Retailer Expands Verint AI-Powered Bots Across E-Commerce and Contact Center

Rhea-AI Summary

Verint (NASDAQ: VRNT) announced that a leading online retailer is expanding its deployment of Verint's AI-powered solutions across its e-commerce website and contact center. The retailer aims to enhance customer experience (CX), increase website containment, and reduce contact center costs. Verint's Intelligent Virtual Assistant (IVA) will automate customer support and transactions, while AI-powered bots will assist 400 agents to boost their capacity and performance. Verint's open platform promises flexibility and future-proof strategies for retailers.

Positive

• Leading retailer expands Verint AI deployment, potentially increasing demand for VRNT solutions.
• AI-powered bots to enhance efficiency for 400 contact center agents.
• Expected reduction in contact center costs through automation.

Negative

• None.

Insights

Tech Expert

The deployment of AI-powered bots, such as the Verint Intelligent Virtual Assistant (IVA), represents a significant move for the online retailer. By integrating AI in both the e-commerce site and the contact center, the retailer aims to streamline operations and enhance customer experience. These bots can handle a variety of customer queries, perform transactions and even assist human agents by taking over repetitive tasks. This leads to improved efficiency, lower operational costs and potentially higher customer satisfaction.

From a technical standpoint, Verint’s open platform offers modularity and flexibility, which means the retailer can tailor the solutions according to their specific needs and scale them as required. This kind of adaptability is important in a rapidly evolving tech landscape where consumer expectations are continually changing. By future-proofing their strategy, the retailer ensures they remain competitive and can adapt to new technologies or market demands quickly and efficiently.

Market Research Analyst

For retail investors, the expansion of AI technology in customer interactions signals a broader trend towards automation and personalization in the retail sector. AI deployments can significantly reduce the reliance on human agents, thus decreasing labor costs and potentially increasing profit margins. Retailers that adopt these technologies early can set themselves apart by providing more efficient and personalized customer service experiences, which can lead to higher customer loyalty and sales.

Moreover, as customer expectations for seamless and quick service rise, companies not leveraging AI might find themselves at a competitive disadvantage. This move also suggests that the retailer is investing in long-term growth and sustainability by enhancing their technological infrastructure. Investors should monitor how this deployment impacts the retailer’s performance metrics, such as customer satisfaction scores and operational costs, in the upcoming quarters.

Financial Analyst

Implementing AI solutions like Verint’s Intelligent Virtual Assistant in a retail context can have significant financial implications. The reduction in contact center costs suggests an immediate impact on the retailer’s expense management. Over time, the automation of customer support functions can lead to substantial savings, which could be redirected towards other growth initiatives or directly improve the bottom line.

However, it's essential to weigh these potential benefits against the initial investment costs associated with deploying and integrating these AI systems. Investors should also consider the return on investment (ROI) timeframe and how quickly the retailer can achieve cost savings and performance improvements. Additionally, the ability of Verint’s AI to enhance customer experience could indirectly boost revenue through increased sales and higher customer retention rates.

Brand Looking to Increase Website Containment, Reduce Contact Center Cost and Elevate CX

MELVILLE, N.Y.--(BUSINESS WIRE)-- Verint^® (NASDAQ: VRNT), The CX Automation Company™, today announced that a leading online retailer is expanding its Verint deployment to deliver AI business outcomes now™ across their e-commerce website and their contact center.

The brand wanted to improve the digital experience for customers interacting with its online retail business. Verint Intelligent Virtual Assistant (IVA) was selected to automate customer support and transactions resulting in reduced contact center agent costs. The brand also selected several Verint AI-powered bots to be deployed across 400 agents to increase agent capacity, provide AI assistance and elevate the customer experience.

“Verint Open Platform powers tangible AI business outcomes for online retailers across their e-commerce website and their contact center. Our open approach enables flexibility, modularity and future proofs their strategy. Retailers can quickly deploy AI-powered bots in their existing ecosystem and increase CX automation,” says Verint’s chief revenue officer, Steve Seger.

For more information, visit Verint Open Platform.

About Verint

Verint^® (NASDAQ: VRNT) is a leader in customer experience (CX) automation. The world’s most iconic brands - including more than 80 of the Fortune 100 companies - use the Verint Open Platform and our team of AI-powered bots to deliver tangible AI business outcomes across the enterprise.

Verint, The CX Automation Company™, is proud to be Certified™ by Great Place To Work^®. Learn more at Verint.com.

This press release contains “forward-looking statements,” including statements regarding expectations, predictions, views, opportunities, plans, strategies, beliefs and statements of similar effect relating to Verint Systems Inc. These forward-looking statements are not guarantees of future performance and they are based on management's expectations that involve a number of risks, uncertainties and assumptions, any of which could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. For a detailed discussion of these risk factors, see our Annual Report on Form 10-K for the fiscal year ended January 31, 2024, and other filings we make with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release and, except as required by law, Verint assumes no obligation to update or revise them or to provide reasons why actual results may differ.

VERINT, VERINT DA VINCI, VERINT OPEN CCAAS, THE CX AUTOMATION COMPANY, THE CUSTOMER ENGAGEMENT COMPANY AND THE ENGAGEMENT CAPACITY GAP are trademarks of Verint Systems Inc. or its subsidiaries. Verint and other parties may also have trademark rights in other terms used herein.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240708420416/en/

Media Relations

Sue Huss

sue.huss@verint.com

Investor Relations

Matthew Frankel

matthew.frankel@verint.com

 

Source: Verint

FAQ

What is the impact of the expanded Verint AI deployment on the retailer's e-commerce website?

The expanded Verint AI deployment aims to enhance the digital experience, automate customer support, and increase website containment.

How will Verint's AI-powered bots affect the retailer's contact center?

Verint's AI-powered bots are expected to increase agent capacity and reduce contact center costs by automating customer interactions.

What are the business outcomes anticipated from the Verint AI expansion?

The retailer expects improved customer experience, increased efficiency, and reduced operating costs.

How many agents will benefit from the Verint AI-powered bots?

Approximately 400 contact center agents will benefit from the AI-powered bots.

What flexibility does Verint's open platform offer?

Verint's open platform offers flexibility, modularity, and future-proofing strategies, enabling quick deployment of AI solutions.