According to a survey in the Forbes magazine, held by Oracle, talks about how 80 percent of the total number of marketers plan to make complete use of chatbots by the end of the year 2020. One reason for this is the fact that huge brands today are spending money on improving the customer experience, and on the other hand, another big reason is customers in the present time are not ready to wait for results, in this fast-paced world. The best solution of all this is the use of an AI-based chatbot. A Survey has been done, according to which a survey has been done, which states that by the year 2025, the chatbot market is going to reach 1.25 billion.
Living in the present times is immensely fast-paced- this is apparent from the fact that even a tiny delay in the opening of a website, can completely make the user lose trust upon that particular website. In this fast world, it is unrealistic to expect that users all around the world will choose to wait for a support team to arrive and solve their queries. Companies need to make sure that they make arrangements to answer all of the queries of the customers on time so that the expectations of the customers are met. Today, there are so many options available, which is why customers tend to get restless very easily. They demand instant replies to all their queries. The answer to this major problem is the use of chatbots.
No matter, the quality of the products you sell or the services you provide, your business will not succeed unless you can resolve the queries of the customers quickly and from anywhere. This is where chatbots come into play. They have completely transformed and evolved how companies interact with all their customers and address their issues. Every Chatbot Solutions Provider always tend to keep themselves updated with all the latest trends, like Artificial Intelligence (AI) and voice-enabled assistants, so that they can improve their custom chatbot development and maintain their pace with the evolution of technology and offer their customers a consistently stable experience.
Chatbots is An Emerging Industry
Chatbots continue to remain as a huge part of the youthful sector. Even though AI is a relatively common word in today’s world, in itself, its application is a complicated one. Not everyone understands how they can harness it in such a way so that its application can prove fruitful for their business. With time, as this particular sector matures, the chatbot developers will be able to provide more intelligent alternatives, compared to those we have today.
Now it is finally time to talk about the factors, which the blog is meant to deal with. After being informed about the present technological advancements and chatbots, it is time to understand why chatbots are useful for any organization. The following section will deal with the points that justify the existence of chatbots in a specific business.
Advantages of Using Chatbots:-
#1. Improved Customer Support
This is undoubtedly the most obvious advantage of using a chatbot. With human employees, there is always a limit to the number of issues that can be addressed within a certain period. With chatbots, the situation is completely different. A company will have the ability to operate without any specific upper limit.
The benefit of this feature is two-fold, the first is the fact that the productivity of business operations will receive an enormous boost and secondly, with the chatbots providing customer service, the employees will have the liberty to focus on other crucial tasks. A study says that around 265 billion queries are recorded every year, which costs around 1.3 trillion dollars to solve. This makes it even more evident that AI chatbots will scale up operations by saving costs and efforts.
#2. Its Interactions are Human-like
This particular benefit is extremely significant, as far as customer satisfaction is concerned. Without the need for any manual efforts, chatbots can very easily interact with customers, in ways only a customer service agent can. Chatbots make use of modern technology named Natural Language Processing (NLP), to understand accurately the issues of the customers and properly respond to them. This in turn drastically increases sales for businesses, which employ such practices.
#3. They are available 24*7
This is perhaps the most critical benefit of implementing chatbots in business. Human employees come to a particular office, for a certain period, after which they complete their shift and leave the office. In the case of chatbots, they are online 24*7, available for any requirement of any customer, at any time. If a customer is not addressed as soon as he or she complains, the goodwill of your business gets immensely hampered.
#4. Lesser Costs Involved
Businesses can make huge savings on their overall expenses through the implementation of chatbots and AI. According to reports, a particular business can make a saving of up to 29% of the original cost. Chatbots makes automatic interaction possible between a customer and the brand, which allows companies to firstly speed up the whole process and secondly save money, as there is no need to hire agents.
Implementation of Chatbots is a very crucial move for any organization which wants to provide a boost to its customer base. It is also necessary for improving engagement. The efficiency with which chatbots function allows a business to drastically improve in value in the long term. You need to implement this technology to stay ahead of your competitors. Big companies all around the world are already doing so.