4 MIN READ

Chatbots are the future of business, and the future is here!

“The future depends on what you do today.”
― Mahatma Gandhi

Chatbots are finally making way for multinationals! Companies like H&M and American Express have added chatbots to their business! 

Chatbots are at the cutting-edge of technology. And more and more companies start to put them in place. It’s becoming a (much needed) pro-active – yet efficient – customer service experience.

Since 2017, chatbot technology has entered in various platforms. The use of chatbots on the popular Facebook Messenger alone jumped from 30,000 in 2016 to 100,000 in 2017.

And, in the current generations of customers… It’s expected they’ll use chatbots daily, with 60% of the youth already doing so. According to Gartner, it is projected that 80% of businesses will be using the technology by 2020.

That’s right! A new breed of consumers is ushering changes in businesses. And chatbots are at the forefront of these changes.

Here are 5 reasons why chatbots should be part of your business:

1. Chatbots Help You Cut Down on Operational Costs

According to Chatbots Magazine, using chatbots can help a company save up to 30% of its costs. This is a BIG amount. Especially when you consider enterprises spend $1.3 trillion on support each year.

Bots can assist in handling basic and repetitive customer questions. It will help support agents to accommodate more complex and urgent customer needs. It also means bots allow for round-the-clock customer service throughout the year! Without having to spend a chunk part of their budget. 

Also, it increases the quality of customer support for small and medium-sized enterprises. Because they have no budget for such kinds of BIG support operations.

Next to becoming the first point of contact with customers to handle simple requests. Chatbots can also help redirect people with complex needs to proper channels. This enhances customer experience while keeping costs down.

IBM predicts bots are to handle 90% of all customer questions in the next 5 years. By 2022, businesses will have the potential to save as much as $8 billion in operational costs as a whole. (Woah, that’s a lot!)

2. Chatbots Improve Your Sales and Customers Services

Bots can communicate like humans by taking on many personalities. Yet, they also reduce human error and are not affected by emotions. They can perform routine tasks. And, additionally, they can provide complete product and service information if needed.

Furthermore, bots on various channels can collect essential customer information. Like capturing a name, age, profession, contact details, and even buying behaviors. It enables a company to create their avatar for their marketing campaigns. 

Also, they maintain customer interaction and encourage customer relationships. It happens through push notifications that carry the brand and products of a company.

3. Bots Help Check and Optimize Business Processes

Sundar Pichai (Google Inc.’s CEO) stated: “In the long run… we will evolve in computing from a mobile-first to an AI-first world.” It means chatbots will not only be valuable in the customer service end of a company. But, in other parts of businesses too.

It is easier to collect performance data from bots when compared to humans. And by consistent evaluation of the bot, optimizations are easy to make and in real-time!

Plus, companies can develop proactive evaluation methods by creating learning cycles. They can devise changes based on the analysis of actual data. The methods can be compared to define which one works best for short-term and long-term goals.

4. They Provide New Channels of Sales and Marketing

When developed, chatbots can close significant sales through effective marketing. Personalized interactions of the bot with customers provide a pleasant experience. And by taking advantage of shopping history… bots can make subtle changes when talking with customers. You can use this info to send push notifications to particular groups of customers. 

Also, chatbots respond right away without making the customer wait. The technology can address each query as it arises. Also, they can provide seamless guidance through each part of the sales process.

Moreover, chatbots can reach a broader range of audiences through social media. And because it can answer questions 24/7, no one will be left unanswered.

5. Bots Provide Effective Purchase Recommendations

Customers who are still decided what to buy are valuable as they can make or break your revenue. At this point, the customer is already considering your products, but they still need a bit of push to make the sale.

A recent survey in the US shows customers are open to receive suggestions from chatbots. Why? Because the bot tech analyzes customer data… And with it, their suggestions are personalized to the customer… while minimizing irrelevant product recommendations.

Many customers are searching for suggestions. And chatbots can readily offer valuable, relevant ones right away. In fact, 37% of all consumers consider recommendations from bots. It is even higher millennials, with 48% of them trusting chatbots’ suggestions.

Next to marketing and customer help… chatbots can also offer payment options right in the platform. Such as Sephora’s virtual assistant on Kik, or payments via Facebook Messenger. And this is good news! Because 1 in 3 Americans are actually comfortable buying products from chatbots. Which makes the technology an influential element of sales.

Final Thoughts

The future looks promising, and opportunities for future applications are endless. With innovations in AI and NLP, chatbots are getting better and better every day.

A tool like Clepher allows any business to take advantage of bots. Next to the easy creation of chatbots… There’s seamless automation, real-time capture of customer data, and enhanced engagement. Not to mention a ton more benefits… 

The future of business is AI, and chatbots are the leading solutions. There’s a lot more you can do with bots!

---

 

Related Posts