What are Chatbots?
A Chatbot is a software application used to conduct an online chat conversation via text or text-to-speech with a user in natural language through messaging applications, websites and mobile apps.This can happen on a brand’s website or app, or through platforms like Slack, Skype, Facebook Messenger, Whats-app, and even Alexa. Chatbots are used in customer service, request routing, or for information gathering. Chatbots help organizations embrace AI-powered customer acquisition, support and engagement processes to drive business continuity and growth.
According to Business Insider, the chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%.
Benefits
Improved customer engagement — Chatbot applications streamline interactions between people and services, ensure 24/7 automated customer support and don’t keep customers waiting. At the same time, they offer companies new opportunities to improve the customer engagement process. Chatbots help to identify the gaps during the conversation to find patterns during interaction with a customer, which helps to resolve the issues successfully within a few seconds. They even adjust the flow of conversation while interacting with a customer.
69% of consumers prefer chatbots because of their ability to provide quick replies to simple questions. (Chatbots Magazine).
Improved customer experience — Chatbots enable you to have real time conversations with high customer satisfaction.A chatbot can access the history of your interactions with the company to deliver a personalized experience. Customers are assured that they are delivered similar and consistent responses.
56% of consumers prefer to message a business for help rather than call customer support. (Outgrow)
Increase Customer Base — Chatbots may help you reach more people which can increase your customer base.They can help you generate leads, support multiple languages, grow customer retention rate, ask for user feedback,Provide Purchasing Ability- the list is endless.Being continuously active on these platforms helps companies reach new customers who may otherwise not want to reach out to the company with an email or call.
67% of customers globally reported using a chatbot for customer support in the past year. (Invesp, 2017)
Better Team productivity — Chatbots help raise productivity for agents by giving support and to automate repetitive business processes, freeing up service agents to handle more complex queries and provide better service to the customers.
Eliminates Human errors — Chatbots are the best way to deliver error-free service. They are programmed with all the information and there is no chance of errors.
Scaling support infrastructure according to your business needs — Chatbot platforms can automatically scale up in response to high demand, and scale down in response to reduced usage rates. This allows you to optimize your bot infrastructure, remain agile and handle high volume of queries.
Cost savings — Chatbot reduces the number of agents required on the call center floor as well as employee attrition due to the repetitive nature of routine calls.They Automate the entire life-cycle of service requests, reducing resolution time and improving work life. All of these lead to significant cost savings.
Chatbots can help businesses save as much as 30% of customer support costs. (Invesp)
Conclusion
Chatbots will transform the way businesses communicate with their customers and prospects.There are more and more business applications where chatbots with self-learning capabilities can interact with humans in a more natural way. There is growing sophistication and accuracy of AI which makes chatbots more robust and suitable for a broad range of applications. At the same time, there are also still challenges to overcome.The use of chatbots in business will evolve in the coming years — the design and architecture inevitably improving.It takes practice and a deeper understanding of underlying concepts to get the design right and build bots that give users a great experience.
According to Gartner report in 2019, Artificial Intelligence (AI) will be a mainstream customer experience investment in the next two years. “47% of organizations will use chatbots for customer care and 40% will deploy virtual assistants
Why Choose Node.Digital?
At Node.Digital, we are focused on a plethora of use cases in Chatbot development, that you can leverage in supervised self-learning conversational AI that trains itself on your existing data, delivering a bespoke virtual agent in a matter of days — not months. Automated answers can reduce the cost of service delivery, reduce downtime for employees, and improve business outcomes.
Proven Track record:
Total automation 34% — Proportion of total customer interactions without any human involvement. Chat automation 55% — Proportion of customer interactions in chat without any human involvement. Resolution rate 97% — Proportion of requests that are predicted to the right customer intent.
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