With the industrial revolution kicking in, we are moving a step closer to a more connected and digital future everyday. One of the significant aspects of this future is – the AI-driven chatbot technology. And, this technology is here to stay. It offers businesses a doorway to understand the future uses of chatbots for different aspects of business operations. When leveraged correctly, chatbots can cut costs and increase profits. When used creatively, they can change the way you do business altogether. Moreover, it is only through trial can we discover innovative ways of implementing this technology further.
As per a research, the chatbot market, valued at $190.8 million in 2016, is estimated to reach $1.25 billion by 2025 with a compound annual growth rate of 24.3%. Also, the Oracle survey predicted that 80% of marketers plan to start using a chatbot in some way or another by 2020.
Today, the chatbot industry is booming. It is only a matter of time that chatbots will become much more advanced and provide better & intelligent alternatives than we have today.
Now, let’s find out how adopting AI-driven chatbot technology can boost your business growth.
Top 5 Benefits of AI-driven Chatbot Technology:
1. Enhanced customer service
The success of any business revolves greatly around customer service. And for businesses, time is money. Customers today expect speedy and timely responses for their queries/problems. Failing to provide that can harm your brand and customer loyalty.
The customer service industry now has been revolutionized, and the innovation responsible for this is chatbot. By using chatbots, you can initiate friendly conversations with your customers. Thereby, ensuring quick and relevant responses.
The benefits of using AI-driven chatbot technology are many. For instance, if your business receives a lot of inquiries, chatbots can take the load off your customer support team. That is, chatbots being the first point of contact will screen calls from customers and redirect them to human agents only when required. Thereby, saving time, efforts and costs enormously.
Moreover, one thing the customers hate the most is – waiting to be heard, getting a delayed response or worse, no response at all. However, the use of chatbots will completely diminish this waiting time, speeding things up. Now, Isn’t that amazing! Bots will be available all day to help your customers with information like offers, product information etc., thereby boosting engagement.
2. Friendly and human-like interaction
AI has reached a stage in which chatbots can have increasingly engaging and human conversations. Thereby, allowing businesses to leverage the inexpensive and wide-reaching technology to engage with more consumers.
So, how can these chatbots engage and talk to customers with human emotions?
Answer: NLP (Natural language Processing) technology.
Bots use this technology method to understand user’s queries and then give an accurate response without delay. Thereby, keeping customers interested and engaged.
Did you know? Companies have increased their sales upto 40% with the help of chatbot technology applications while enhancing customer experience.
Thus, companies with chatbots can save time as customers would not have to go for a frustrating process while reaching out the answers to their queries. For instance, if you are selling goods and services which are nearly alike, your customers may need help in selecting the right product. Also, they may seek technical advice when buying something expensive, such as smartphones, camera accessories, etc. This is where chatbots can be of great help as they can assist customers in getting the right product or service.
3. Greater efficiency
A study was conducted to examine the efficiency of chatbots. This study revealed that around 265 billion customer support requests are recorded every year – costing businesses around $1.3 trillion to fulfill the services. And the use of AI chatbots were known to scale up the operations. Thereby, saving efforts and costs enormously. For instance, if customers reach out for queries outside business hours, chatbots will be able to provide a timely response to your customers.
Human agents can handle only a few concerns at a time. But with chatbots, the company can operate and respond to customer queries without any upper limit. These will not only boost the productivity of business operations but also enable human agents to focus on other important tasks.
Thus, by employing chatbot solutions to complement your human task force, your business can get the boost it needs to enter new markets while enhancing your business productivity.
4. Efficient user need analysis
With the help of sentiment analysis, bots are built to have a deep understanding of the user’s voice and their needs. That is, AI-driven chatbot technology can efficiently analyze the customer’s sentiment and provide accurate responses. Firstly, as bots learn from experiences, it can deliver a personalized experience by offering accurate solutions based on the customers’ needs/queries. Thereby, increasing sales while effectively engaging your customers.
Secondly, these chatbots are built to ensure there is no room for errors and that no business opportunity is lost. Also, one chatbot is enough to solve the queries of several users. Thus, reducing the need to talk to different support teams and successfully preventing cases of customer dissatisfaction.
5. Provides a robust ecosystem
AI-driven chatbots can perform all your primary business tasks, such as verifying customer-related information, replying to emails, and providing accurate responses to your customers. Since chatbots are programmed with all the necessary information, they are highly accurate with no room for errors.
Not just that, chatbots today can also analyse and process business-related big data. That is, it can retrieve vital patterns related to purchase, sale, and customer support histories of all your customers. Thereby, making it easy for companies like you to use these organized data to enhance and better your business services.
Here’s a quick summary of the business benefits of AI-driven chatbot technology. (video credits: Bython Media)
The benefits of AI-driven chatbot technology are many. Implementing this technology is a smart choice for organizations that want to increase their customer base and boost engagement. Chatbots can play a significant role in your success story. With chatbots, you can build a human touch to the conversation with your users. Thereby, enhancing your business value significantly.
Chatbots without a doubt are evolving and advancing everyday. However, as the industry matures, chatbots are likely to become much more sophisticated. That is, they will be able to provide better and more complex solutions compared to what we have today.
The present time just seems to be perfect to start exploring the application of chatbot technology to your business. So that you can fully benefit from them tomorrow when they become a business necessity.