7 Facts You Didn’t Know About Chatbots
Changing message channels into conversational marketing, including automation into your brand’s CX strategy, may generate dynamic customer experiences.You may believe you understand everything there is to know about chatbots. These conversational agents employ artificial intelligence to handle numerous regular requests and concerns for your organization, such as marketing, ordering, and customer care. However, while this description is correct, it just scratches the surface of what is available when you integrate chatbots into your business.
A chatbot can train itself. This one can be a surprising fact for many of you. By purchasing ‘push’ variables such as upselling, marketing, and cart recovery notifications, chatbots can promote retail sales. As a result, Juniper Research projects that by 2023, eCommerce transactions using chatbots would total $112 billion. With this increased usage of chatbots, we need to know what our chatbot is capable of and what the world demands.
As per the data on Business2Community, 82 percent of consumers say rapid replies to their inquiries are crucial while contracting companies. Now, this is easily possible with a chatbot.
What is a Chatbot?
The term chatbot refers to a piece of software or a computer program that mimics human communication or “conversation” through text or speech.
Users in both business-to-consumer (B2C) and business-to-business (B2B) environments are increasingly using visual chatbot assistants to manage simple tasks. Adding chatbot assistants reduces high costs, utilizes better support staff time, and enables organizations to provide customer service during hours when live agents are not available.
Chatbots have different levels of complexity, which can be static or ethnic. Conversely, robust chatbots can update previous interactions and add new responses to context.
Adding a chatbot to a service or sales department requires minimal or no coding at all. Many chatbot service providers allow developers to create user chat applications for third-party business applications.
The List Of 7 Surprising facts
You can create a chatbot without codes
Chatbots have a complex task: mimic natural languages, such as English. Moreover, chatbots need to be vital for many potential user inputs.
Developing a chatbot can be low code or no code. Using these chatbot platforms can dramatically improve your business acumen, reduce marketing time, and reduce your software development costs, eliminating the need to hire expensive full-time developers.
No-code development platforms have moved towards innovation, reducing enterprise reliance on developers and third-party software developers. These platforms are redesigning the process of building chatbots using prebuilt modules, reducing development time, and changing the business process.
The widespread misconception is that the company needs an extensive IT department and highly trained AI and machine learning professionals, solution architects, and data scientists to receive chatbots. It is especially true if you are building your chatbot from scratch.
A Chatbot can do more than just customer service
As with every other website you visit today, chatbot seems ready to answer any questions you may have and to link yourself to a human agent if needed. With this assumption, it is easy to assume that chatbots are only there to interact with customers.
When sales representatives spot a new opportunity or have a recent conversation with a customer, you can interact with the chatbot to enter details. Your CRM (Customer Relationship Management) software immediately saves this information. Other internal chatbot usage contexts include human resources, operations, management, and finance.
Many of us believe that the primary function is to interact with customers.
Some of the most successful chatbot implementation utility cases in various industries are the following.
- HR bots
- CPG bots
- Insurance boat
- Intranet bots
- Marketing Boat
A chatbot can provide a less annoying, more attractive way to collect leads. Unlike forms that ask for an email address instead of the main magnet, the chatbot tries to start a thoughtful conversation asking what visitors want to do.
Chatbots can help ease prices. When visitors visit its pricing page to purchase its products and services, they are confused with the wide variety of options available, even though the company lists many available features at different levels. To avoid keeping customers in this cramped space, companies can implement a chatbot on their website pricing page, slowly telling visitors if they need help deciding what to buy. They can request a chatbot to discover a service or product.
Chatbots can promote products with fun conversations. Companies need to use different marketing strategies for different audiences. For example, the audience may be interested in a thought-provoking discussion about your service. But other viewers may be more interested in the fun quiz. Furthermore, the marketing medium you use to attract customers should be appropriate for the audience’s needs and expectations.
People prefer to engage in conversations instead of filling out forms, as we mentioned above. People like the quiz that offers gifts at the end. If a company can develop such a reward system, it will generate more leads. And chatbots provide an easy way to do this.
You can use memes, GIFs, images, emojis, and other fun content to enhance your product recommendation system with chatbots. For instance, American Eagle Outfitters begin simple conversations with their audience using a chatbot. Also, they use memes, pop references, and other content to keep their audience interested, mainly females 13 years of age and older in terms of their chatbot usage. You can see that any company can use chatbots when interacting with their customers fundamentally differently.
There are many such exciting implementations of chatbots to ease our tasks.
More customers expect Chatbot services
Several factors make customers more acceptable to chatbots. For example, chatbots are available 24/7/365 to resolve common customer service issues.
As per the data on IBM, chatbots can answer up to 80% of standard questions. One of the reasons this technology is becoming more popular is that chatbots can answer many questions that users ask themselves. It allows customer service agents to take on more challenging tasks and take a big-picture approach.
According to SalesForce, 58% of customers say chatbots have changed their customer service expectations. As per the most current research, people expect AI, but most chatbots have enhanced their experience.
