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How Chatbot Can Help Your Business?

By Vasudev Arora | December 10, 2019 |

Chat Your Way to Success…

In all the industries that deal directly with customers, customer experience is the priority. Customers keep looking for quick responses, one-to-one conversations, rapid solutions and non-stop support from companies. AI Chatbot is a computer program that simulates human conversation through voice commands or text chats or both.

So basically, they are the robots that are used by various businesses to converse with customers because they are fast, give precise responses and cost less. Moreover, they also save time, as they can deal with any number of customers at the same time. So that is a bonus!

Future lies with Chatbot Services…

According to Chatbot Report 2019: Global Trends and Analysis, Business Insider experts predict that by 2020, 80% of enterprises will use Chatbot Services. According to Lauren Foye, by 2022, there is a high possibility that banks may automate up to 90% of their customer interaction using chatbots. A survey conducted by Spiceworks showed that 40% of large companies employing more than 500 people plan to implement one or more intelligent assistant or AI-based chat robot over corporate mobile devices in 2019. Another significant example is from Relay, which states that 65.1% of companies using chatbot technology are engaged in web software, and 58% of companies using chatbots technology are focused on B2B.

Source: https://chatbotsmagazine.com/chatbot-report-2019-global-trends-and-analysis-a487afec05b

According to Adobe, 28% of leading companies use AI for marketing, while 31% plan to use AI in the next 12 months.

In terms of investment, Opus Research states that by 2021, 4.5 billion dollars will be invested in chatbots.

Chatbots are Faster than Your Favorite Superhero…

Among the many reasons that can support the claim for the use of a chatbot, the primary reason one is that they respond to the customers promptly. Doesn’t that sound good enough?

Who wants to wait for a long time to get the responses for their complaints and requests? No one in today’s dynamic environment where everyone’s time is equally important, if not more.

AI Chatbots replace the humans in a manner that ensures they do not use a lot of time to reply as is generally done by humans. There are many instances in which the customers fail to even receive a welcome message, forget a reply.

On the other hand, chatbots welcome their customers with a message and then the chatbot itself asks them the way in which it can help them. Sounds interesting! It also shares various links with them that can automatically direct them to the solutions ion the FAQs that may have been associated with a problem that is quite common. Now, who would not like that?

Chatbots Dominate some Key Tasks

Source: https://chatbotsmagazine.com/chatbot-report-2019-global-trends-and-analysis-a487afec05b

Don’t you want to save on costs!!

Another way in which AI Chatbots can help your business grow is by saving you the costs incurred in the customer service.

Have you ever realized the amount of money you spend on various service agents that interact with the customers on their issues? According to some reports, the chatbots will help the businesses reduce their costs by approximately $ 8 billion by the year 2022 as compared to 2018.

Yes! You heard it right. It is such big amount that can be saved by employing chatbots in the businesses for customer interaction. The chatbots can save you on the operational costs of the customer service helplines, the amount spent on the labor associated with such services and also reduce the costs that may be associated with getting the agents on board 24/7.  Wow! That is very impressive.

You can reallocate that money to use other resources in a better way and increase the efficiency of your businesses. In the long run, it will also reflect in your ROI in addition to the increased customer satisfaction and the value generated because of it. Now, who doesn’t want to earn more profits?

Customer is King, Engage with them…

One more way in which chatbots can help you out is by engaging with the customers in a better way. For instance, if a customer wants a coupon code for some offer among the various offers you may have advertised, the service agents may take a while to search for the coupons and their respective code. Plus, there is a risk of it being wrong.

With chatbots, there is no such risk. They do not take time to reply to the customers with any technical information they may be asking for and also are 100% accurate with their specifications. In addition, the customers are excited to reply to a chatbot that can use a bit of humor in its conversations and engagements. This is exactly what a customer wants. Please them, and earn their loyalty!!

Caution is Better than Cure!

However, you should keep in mind that the chatbots are meant for simple tasks only. You cannot expect them to get involved in complicated tasks like reading a girl’s mind! Now that is next to impossible.  They can only give simple answers to the customers. For instance, if in a food delivery query, a customer asks for the location of their food, the chatbot will reply with the link to track the position of the delivery executive.

But for some more complicated queries, such as asking about the ingredients of the food, or resolving a situation concerning the reason for the late arrival of the food, humans have to intervene. However, such cases are not too many in number and do not require the large number of humans that are employed as service agents.

While Chatbots are already having a measurable impact on customer service and marketing processes, the real prospects for using chatbot services go much beyond these areas.

So, why the delay, start using chatbot services today. Do not wait for the business to get big enough to do so. They say, that it is never ‘enough’. Seize the technological innovations and employ chatbots, so that you can drive in the maximum level of customers just by raising their satisfaction levels with your services.

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Vasudev Arora

Vasudev Arora as a Business Head at Infoxen is prolific in defining business growth strategies & stabilizing financial footing, to balance out long-term business goals. When not chairing his position, you will find him penning down his thoughts on disrupting technologies, IT-related & other software development trends from his industry exposure & business mindset.

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