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Zoom Video (ZM) Introduces New Pricing Plans for AI Products

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Zoom Video Communications, Inc. (ZM - Free Report) has made significant announcements regarding enhancements to its artificial intelligence (AI) -powered CX suite and new pricing plans.

Zoom is actively working to strengthen its position in the contact center space and offer a comprehensive set of features to cater to the evolving needs of businesses.

The Zoom Contact Center has experienced substantial growth since its launch last year, with more than 700 customers. It expanded its reach across businesses of various sizes, from mid-market to global enterprises. The company has strategically invested in areas such as advanced AI, workforce management and omnichannel expansion to improve customer experience.

Zoom Contact Center will now be available in new tiered plans, each of which includes voice, video, chat, Short Message Service (“SMS”) channels, real-time transcription, remote control, Agent Computer-Telephony Integration, surveys and AI Companion capabilities, including summarization.

The top-tier plans will feature advanced capabilities like Zoom AI Expert Assist and Workforce Engagement Management. These features will also be available as add-ons to any package. Mid-tier plans will include features such as inbound email and social channel support, as well as outbound dialers.

The new plans aim to provide exceptional value at all levels, including enterprise-grade features at the base tier, which are often charged as extras by other companies. This is designed to offer flexibility to meet the diverse needs of small-to-large contact center departments.

Zoom’s New Packages Provide Enterprise-Grade Features

The Essentials package starts at $69 per month. It includes Zoom AI Companion, remote control, privacy and security features and support for the most critical channels: omnichannel voice, chat, SMS and video, as well as many other core capabilities.

In addition to the features offered in the Essentials package, the Premium package provides support for emails, social channels and outbound dialer, starting at $99 per month.

Elite customers have access to all the features from the Premium package, plus Zoom AI Expert Assist, Quality Management and Workforce Management, starting at $149 per month.

Customers with Essentials and Premium packages can enhance their subscriptions by purchasing add-ons such as Zoom AI Expert Assist and Workforce Engagement Management.

This tiered approach allows customers to choose the package that best fits their requirements and budget, with the flexibility to add specific features as needed. The inclusion of features like Zoom AI Expert Assist, Quality Management and Workforce Management in the higher-tier packages suggests a focus on providing advanced tools for larger enterprises with more complex needs.

What Awaits Zoom in the Near Future?

Joining the growing list of companies that offer generative AI tools, Zoom is strategically leveraging AI to increase its user base and enhance user engagement. By harnessing the power of AI, this Zacks Rank #1 (Strong Buy) company aims to attract more users to its platform and enhance the overall experience for its existing users. You can see the complete list of today’s Zacks #1 Rank stocks here.

In third-quarter fiscal 2024, customers contributing more than $100,000 in revenues in the trailing 12 months grew 13.5% to 3,731. These customers accounted for 29% of revenues, up from 27% in the year-ago quarter.

Zoom expects fourth-quarter fiscal 2024 revenues in the range of $1.125-$1.13 billion. Non-GAAP earnings per share are anticipated in the range of $1.13-$1.15.

The company has been making efforts to enhance its features for users for quite some time now.

Zoom faces stiff competition from Microsoft (MSFT - Free Report) , Alphabet (GOOGL - Free Report) and RingCentral (RNG - Free Report) in the cloud communications segment.

Microsoft Teams now allows users to create a short video clip in chat.

Alphabet has rolled out an update that allows users to schedule and join meetings, add virtual backgrounds, in-meeting chat and more, apart from existing video calling features.

RNG is riding on a solid product portfolio, which provides UCaaS and CCaaS solutions.

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