A SaaS provider of artificial intelligence-powered and enabled customer engagement solutions in China announced the launch of a new product Monday morning.
What Happened: Infobird Co. (NASDAQ: IFBD) is launching the WeChat Call Center, an intelligent SaaS product. The company is hoping the new launch will help increase customer demand and market share in the private domain traffic field.
Infobird will offer automated and personalized solutions for companies with the new business segment.
The Infobird WeChat Call Center combines the advantages of Enterprise WeChat and Call Center to create a new platform. Infobird’s solutions will help companies retain customers, the company said.
“Different from the common private domain traffic tools in the market, Infobird’s WeChat Call Center is based on AI, RPA, customer portraits and other technological capabilities, which is capable of 1v1 personalized and automated services and marketing for enterprise clients, while ensuring the continuity and consistency of customer interaction,” according to the company.
The company said the new platform will offer advantages in batch, automation and personalization of services while improving efficiency and reducing operating costs.
“It maximizes the convenience of daily operations of the client and improves the efficiency of customer interaction.”
Why It’s Important: This marks Infobird’s entry into the private domain traffic segment.
Private domain traffic are a company’s private assets that can be used to stay relevant in the mind of the customer, increasing the chance of a returning customer, according to Infobird.
Infobird said the cost of high-quality sales leads is continuing to rise in China due to the low accuracy of offline traffic and the monopoly of online traffic by domestic internet giants. Customer acquisition costs in the internet industry increased by a factor of 10 from 2010 to 2019.
Customer retention has become more important for companies to generate revenue, with a 5% increase in customer retention rate translating into a 25% to 95% increase in profits, according to a study. Strong customer satisfaction rates can also help companies grow faster than their peers.
WeChat, owned by Tencent Holdings (Pink: TCEHY), has more than 1.2 billion users and over 1 billion daily active users. The company is the major platform for companies wanting to acquire private domain traffic.
Infobird sees “significant value” by creating new demand in a cost-effective manner. Private domain traffic from the Enterprise WeChat segment is called a “significant market opportunity” for Infobird.
“The launch of the WeChat Call Center is an important step for the company to continue to grow its market share and recognition as an innovative SaaS company in the fast-growing standardized customer-engagement services and solutions market.”
IFBD Price Action: Shares of Infobird closed at $3 on Friday.
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