Have you ever had this question in your mind about your business that What can you add to your website for better engagement? What is it you can do for your customers? How can you provide them with an online experience they are looking for? How can you communicate easier with your customers?
The answer is simple. Chatbots!
A chatbot is a computer program designed to stimulate conversation with human users. Chatbots can exchange text messages or employ speech synthesis and speech analysis. Chatbots can act as self-service tools & sometimes they assist real people with handling multiple conversations. Chatbots use Artificial Intelligence (AI) and Natural Language Processing (NLP) to understand what a human wants and guides them to their desired outcome in no time.
The global chatbot market is predicted to reach $19,570 million by 2027. With the increasing adoption of messaging apps and new digital communication channels, chatbots will become progressively convenient.
We are living in a real-time world, where everything seems to be just one click away. Customers who are searching for information expect quick and accurate responses. Due to that, real-time messaging has become a paradigm shift in how people prefer to connect with businesses. People are looking for online experiences and, if they don’t find it on your page, they will move on to your competitors. Chatbots can chat with multiple customers at the same time and provide information within seconds. Because of that, companies are now automating as many processes as possible to stay ahead in the market. And chatbots are one of them.
Let’s discuss why your business needs chatbots:
- Chatbots Offer a better customer experience: A chatbot is available 24/7, so whenever a customer will ask for queries, they will get answers in no time that ultimately satisfies customers. We are living in a competitive world where a second’s delay in response can lead to losing customers. Deploying a chatbot for your business will make your customers feel prioritized and valued – how. That will improve business branding and customer loyalty.
- Save cost: According to a study by Juniper Research, businesses will save about $8 billion by 2022 with chatbots. Customer experience matters now more than ever. The more your customers, the bigger the teams get, which means more queries, employees, infrastructure and investment. However, a business can reduce costs by implementing chatbots. Chatbots reduce customer service cost by providing round-the-clock assistance freeing up human resources for other important tasks. Moreover, Chatbots require less development cost. Although, it is not meant to replace humans completely but to help companies reduce the number of human resources for low-level tasks and repetitive tasks.
- Generate leads: It was found in a 2019 Intercom survey of 500 business leaders that chatbots have increased the sales of their businesses by 67% on average. In addition to that, chatbots also multiply response times by an average of 4x and boost customer support satisfaction scores by 24%. Chatbots answer FAQs, recommend new products, perform simple transactions, conduct surveys and many more without putting the customer on hold. It helps the customer find what they are looking for and make the decision accordingly. Creating hybrid chatbots can help businesses communicate effectively with potential customers. For example: a sales chatbot can be trained to ask sales-related questions that can get the customer interested in your product or service and lead them to take action in the buying process.
- Increased customer interaction: Chatbots interact with existing and potential customers on behalf of your business. They keep them engaged by initiating and maintaining the conversation. If you think about it, chatbots are the first interaction a potential customer has with your business. A customer can try out new features and check the effectiveness of a chatbot. It educates a customer that results in increasing customer engagement.
- Chatbots learn with time: Chatbots learn from customer’s input and provide improved solutions. The ability to train themselves is one of the recent developments in artificial intelligence and machine learning technologies.
- Chatbots take no vacation: Companies are focusing on automating their customer service for a better customer experience and satisfaction. It becomes easy for customers to get answers to the raised questions quickly as chatbots take no vacation. Chatbots are friends for customers with 24/7 availability and fast responses. . They won’t leave you high and dry. Whether it is day or night, chatbots will always be there for guaranteed assistance.
A business cannot only rely on human resources for every work. If it wants to stand out from its competitors, then it needs to have promising technology to automate customer service. Chatbots are applications that can give you a level of service and convenience that in many cases exceeds what humans can provide. There is a lot a chatbot can do for your business. A business with chatbots can boost operational efficiency, reduce costs and be proactive all around the clock. Customers are getting smarter and to keep up with them, chatbots are an efficient tool. It can allow companies to resolve thousands of queries and create an environment of trust between business and your customers. If you own a business, you happen to be in the right place!
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