How Chatbots help to improve your Business

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In recent years we have seen a rise in businesses adopting automation processes. Businesses are integrating Chatbots to digitize processes and enhance customer service. There has been an increase in on demand  messaging and it has changed the ways how brands interact with their customers. 


Chatbots can be very useful to scale up small and medium size businesses. Few industry sectors who need to interact with their customers on a frequent basis are using Chatbots to increase their efficiency in serving their customers. The customer service chatbots are used for various purposes like direction, FAQ, information etc. These are AI and ML powered chatbots. They can solve customer queries, provide solutions to customer issues, analyze and redirect the request to the right channel and to human agents whenever required. 


Statistics for Chatbots


  • 1.4 billion people are using chatbots (Chatbot.Net)   

  • 53% of service organizations expect to use Chatbot within 18 months a 136% growth (Salesforce 2)

  • 265 billion customer support requests are made every year, costing $1.3 trillion (Chatbot Journal)

  • Chatbots can help businesses up to 30% of their customer support costs (IBM)

  • The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate of 29.7% (Business Insider)

  • Projected value of chatbot eCommerce transactions by 2023 is $112 billion. (Juniper Research)


Benefits of Chatbots


1. Reduce Operational Cost 

With the cut throat competition out there businesses today have to make sure that they are always available for their customers. Implementing a chatbot business becomes capable of handling multiple customer queries in a short amount of time. Though for implementation of Chatbots initial investment is needed, you also save lots of money which is spent on the other customer service infrastructure otherwise and save lots of time.


2. Increase Customer Engagement

Bots can be very useful in boosting up sales and keeping customers updated with new products and services of the company. Chatbots keep customers engaged with their fast response. Business leaders claim chatbots have increased sales by 67%. on average. Chatbots provide customers with a personalized experience which increases customer satisfaction. 


3. Available 24/7

Customer service is a very important factor for success. Today customers expect services to be available 24/7. Chatbots provide assistance to customers for their queries and maintain a continuous response to customers' enquiries. The bots allow businesses to save time and manpower that can be used for other valuable tasks.


Chatbots

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4. Gather Leads 

Chatbots can provide businesses with a great deal of information about customers which can be helpful in generating leads. The chatbots can interact with the customers and collect relevant customer data. Bots can filter the data based on the relevance and provide data of customers that can be potential leads, saving lots of time and resources. It’s a good way for businesses to know what customers think of them and what they expect. Accordingly, businesses can improve and plan for their new products and services. 


5. Enhance Customer Experience

Chatbots represent the brand and they interact with customers, analyze their responses and provide them with instant reply. The chatbots interact with the customers on one to one basis which is what customers demand. With quick problem solving and instant response, customers become happy and satisfied. Chatbots can interact with customers using their name, bringing a personalized touch in their interaction. With such personalization you can increase brand loyalty amongst your customers.


6. Multilingual Support

To expand your business, multi-language chatbots are there. To reach out to your customers speak with them in their own language. Multi language bots are effective in communicating with your customers in different languages and will make customers connect instantly with your brand. 

   

7. Fit across Industry Sectors

Chatbots are proving beneficial for all industry types. Business chatbots in industries like retail, banking, real estate, insurance, education, healthcare, and hospitality are helping businesses to grow.  According to Juniper Research, over 70% of chatbot conversations will be with retail chatbots by 2023. Chatbots can provide interaction to businesses and allow customers to interact in a more informative way.


Conclusion

Chatbots are slowly changing the way businesses communicate with their customers adding many layers to the industry for customer services, marketing and sales. However, before deploying the chatbot first identify the concern areas and then build the chatbot. As chatbots provide so many benefits it would be great for businesses to integrate chatbots.



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