Everything is digital today. Everything is becoming automated or streamlined, and businesses are striving to implement cutting-edge and innovative technology like artificial intelligence, virtual reality, and augmented reality.. The top businesses of today are efficient in managing both their employees and customers alike. However, the real heroes here are chatbots, who deserves a lot of credit for the boost in their business and an increase in the engagement levels with the customers. The Chatbots perform in contributing towards a company just as an employee would do, helping customers with their queries and getting back the once who were no longer interested in the products.
In recent years, AI-equipped chatbots are a crucial element of modern business. The bot allows businesses to connect with their customers in new exciting, engaging, and interactive ways, and also helps them streamline some of their customer service processes. The chatbots are now highly popular and have become a part and parcel of marketing strategies.
What is a chatbot?
Chatbots are basically an AI-based computer program, engaging in conversation with the person on the other side of the computer/mobile via auditory or textual methods and accessing one bot is an easy task. AI chatbots help to perform tasks at times when the resources are unavailable or exerted with the workload.
Various Industries where chatbots shine
The E-commerce field has definitely undergone a massive rise with the arrival of this chatbots. Various companies have reported a massive flow of profitability and conversions with the incorporation of chatbots. Companies are said to have a 20% to 300% increase in their sales since then.
The AI chatbots are fast replacing Emails in the industry. These chatbots can send automated emails, which have a better open rate as against the regular emails, helping businesses connect with potential and new customers.
The bot marketers use the sales funnels and segment their audiences and the bots have algorithms to identify when the user says no to a particular product, along with the reason for the same. The Chatbots delivers interactive and engaging content, personalized to meet the unique needs of the customer.
Managing customer relationships and working on engaging prospects are now easy. The AI-based chatbots can connect based on emotional reasoning, increasing customer loyalty and sales.
The bots can recommend one product based on their recent purchase history. When one abandons a product from the cart, the bot can send an email immediately to understand the reason for abandonment. The bots are able to personalize the emails and the products for the customers, thus making them engage with the website, and improve the conversion rate.
Chatbots in the customer service field is near perfection. The bots have saved an approximate of $15Bn for the companies, through salaries and maintaining the resources. The companies are said to have a huge improvement in their techniques and management as a result of improved customer service.
FAQs is the best example where AI chatbots can help the enterprise. Whenever the client asks a question, the bots can answer it from the available documentation, making it easy, fast and efficient for the company. The customer service person is not always available or he/she does not always have an answer to the queries posed by the customers. That’s where the bot comes into play. They will be able to answer the questions faster and help the customer.
The AI chatbots are able to respond to the customer queries and increase the number of bookings for the travel and tourism industry. Travel companies were able to increase customer interactions by 40%. Some companies saw a growth in the revenue by $50K a month while enjoying a steep rise in customer bookings.
Users generally tend to check out the travel locations, check the itinerary and finally move out of the website. The chatbots can help the travel company to interact with the user, find out the booking status and the reason for not completing the bookings
The customers usually compare prices and other details for the different hotels, flights etc. With the bots, the hotels and other travel related applications will be able to gain an insight into what the customer is looking for and personalize the itinerary accordingly. This will help the company improve its bookings and increase the number of conversions by optimizing their prices and facilities according to customer needs.
The finance industry has undergone a massive change due to various policies, laws and incorporations taken place. The Bots can tell the users about the extra charges and fees that may occur during transactions. The bot can warn the customers of various policies or dangers while during a transaction, especially when one is travelling abroad.
Based on banking behaviour, users get banking and other tips from the chatbots. These personalized tips help the user have better banking experience. The increasing usage of bots in this sector ensures a 24/7 customer support system.
Recent trends and the future of chatbots
The implementations of voice experience have given chatbots a major boost, resulting in the popularity of various assistants. Voice powered chat bots helps to improve the overall experience of the customer, proven by a rapid rise of bots.
The conversational bots will take over the regular bots., helping users to hold conversations, instead of the repeated statements delivered by the bots previously. The bots can understand the needs of a user and respond accordingly, resulting in increasing the overall sales and improve the marketing efforts of the company.
The powered chatbots will be able to collect the data, work on it and analyze it to identify perfect insights for the company. The bots will help the companies in predictive analytics.
Thinking about incorporating AI-powered chatbots to boost your business? Nuventure Connect can help you build chat bots customised to your industry. Combined with our decade long service expertise and dedicated Software solutions team is capable of building custom chatbot solutions for any industry, be it, E-commerce, customer service, banking assistants or AI smart assistants. Please contact us for a free consultation and insight into how chat bots can help you in your daily business.