9 Reasons Why Chatbot Technology Is Transforming The World
Since Chatbots have evolved immensely these days, chances are that you already know, what a Chatbot is. Also known as smartbot, chatterbot, & talkbot, Chatbot is designed to simplify the interaction between humans & computers. Armed with Artificial intelligence technology, Chatbots are creating a stir in the tech world and making customer service experience smoother than ever. Thousands of businesses are putting AI-based chatbot technology into service aiming to win customers by making communication super-easy. It’s a win-win situation for both businesses & consumers.
Now, let us surprise you with the fact that over 1.4 Billion people interact with chatbots every year. In addition, a recent study by Oracle reveals that 80 % of businesses use or plan to use chatbots by 2020. Even social media giant Facebook leverages AI-based chatbot technology for Messenger to deliver top-notch chat experience.
Growing with a staggering CAGR of 31%, Global Chatbot market is projected to cross $1.34 billion by 2024. Most would second if we say, chatbots are the future of conversational intelligence. They, indeed are, beyond a shadow of doubt.
Being an organization that always leads the pack when it comes to technology advancement, we’ve decided to shed some light on the most-asked question “Why Chatbots?” For businesses that are keen to know about the chatbot technology and the benefits of Chatbot development services, this is The Content to gain proper insights.
Now, let’s gear up to get to know the pool of reasons why AI-based Chatbot technology is reshaping the tech world:
Chatbots Make Customer Service a Breeze
Being a customer, have you ever wondered who instantly responds to your query at 2 am and helps you resolve the complaint? No, it’s not your beloved customer care executive, it’s an AI Chatbot that businesses use to provide 24/7 online customer support. Chatbots for customer service are capable of interacting with users by following pre-programmed rules which makes customer interaction a breeze.
Consumers Prefer Chatting to Phone-calling
Why would a person call to customer service for a minor issue, if he/she could chat? It’s easy and more convenient. Since you get a quick response (read instant) from Chatbots, it’s no brainer preferring it over talking to an executive who takes forever to resolve a minor issue. A survey reveals that consumers prefer live chat customer service methods and 73% of them are really satisfied with their experience.
Interesting fact 1 – Facebook has over 30,000 Chatbots that are being used by millions of people across 200 countries.
Improves Business Branding with Fewer Efforts
The fact that Chatbots help in revamping business branding with minimum efforts further adds to their value. Unlike humans, Chatbots work round the clock for providing unlimited solutions to consumers and since they are less prone to errors, they can help in building a better brand by providing top-notch customer assistance.
Saves a Lot of Human Resources
Chatbots are no human. They can work continuously and tirelessly without breaking a sweat. With Chatbots in action, there is no need of customer support manpower to solve consumer queries, hence, a huge saving in human resources costs. Using Chatbots for customer services is one of the major benefits of developing Chatbots for businesses.
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Chatbot Development Doesn’t Break a Bank
Besides inhumane task capabilities & razor-sharp precision, the other amazing thing about Chatbots is that they don’t require a large chunk of dough to be developed. The Chatbot development cost is way less than developing an interactive consumer-focused application. Having a tag of affordability with it, investing in a Chatbot is a great way to grow and scale your business without spending a fortune on developing apps.
Interesting fact 2 – A survey reveals that 64% of consumers believe that the top benefit of Chatbots is the ability to get 24-hour service.
Chatbots are extremely Easy-to-use
Most consumers are not tech savvy, they adhere to a Chatbot as it allows easy communication and is ridiculously simple to use. The Chatbot’s basic user interface makes them more familiar to the users. This helps in increasing user engagement and maximizing sales.
Chatbots Save Business Time and Cost
A study released by UK-based Juniper Research estimates that Chatbots will help businesses save more than $8 billion per year by 2022. Bots improve the efficacy and productivity in business by providing quick answers and solutions to consumer queries thus reduce operational costs, manpower resources, and time.
Chatbots Generate Quality Business Leads
These days, Chatbots are steadily being used by small businesses for generating quality business leads. They are making the hard process of acquiring quality leads super easy. Chatbots come in handy when prospective buyers need some assistance in finding detailed information about the product or service.
Interesting fact 3 – Gartner estimates that by 2020, Chatbots will be handling 85 percent of customer-service interactions; they are already handling about 30 percent of transactions now.
Chatbots Improve Customer Loyalty
According to a survey by American Express over half of the consumers have abandoned a planned purchase at some point because of bad customer service. On the flipside, that same survey found that 70% of consumers will spend more money if they know a particular company offers good service.
Salesforce study reveals that over 74% of consumers will switch brands if the purchasing experience is too complicated or frustrating. In these cases, Chatbots can make a difference, since they provide clarity and help while identifying instances that need human customer service intervention.
Chatbots are doing wonders for businesses, especially for consumer services industries. Besides customer handling work, AI-packed Chatbots also handle relatively basic and repetitive tasks that used to be done by the company-recruited workforce. There are a plethora of benefits related to having a fully-functional smart Chatbot. With bots, businesses will be able to save a lot of money while generating more business and improving customer loyalty.