Businesses now have a way to be more customer-centric and service-oriented to strengthen its place amid the fierce competition. Advanced technologies are designing various tools to facilitate the interaction between computers and humans for excellent customer engagement. With the use of AI support, virtual assistants and Chatbots, are helping entrepreneurs to grow their business real fast with utmost efficiency. Research suggests businesses will save a combined 2.5 billion hours by 2023 with the use of Chatbot applications.

Chatbots are artificial intelligence (AI) software that simulates the interaction or chats with a user or client through mobile apps, telephone, and messaging applications. These are used for gathering information, and customer services which are specifically designed to provide human-like conversations to establish a better customer experience, without the need of a live person. This type of service mostly determines its importance in e-commerce, entertainment, service business, product, and healthcare sector through chat, message or call. It is one of the promising applications as it represents the natural transformation of the Question-Answering System while supporting the Natural Language Processing (NLP).

Thanks to Apple’s Siri or Google Assistant, the importance of the native bots is more in vogue in business for customer-related services. Bot building companies which are typically third-party companies that employ AI technology to help companies to organize their Chatbots across a platform. Some Chatbot startups such as KasistoPypestream, and Automat.ai, are well funded and have the potential to revolutionize the industry.

Chatbots in 2020 has become one of the easiest ways to communicate for various service-oriented businesses. Let’s decode why Chatbots for customer service has gained so much Attention.

 1. 24 Hours’ Service

The customer support process can be improved with the assistance of Chatbots. Being a robotic service system, Chatbot services are available 24 hours. It can be of great help for initial queries and generic responses to the customers. For the increasingly complicated questions, requests and complex situations to handle, bots are programmed to forward those to a live person for better customer assistance. Chatbots are unique support to customer service representatives to spare time and help more significant cases, than the generic one.

2. Leads to Global Markets

Chatbots are programmed with the company’s policy, objectives and thus a better company representative on a global scale. On the other hand, global business depends a lot on language flexibility and Chatbots solve that problem as well. The ability to deal with customers in different international languages is one of the most significant reinforcing factors for company growth. Chatbots are great language translator. The use of Chatbot adds strong global marketing strategy, as they can understand their customer issues in different languages. Then, translate the query in the company’s language, get the reply and then change it to the customers’ language again to convey the message flawlessly, for uninterrupted global business.

3. Provides Lead Generation

It is fascinating to know how a simple Chatbot can be so much more than a communicating medium. While conversing with customers, Chatbots can gather various information and help to build a relationship with the customer. A bot can enquire about the important and related queries, convince the client, and generate leads for a company. Through the information it gets, the company can easily segregate its users for a better-personalized service. Chatbots guarantee that the process flow takes place in the right direction to yield high conversion rates. With Chatbots, clients have easy access to start communicating instantly.

4. Cost-effective

The global Chatbot market is expected to reach from USD 2.6 billion in 2019 to USD 9.4 billion by 2024, at a CAGR of 29.7%, according to a new report by Business Insider. The reason behind its immense demand in the market is its cost-effectiveness. Since it is a robotized solution, they permit association with numerous clients immediately, and effectively. By “utilizing” Chatbot advantages that supplement human executives, a company will not only save money on employee costs but also maintain a strategic distance from the issues brought about by human errors to effect company goodwill. Bot service is so effective that most of the international companies prefer Chatbot support than human to ensure accuracy and professionalism.

5. Customer Engagement and Better Interaction

Chatbots can contribute by making the interaction progressively intelligent and engaging with an extraordinary commitment. Interestingly, organizations need to approach clients and take personal initiatives to keep them engaged. In large scale organizations, particularly with a great number of clients, don’t have the privilege to grow without any customer support. Nothing can be of great help than a Chatbot which acts as the mediator between the company and the clients.

6. Getting an Immediate Response

It is frustrating when organizations disclose that it would take a few business days before a basic issue can be settled. Furthermore, on most occasions, one doesn’t get an answer, and in a few cases, gets an automated “no-reply” mail. Chatbots are known as an important juncture for email-marketing campaigns, from a company point of view. It assists in automated signatures, contact details and other personal information for a fast, personalized email-marketing strategy. Psychologically speaking, in any event, clients will be glad to get a personalized welcome message from a Chatbot disclosing the specific time they will get explanations for their problems. Chatbots are a robotized process to deal with those immediate responses to make the client feel valuable for the organization. It can also engage the clients for direct data fetching to help company’s marketing strategies. 

