-segmentation cost.

Also, as customers usually come after doing around 80% research online, it becomes mandatory to deliver them accurate solutions. Traditional means of customer sales & support do not assure this, and affects customer engagement largely which again brings down the brand value.

Importance:

For a real estate firm, cash-flow cycle plays the most important role. Shorter the cash-flow cycle, higher is the revenue generated. By solving the above mentioned problems, client can reduce their cash-flow cycle and can also shorten the entire sale-cycle by more than 30%.

Problem Statement:

The entire sale-cycle should be made more efficient wherein all the prospective customers can be nurtured and addressed. This would make the sales-process shorter and engaging, and in turn will impact in higher profitability.

Current Situation:

The problem was addressed as well as resolved by deploying India’s first SmartBot – Marvin™. Powered with Artificial Intelligence, Marvin is built with cutting-edge technologies like Natural Language Processing, Deep Learning & Machine Learning, and can ignite millions of meaningful conversations simultaneously.

For Marvin, selling is not just a science, but an art. He was developed to understand the fact that customers always crave for real-time responses, detailed information, proximate recommendations, and high-engagement. Being aware of all these, Marvin can pin-point what customers are looking for, process the received data, analyse them, find the solutions, and deliver the required pieces of information within just a fraction of time. Post this, he processes the received set of information and provide all the key information to the Business Strategy and Marketing Team for better Business and Marketing plans.

His pro-skill in mimicking human traits and other behavioural aspects adds an additional advantage to the clients. His human-like approach and interaction skills are convincing enough to make the customers feel they are interacting with a human and not an AI-powered SmartBot. This provides a higher competitive advantage to the client.

Adding more, Marvin stores all the interaction data, and uses them to learn more about the customers. This ensure more streamlined and meaningful interactions in the future. He is fast, intuitive, dynamic, responsive, and future-ready. This also makes him a pro seasoned Salesperson with data handling capabilities of a Supercomputer.

Solution Approach

Data Sources:

  1. Existing Customer Queries Data Bank
  2. CRM Data
  3. The Real-Time Conversation Data

Conceptual Solution Architecture:

Solution framework and architecture is capable of handling multiple intents simultaneously within a single instance. This framework and architecture is also capable of switching context frequently (whenever required) during the real-time interactions.

The below mentioned diagram will explain the solution architecture in details:

Technical Approach—AI Techniques Implemented:

  1. Natural Language Processing (NLP)
  2. Machine Learning Models
  3. Deep Learning Models

Tech Stack—Different Tools, Platforms and Languages Employed:

  1. TensorFlow
  2. Node.js
  3. AngularJS
  4. Python
  5. Java
  6. NLTK
  7. Proprietary NLP Platform (Patented)

Implementation Approach:

Marvin, a B2B2C virtual sales & support agent for our client, resides in client’s website or mobile applications. His presence makes the lives of our client, their marketers and sales agents easier by streamlining data and building a robust communication channel. For consumer’s point of view, be it a single user or millions, Marvin caters to everyone and delivers them the desired information.

For the client, Marvin ensures seamless brand experience and for consumers, he guarantees highly informed-purchase decisions.

Along with showcasing the asked properties, Marvin also gives away all the important information related to the properties. Ask him about the nearest metro station, hospital, bank, diagnostic centre, schools and colleges, he will get all such information within a fraction of second. Even if the end-users enquire about the driving distances from certain points to the property, Marvin knows all.

Integrating Marvin, our client has successfully made the entire discovery process very engaging, much faster, and at the fingertips of the end-users.

Additional Solution Details:

Please share any pictorial representation that will help understand the solution.

Solution Highlights

Innovation:

Mentioned below are some of the business advantage that makes Marvin different and unique from the traditional approaches:

  • Sales & Support: reduces company cost by connecting sales team in real-time
  • 24×7×365 Assistance: addresses businesses round the clock; even during non-business hours
  • Conversational Marketing: understands customers’ requirements, boosts customer engagements and assure precise solutions
  • Supports Multimedia: images, infographics, videos, charts, and other multimedia files can be shared seamlessly
  • Smart Recommender: gives not only relevant, but the most desired recommendations to the customers
  • Highly Accurate: gives away 100% accurate responses aptly

Insights:

Marvin mimics human trait aptly. He is also inbuilt with features that allows him to understand satirical aspects of human behaviour. Having these two unique features, customers, while interacting with Marvin, fails to realise that they are interacting with an AI-powered machine. This has been testified by all our clients.

Challenges:

Differentiating between hot and cold leads has always been a challenge in the Real Estate domain with the traditional sales and support services. Even if the generated leads were healthy, final conversion didn’t happen in most of the cases due to the prolonged response time.

Duration:

Starting from defining the problem statement to make it fully operational, it took around a month’s time. This time period also includes development, testing, running beta version, and final implementation.

References:

TensorFlow

Any Other Information:

Marvin is a patented technology of Racetrack.ai. It can replicate himself and learn from his personal experience. Also, client needs to train Marvin once; training one will train millions of such models.

Impact

Quantitative Benefits (Current and Potential):

With Marvin, the interaction rate, which was previously 7–8%, has rocketed up to 15%. Talking about the web-traffic conversion rate that was around 2%, it has now reach up to 8% in the real estate sector. With this, the waiting time for customers got eliminated to almost zero. Combining all these, our client have witnessed an incremental revenue of around $6M with their first financial quarter of deploying Marvin as their sales agent.

Qualitative Benefits (Current and Potential):

Customer Engagement, Brand Exposure and Brand Engagement Scores are going high with Marvin.

Client Testimonials:

“Marvin is the single point-of-contact for our entire Sales & Support cycle in the online medium. He has been delivering excellent consumer facing experience and has boosted the overall brand engagement and brand experience rate among our customers. This has not only created a huge positive impact on our sales perspective, but has also been generating consistent lead for our organisation resulting in higher conversion rate. Each time, Marvin has proved himself to be smartest and most methodical sales agent one can have. He is indeed a futuristic solution for faster Business Growth.”
Rajiv Agarwal, GM Sales & Marketing, Salarpuria Sattva Group

“Marvin has been extremely efficient in reducing our overall support cost and boosting post-purchase experience. Customer engagement has also been amazing all through. He has also been taking care of problem resolution at support Level 01 & 02 meticulously. Overall, it’s really a superb experience having a highly reliable customer support executive like Marvin.”
Amarendra Sahu, Founder & CEO, NestAway Technologies

“It is important for us to attend to all customer queries in a certain timeframe so that we don’t lose on our prospective customers. Marvin has reduced the waiting and connecting time of the customer to almost half of what it was earlier and traffic to lead conversion has increased from 2% to 7%, which is incredible.”
Bhushan Nalawade, Digital Marketing Head at Kolte Patil Developers