Chatbots have come into the limelight in recent years. Businesses of different verticals use chatbots to ease the workload. Some chatbots are designed to serve the purpose of answering basic questions, while some are designed to understand complicated requests. Statista states that the market for chatbots is expected to reach $1.25 billion by 2025.
Chatbot development is in full swing as more and more businesses understand the benefits they provide to businesses of all sizes.
What are Chatbots?
Chatbots are a piece of software that helps in mimicking conversations in natural language in the form of text or audio.
By using chatbots, companies save:
- Time
- Money
- Manpower
Chatbots are heavily used in customer support and after-sales, sales, CRM, and marketing.
There are two categories of Chatbots:
- Command based chatbots
- AI-Based/ Machine Learning Chatbots
Command based chatbots
Command based chatbots rely on a databank of replies. These bots are not able to create any new texts. Their task is to match an answer to the context of a query. These chatbots are apt to answer a limited number of queries. For any deep questions, manual help is required. Command based chatbots use dynamic search or template search method.
AI-Based/ Machine Learning Chatbots
AI-based/ Machine learning chatbots answer queries with the help of natural language processing. They have the ability to answer different types of questions. These chatbots are also provided with the learning ability; they learn from past queries and answers.
Benefits to Customers
24-hour availability
Customers don’t like to wait to talk to the customer care executive. A 24/7 response system is a great way to keep your business open 24/7. Communication is key when it comes to winning customers. Chatbots that are able to understand user queries and provide apt responses are of great benefit to businesses.
Instant answers
A customer care executive can pay attention to one customer at a time; others have to wait for their turns. A chatbot is equipped with the ability to answer thousands of queries at the same time. Chatbots provide instant responses.
Consistent answers
A customer care executive might change his answers, make mistakes, but chatbots provide a similar and consistent response. Unlike humans, chatbots don’t get tired.
Endless patience
A customer care representative can lose his patience. It will result in a customer having a bad experience while communicating with your business; it can hurt the reputation of your business. With chatbots, you get added assurance that there will be no problem of that sort.
Instant transactions
The actions of chatbots are instant. They can keep a record of every query instantly.
Programmability
Since people spend the majority of their time on digital platforms, chatbots can help them arrange meetings and research topics. Chatbot providers vouch for the convenience they provide to customers.
Personalization
Chatbots provide a more personalized experience than customer service specialists. Chatbots access the history of your interactions and provide you a more personalized experience.
Benefits to Companies
Cost savings
Companies use manpower to answer queries of customers. The bigger the size of the business, the bigger is the requirement for customer care executives. By using chatbots, businesses save money, and they successfully handle complex queries. The investment cost of chatbots is nothing compared to the benefits they provide for businesses. Companies can spend better on infrastructure and salaries of employees when they save money by adopting chatbots.
Increased sales
Do you know chatbots help in increasing sales? Chatbots present users with product recommendations as per their requirements and interests. Interacting with chatbots is similar to interacting with people. Since bots are available 24/7, anytime a customer comes to your website or app; a chatbot is there to greet them and help them. Customers are not kept waiting to talk to someone who understands your business.
Increased customer interaction
Customers can reach out to chatbots anytime. Bots can be used to increase customer engagement with timely discounts and offers. Chatbots can help customers find what they are looking for in real-time, and the response of chatbots helps a business to make loyal customers.
Reaching out to new customers
Chatbots help businesses reach out to new customers. Facebook messenger is one of the most popular bot platforms. When a company is active on bot platforms, it helps them reach new customers who otherwise don’t get in touch with the company via phone or email. Millennials give feedback about companies on social media at least once a week. Facebook has more than 300K chatbots; hence they are a great way to reach out to new customers.
Get to know customers better
Customers don’t talk to companies much, so how can you understand the needs of your customers? With chatbots, businesses get detailed, actionable records of customers, understand their pain points, and help your company to improve your products and services. Companies can make customer-centric decisions with the data gathered from chatbots.
Final Words
Chatbots are great for businesses as well as customers. They are innovative solutions to help customers to get in touch with businesses and get to know about their products and services in detail. Chatbots are available 24/7 to greet customers and help them with queries. Get in touch with an experienced Chatbot Development company to build chatbots for your business.
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