Chatbot AI is a software that can simulate human conversations. These bots are designed to decode and recognize the requirement of the user and deliver the apt solution. A chatbot functions on the methods of Pattern matching, NLU (Natural Language Understanding), NLP (Natural Language Processing), and others. The chatbots can be of different kinds such as Rule-based where a pre-defined path for the conversation has been set or Conversational chatbots that carry out a conversation with the user similar to how a human would.
According to reports by Business Insider, 67% of the consumers worldwide use chatbot AI for customer support.
How will it perk your business?
As per the reports by Forbes, 80% of marketers by this year plan to start using a chatbot, that would scale up the competition even higher.
Here are a few aspects and features:
Accenture suggests, “50% of consumers no longer care if they are dealing with humans or AI-enabled assistants , in such competitive times the quality of chatbots has shown remarkable growth. The 24*7 service of chatbots boosts customer satisfaction and assistance that increases sales.
This benefits the company to maintain and handle customer requests without creating a load on Human Resources. In addition, it also aids the companies to expand globally as AI Chatbots have various languages inbuilt easing the communication. This further eases instant response and saves time both sides.
The Retail Executive suggested that businesses lost 75% of customers due to waiting times.
As per the Chatbots Magazine, 30% of the customer service cost can be reduced by the implementation of chatbots and other similar AI. The process of recruitment itself involves preparing, sourcing, screening, selecting, hiring, and training that involves not only handsome amounts of money but also time and efforts at large whereas chatbot AI is a one time major investment. The IVR (Interactive Voice Response) can also be avoided which is time consuming and often leads to delay or cancellation due to long call hold time.
The Company saves the cost of unnecessary human resources while the Chatbots handles the user queries. It has been speculated that by 2021, 85% of customer interaction will be handled without human agents.
The top five countries in terms of chatbot use are the USA, India, Germany, the UK, and Brazil.
Feedback is a chief factor for any business, regular checks with the customers, and suggestions must always be accepted to improve the recommendations and functioning of the business. The feedback forms and questionnaires are a part of the feedback process and assist in business improvement.This process can easily be carried out by chatbots with high accuracy.
58% of users say chatbots have changed their expectations of customer service. The chatbots are even capable of predicting and managing the traffic or keeping a record of popular demands on basis of which the feedbacks can be provided to the company for improvement.
As per Forbes, three in five millennials have used chatbots at least once in their lives.
To keep up with the sales even at odd timings, chatbots are a great solution. Chat bots can solve the queries of the user and aid them in making the correct decision. They store the personal information of the particular user and provides recommendations accordingly that helps in boosting the business.
In a recent study it was observed that 70% people prefer texting over calling. A notable amount of people have been satisfied with the results of chatbots to help them while online shopping which has in turn created remarkable differences in the business sales.
A survey conducted observed that 83% of online shoppers need support while shopping online.
The machine learning in an a chatbot AI constantly improves and updates itself in fields such as user experience, linguistic capabilities, and usability. It is not possible to conduct trainings for humans regularly as it demands time and money, instead one can track chatbots for constant improvement.
The first chatbot, ELIZA, was developed in 1966. Chatbots AI have come a long way since then which has made it possible to rely so convincingly on them. The constant improvement in the chatbots guides the business in making modifications which perks in keeping up with the competition.
As per Ray Kurzweil, an inventor, futurist, and an engineer at Google suggests that chatbots will become indistinguishable from humans by 2029.
In a space of cut throat competition one must keep up with the market strategies in order to constantly improve the business and sales. The chatbots AI have at multiple occasions proved to be very valuable for the business. Even at the time of this coronavirus pandemic such chatbots can be very helpful as customer assistance must not be disrupted.
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