May 14, 2019
6 Business Opportunities That Chatbots Will Bring And You Should Not Miss
Chatbots are the latest buzzword in the world of Artificial Intelligence. They seem to have taken the world of businesses by storm with their innovative applications and innumerable benefits. So much so that now everyone wants to build a chatbot and cash in on this trend. Most businesses, both large and small, have incorporated into their organizations and are already reaping the advantages. It is predicted that by 2020 the number of companies using chatbots will increase to 80%. With customers increasingly relying on messaging apps like Facebook Messenger, Hangouts, Telegram etc., the scope of chatbots is exponential.
The Chatbot Universe
The world of chatbots has attracted many startups to leverage early on this rising trend. With a vision to make Artificial Intelligence an omnipresent feature in organizations and improving business efficiency, these bot development platforms are developing innovative chatbots for use by various organizations. Most of these startups are backed by investors with deep pockets. Take the example of Interactions, a startup that has received over 150 million dollars in funding! There are many other successful startups like Abacus, Troop, Smooch etc which have received high funding from investors. The astonishing growth of the chatbot market is expected to exceed 1.34 billion US dollars by 2024!
The Take Away for your Business
Given the extraordinary facts and figures supporting chatbots, it is safe to say that they are here to stay. All businesses need to constantly evolve and adapt to the changing ecosystem in order to survive and grow. Here is how chatbots can benefit your business:
1) Information Service & Customer Support
Chatbot design is the perfect solution for answering queries and providing information. Depending on the complexity, the chatbot AI is capable of answering queries ranging from simple and repetitive to giving suggestions and guidance. This feature of automated replies benefits both the employees as well as the customers.
Employees can simply seek answers to salary, leave or other HR queries from the bot which can either give answers or direct them to a link where their queries will be solved. This saves the HR precious time to deal with bigger problems.
Your customers will be delighted by the 24×7 availability and instant replies to their queries and complaints. As per a survey, the need for assistance while online shopping is felt by 83% shoppers. A bot can help target this need and increase customer engagement. Take the example of the Sephora chatbot which can display the same lipstick shade as uploaded in a picture by the customer. Giving your customer a pleasant shopping experience will ensure they become loyal to your business.
2) Generating and Qualifying Leads
The AI in chatbots renders them capable of giving human-like replies to queries. They are an excellent means to bridge the communication gap between the seller and the buyer. Placing a chatbot on your sales page is an effective way to provide basic information to potential customers and later engage a salesperson to communicate with the serious ones. By doing so there are more chances of converting the lead and channelling your resources in the right direction.
However, integrating your chatbot to CRM as well as designing it right is an important element in making this process more effective and beneficial.
3) Cost Effective
265 billion is the number of customer requests made in a year and 1.3 trillion dollars is the cost of servicing them. These are staggering numbers for any business and present a great scope for cost-cutting. This is where you can build a chatbot to reduce costs by as much as 30%. Chatbots can act as the first point of contact with the customer and can easily handle a large volume of calls. It is impossible for most companies to hire round the clock employees for customer service to manage the huge deluge of calls effectively. But for chatbots, this is simple and effortless and hence the cost per query becomes very low. Moreover, they do not succumb to pressure or moods, unlike human beings. This means they are able to fulfil the expectations of customers better and provide a better agent experience. It is expected that by 2022 bots will be able to deal with 90% of queries thereby saving companies both time and money.
4) Product Broadcast
The success of a business depends on its ability to market the product efficiently in order to achieve sales. Chatbots can help you here too! They are able to reach a large customer base, engage with them, understand their preferences and then selectively target those who are most likely to be interested in the product.
Bots can send push notifications to the target audience and also optimize email marketing by increasing the chances of the mail being read. They are able to do all this because of the AI that helps them identify and analyze customers likes and preferences and give tailor-made solutions. All this culminates into your product reaching more people thereby increasing sales.
5) All Platform Friendly
Having an app for your business is great but that needs an effort on the customer’s part to download on their device. A lot of times companies lose out on business because of the customer’s reluctance to download the app. Also, the programming and publishing of apps is very costly exercise. Chatbots give you an easy way out. Bots can be integrated with any platform and thus eliminate the need for specific app downloads. They allow you to engage with your customer on any platform thereby increasing the reach of your product at much lesser costs compared to apps. Moreover, unlike apps, chatbots are more personalized and hence serve customer needs in a better manner. Chatbots can now be found on all important platforms like Facebook Messenger, iMessage, Skype, Slack, WeChat etc.
6) Optimising Workflow
At the core of the chatbots, AI lays its magical ability to store gigantic amounts of data and analyze it to derive profitable conclusions. This ability has a multi-fold impact on businesses. Firstly, the data can also be used to organize office work. Bot development platforms can identify existing work patterns and cycles and suggest improvements at the workplace. They can streamline and standardize procedures, thereby increasing productivity.
Secondly, bots can improve communication within the organization by opening a seamless channel of interaction between and across teams. This will reduce the time spent at redundant conferences and bring faster results.
Thirdly, companies can use bots to train employees. Bots can provide support to new employees and ease them into the onboarding process. Since bots too learn with repeated interactions, they will only become more effective with time in this role.
With chatbots acquiring multiple roles in the business arena, now is the right time to introduce them to your business and you can make the switch with Relinns. We help drive your business ahead by equipping you with the right chatbot technology that is customized for your business