The success of any business lies primarily in the hands of its customers. Regardless of how fine the products or services are, when it comes to the market, especially its durability in the market, customers have the final say. They decide and dictate what products and services come, stay, and go. With growing fierce competition, companies across industries, especially B2C, are trying to get into the best books of its customers, underscoring how indispensable customer satisfaction and customer retention are. Customer interactions are of paramount importance to businesses trying to gain new customers and retain existing ones.
Artificial Intelligence is here to augment and assist that very process. Robotic Process Automation (RPA), the broader umbrella that houses the exciting, interactive technology of the chatbots is the solution businesses need today. This ultimately helps them to fine-tune customer engagement processes, increase overall efficiency surrounding CRM, and cut costs of repetitive customer services.
You must be quite familiar with what a chatbot is. You may have come across it at least once in your lifetime. If not, try to remember the last time you were visiting websites and a pop-up window asked if it could assist answer your questions? Or try to recall the time when you were asked to provide feedback for your experience online? Or perhaps you can remember the time when you used a chatbot (aware or unaware) in the order confirmation and shipment tracking? Alexa? Google Assistant? Siri? Well, there you go! Yes, if you have interacted with a computer-generated A. I powered software simulating a conversation with a human such as yourself, you have used a chatbot. Are you aware that 67% of global consumers had an interaction with a chatbot over the past 12 months?
The services that chatbots support are predicted to grow at a tremendous level. Chatbots are projected to handle over 75-90% of healthcare and banking queries by 2022. The latest data confirms that chatbots handle virtually 70% of chats from start to finish.
Something so simple could leave a significant impact on business processes across industries. 80% of businesses are projected to integrate some sort of chatbot system by 2021. This could possibly be because most customers who have appreciated the chatbot technology expect a 24X7 seamless customer service that the chatbot is ready to bring to the table. No wonder incorporating this decent technology into your business model is a boon and not a bane.
The global chatbot market size is supposed to grow from USD 2.9 billion in 2020 to USD 10.5 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. Following predictive chats, chatbots are the most useful AI/Automation technologies for personalizing customer interactions.
There is also substantial evidence pertaining to why chatbots are becoming a trend. For one, they address and solve definitive aspects of increasing customer-experience issues arising at the point of contact. For example, customer churn due to non-personalized services negatively affects top-line revenue. Personalized, all-around service can be provided seamlessly to a customer seeking a business solution only if the provider is competent and sufficient to resolve all forms of technical queries. Sometimes, customer support representatives might not be able to handle such queries within a short span of time, which is very critical to the customer waiting in the queue. To assist such situations, chatbots come to the rescue, by clearly identifying the customer’s intent, issue, and query. Within seconds, they are then able to provide them with the right solution and/or redirect them to an information source. Such a 24×7 service by chatbots has its perks, definitely!
There are wide variety of problems and issues that chatbots can resolve in a jiffy, as they bring high value-addition to your website and other applications you deploy. For example, they help in continuous lead generation. Besides getting the information of the potential customer, chatbots also help in assessing the intent behind the conversation, which becomes very pivotal when determining the purchase intent of consumers for developing branding and marketing strategies for the products and services offered. This will ultimately reflect better sales numbers for the company which will invariably help in revenue and profit generation.
When managing risks, chatbots can help by reducing human errors and thus saving relative costs.
Intone Networks Inc has partnered with Enterprise Bot and together our team of experts is here to provide chatbot solutions for your specific needs. Wait no more.
Contact our team to start the process of automation
Sources for reference :
- https://startupbonsai.com/chatbot-statistics/
- https://linchpinseo.com/chatbot-statistics-trends/
- https://www.prnewswire.com/news-releases/global-chatbot-market-2020-to-2026—rise-in-demand-for-ai-based-chatbots-to-deliver-enhanced-customer-experience-presents-opportunities-301260513.html
Image source: https://elements.envato.com/four-wheeled-metallic-chat-bot-robot-on-purple-bro-FSXZU7G