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Software-as-a-service (SaaS) refers to the business model of software subscription services. The global SaaS market is expected to increase from $225.6 billion in 2020 to $272.49 billion in 2021 — a compound annual growth rate (CAGR) of 20.8%. SaaS is expected to reach a $436.9 billion market value in 2025.
Companies rely on SaaS to address their technology requirements. The wide range of software programs available can also be applied to a variety of business processes — from marketing, customer relationship management, internal operations, accounting and more.
One SaaS company within the customer engagement space continues to stand out. China-based Infobird (NASDAQ: IFBD) helps companies manage every stage of the customer journey — from brand awareness to post-sales relationship management. But its solutions also extend beyond these capabilities to ultimately help firms gain a deeper understanding of their customers, make smarter data-driven decisions and increase sales.
On August 3rd, Infobird announced it had “signed a service contract with a subsidiary of a globally well-recognized Fortune 500 retail and consumer product company. The company is a renowned leader in retail and consumer products, with operations in more than 80 countries around the world. At present, Infobird’s solutions for retail and consumer product industry have been applied in many large leading companies such as SaSa, a Hong Kong beauty brand, and Zu Li Jian, a leading footwear brand for the elderly in China. The solutions cover multiple business scenarios such as customer service, marketing and management.”
The progress Infobird has already made in the retail markets in China are allowing it to continue to capitalize on the recent boom of retail and consumer products in the Asia-Pacfic region, and may set it up for expansion into additional market areas in the future.
Additionally in its recent announcement, Infobird highlighted the progress and innovation that it has experienced, “since establishment, Infobird has accumulated rich experience in serving major customers in the financial industry for more than ten years starting from a cloud call center, and later expanding into other intelligent products based on its self-developed cloud-native architecture. Starting from the end of 2020, Infobird has transformed its business focus to standardized SaaS.”
Infobird Uses Artificial Intelligence (AI) to Enhance Customer Engagement and Internal Operations
Infobird is often compared to the American customer service software company Zendesk (NYSE: ZEN). Both SaaS providers offer customer support product suites and sales tools. However, Infobird's solutions appear more innovative and emphasize proactive client engagements. As a result, Infobird’s system empowers long-term customer engagement, which is ultimately critical for a consistent sales cycle.
Unlike other leaders in the customer engagement SaaS space, Infobird goes beyond basic customer support tools to deliver AI-driven telemarketing, omni-channel support, intelligent voice and text chatbot and more. Infobird also provides AI-driven sales force management through intelligent training resources and quality inspection.
Infobird also incorporates unified communications tools that can be used to enhance operational productivity. The system uses AI to analyze customer service performance and address factors such as compliance, professionalism, service processes and more.
Infobird succeeds in improving risk control capabilities, spotting noncompliance issues, handling errors and ultimately reducing the risk of customer complaints. Most notably, Infobird automatically identifies mistakes made by customer service agents.
What really makes Infobird stand out from competing SaaS providers in this space is how the system complies all data. Companies can use their Infobird data to better understand their customer engagement, improve training practices and further enhance customer relations. Data can also be harvested to conduct multidimensional data analysis, including user portraits, customer focus, market conditions and more.
Investing in the Chinese SaaS Market Through Infobird
Infobird has positioned itself as a leading SaaS system within the Chinese customer engagement segment. But its tools also go beyond this sector — extending a wide range of services that can benefit any firm’s business development and internal operations.
Infobird is forecasting 50% year-over-year revenue growth in 2021. The company regularly serves businesses within the finance, retail and healthcare sectors. Some of its most notable clients include China Guangfa Bank and multinational e-commerce giant Alibaba Group Holding Limited (NYSE: BABA). Although Inforbird is based in China, it has positioned itself to rapidly expand throughout Asia.
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