Forbes reposts that three out of every five millennials have used a chatbot at some point in their life. According to Forbes chatbot usage statistics, in 2018, more than half of the chats were in the Millennials. They utilize social media applications more than any other generation, allowing them to engage with friends, gather information, shop, and have fun.
While Apionhub states, Baby boomers are more likely to benefit from chatbots than millennials. You might be surprised to know that the Baby Boomer generation is the one to enjoy the most of the benefits of chatbots. About 61% of baby boomers expect a quick response from chatbots.
The Chatbots market is growing rapidly
Acceptance of chatbots is increasing as more businesses realize their benefits. Below are some facts and figures:
As per the statistics on Invesp, in 2019, 67% of customers worldwide interacted with chatbots for customer support. Chatbots have entered the mainstream, with two-thirds of customers using them in 2019. We live fast-paced, online lives controlled by our phones and tablets. But, now and again, we require assistance, and we need it as soon as possible. Gartner, an IT research and consulting firm, estimates that by 2022, 70 percent of white-collar workers will interact with communication platforms daily.
A Special Report by Research Dive explains that the global chatbot market will reach $ 19,570 million by 2027 and grow at 28.7% CAGR over the 2020-2027 period. Due to product innovations, the global chatbot market expects to experience growth shortly. However, Covid-19 penetration has a positive impact on this.
Chatbots cannot completely replace humans
Chatbots can never replace people in the real world. Instead, they help reduce stress and free up human labor. They help with other tasks such as answering frequently asked questions, processing requests, and generating leads. Because of this, employees have more opportunities to focus on strategic, productive, innovative, and creative activities.
On the other hand, Chatbot implementation acts as a complement, automating some monotonous tasks to free up more time for productive tasks. At the individual and organizational level, it affects overall productivity.
Traditional customer service, such as call centers, has a 29.4% global market share. The internal staff handles complaints by phone and email using communication scripts when talking to customers.
Providing human interaction for issues that require critical thinking and analysis will still be essential. According to a Forbes Magazine survey, 86 percent of clients still prefer to speak with people rather than chatbots.
One can emotionally connect with a Chatbot.
The chatbot must be mentally intelligent. It has become an integral part of AI-based chatbots in the current era. They need to have elements such as studying the client’s personality traits and understanding their tone and emotions. Depending on their emotional level, the chatbot should be fully skilled at setting the tone when interacting with the customer. As a result, the appropriate configuration of chatbot is to give the most tailored user experience.
While this is not a business offering a chatbot application, it does mimic the exact emotions. The design is to comfort people suffering from anxiety and loneliness specifically. When chatting with a bot, you will find that the AI algorithm in the backend can provide you with a mentally intelligent conversation experience.
Chatbots are like friends because they try to understand what we are inquiring about these days. But, a new development in technology is the introduction of emotional AI.
Emotional AI chatbots fill the escape rule for “lack of emotion for greater depth in conversation” because they have essentially focused on words so far. Chatbots with emotions must become truly irreplaceable bits in the future customer experience.
Like chatbots with AI, speech-recognition technology encounters some less than perfect problems. For example, it may misinterpret words, have trouble understanding slang words, and may not work well for people with strong voices.
Humans know that they are chatting with bots that have no emotional intelligence. However, a research team from Tsinghua University in China has developed a chatbot that recognizes emotions and responds appropriately.
The researchers relied on a dataset of 23,000 phrases found on a Chinese blogging platform and then tagged each one with an emotional charge. They used the results to create an in-depth learning algorithm that categorizes sentences according to their emotion.
However, at present, chatbots are not emotional beings and are not trained to respond to the emotional needs of humans. But since they run the customer service department, customers expect a human touch from them.
Sentiment analysis, if it can reach a level where it can consistently and accurately analyze emotions, an emotional chatbot can respond appropriately to your feelings. It can try to establish that relationship with us on an emotional level.
Advanced chatbots can learn by themselves
Many current chatbots use a Narrow-AI type called Natural Language Processing (NLP) to understand input from the user and act accordingly.
For your engineer to build a learning chatbot, they must go beyond basic AI and understand the purpose and progress to Machine Learning (ML).
At a basic level, ML uses sophisticated algorithms to read data, learn about it and decide what to do with it. After ML, the next step required by a developer is to Deep Learning (DL), a highly advanced version of ML.
The evaluation challenge of understanding purpose is in two different categories. One layer can look at the characters used, and the other can check when they receive a message; one can consider receiving which notification in advance and look at how long they received the message.
Each layer would measure the input we received based on the questions asked and then transfer the weight to the next layer. It continues until the last layer comes out with the final weight.
Implementing a chatbot can do more than what you are expecting from it. If you know a chatbot’s abilities and possible usage, you can make the best out of it. With the growing market size of a chatbot and technological advancement, there is so much more you can learn about them that will shock your head. Check out the features of chatbots available in the market and tell us about the one that surprised you the most in the comment section.