7. Quick Solutions to Queries

Research shows that an acknowledgement within 30 seconds can maintain customers interest intact while anything over a minute of wait for a solution over voice assistance may lead to customers’ frustration. In most cases, they end the chat attempt in annoyance. About 80% of consumers ranked “getting my issue resolved quickly” as their top priority to experience great online customer service. The example of “Julie2” is predominant here. It is a virtual customer assistant implemented since 2012 by U.S. train service Amtrak. It was designed to function as their “best customer service representative,” and with 5 million questions answered every year, Julie has been a great success. The Chatbot is primarily used to communicate the details of items transported through trains to the passengers.

8. Enhanced Customer Experience

A company is known by the services it provides. Interaction with a company representative is one of the major ice breakers for a client. The 24/7 availability of Chatbot support adds to the company value. A report paper of Capgemini suggests that food (56%), banking (44%), and retail (35%) industries have the most prevalent use for voice assistants, and one can easily fathom, why! The rapid growth of Machine Learning has helped AI to come up with more efficient Chatbot support for excellent customer experience. Clients can connect with a Chatbot similarly the way they would participate in an online discussion with live customer support executives. Numerous Chatbots utilize common language handling strategies, to examine the client’s question and convey a reaction that addresses the client’s issues.

9. Answer to Simple Questions

In some cases, clients may move toward to find a quick solution to a simple inquiry like data of travel (arrival and departure related quarries), product delivery or service, etc. These Chatbots can adjust and learn over time to expand the accuracy of their reactions. They are perfect for meeting clients’ requirements as clients look for exact solutions to their queries. Bots are controlled by computerized reasoning (AI) to meet client requirements for detailed and versatile answers, and that is why they can envision client needs and react rapidly in a customized manner.

10. Stress-free Environment

People are usually sceptical before being part of a company or brand, due to generic trust issues, and Chatbots act as the usher of the company support and services on those situations. Professional client support acts as a sense of relief for the customers and creates a stress-free environment, which is of optimum importance for any company. Easy contact process, hassle-free settlement of any issue, the option of both call and chat add more credibility to a customer-friendly environment. Chatbot based business models are cementing their presence in businesses and are helping to stimulate tasks in the most comfortable environment to win the trust of the customers.

11. Great Platform to Showcase Products

Chatbots give a valuable stage to broadcasting, contacting conceivably huge crowds. They keep up predictable and well-disposed client contact, taking out client dissatisfaction from cold calls. It structures a reason to message pop-ups and exhibits new items and administrations. As these updates are just sent to the proper individuals, in light of their inclinations, clients feel acknowledged. Chatbots are the best stage for clarifying a business’s new items and services to buyers, are specifying their presence in markets and are helping them to stimulate tasks without any skill-based expertise.

12. Detailed and Expert Answers

A number of companies rely on Chatbot support for customer interaction as they are as intelligent as humans and more efficient in their approach. They give definite and expert solutions to the customers’ questions relentlessly for 24/7 without showing any negative human expression. It is essential to keep the clients engaged, and according to a survey, organizations that engage with their clients via Chatbot engagement can increase the number of customers easily.

13. User-friendliness

Chatbots are way more user friendly. While anxious customers wait a long time to get in touch with the human-controlled customer support, Chatbots are very efficient to come as a help. This is the reason why presently Chatbots are inexorable for smart business. They are like a significant piece of our existence. Using Chatbots is very simple, and there are options for typing and voice command to support customers under any circumstances. People can use it while they are cooking, driving, or nursing. Along with that, people use Chatbots to speak with organizations, book lodgings for occasions, and to lodge complaints. Without these compelling computerized reasoning (AI) devices, life would be a bit difficult in this fast and busy world.

14. Supports the New Reality of the Current Situation

The Covid-19 pandemic situation has a significant impact on every aspect of human existence. The ‘stay at home’ and ‘work from home’ culture have created the need for virtual support. Where technological support of Zoom and Slack are helping in office management, Chatbots are becoming more valuable than ever to maintain customer support and interaction in every vital sector ranging from medical help, doctor’s appointment, online shopping, job consultation, and so on.

At the end of the discussion….

In the progressing world of AI, customers are seeking technical help in every aspect of their lives. Our way of communication has significantly changed with the evolution of technology. With each passing day, a higher number of companies getting dependent on Chatbots for their business, and brands like LinkedIn, British Airways, eBay, and Starbucks have created a strong customer base due to their adequate Chatbot support. Companies like Facebook, Google, Microsoft, and Telegram, are the key players of the Chatbot industry which are investing in the development of Chatbot technologies for years. These companies continue to work on significant bot projects to make it more efficient, customer-friendly and part of an excellent business model.

She is a content marketing professional with 4 years of experience. She has her expertise in corporate communications, along with various field of content writing and editing ranging from e-commerce, B2B content, market research, as well as entertainment. She believes content is able to add a great impact in web-marketing and thus she is focused to reach the height with her ever strengthening ability in every sphere of writing and editing, where her content will make a difference in marketing and business strategies.

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