Benefits Of Using Chatbots For Your Business
People are adapting to digital ways and methods of carrying out core functions and operations of their business. The digitalization of customer engagement, communication and relationship is an important transformation that has, and is still taking place in the business world. As customer engagements and interactions move to digital platforms like social media and e-mails, AI chatbots are also becoming increasingly popular.
AI is now more accessible than it ever was, and is offering many cost benefits to businesses of all scales. Small businesses in particular benefit a lot from AI since it allows them to cut labor costs and the need for buying tangible or physical resources to get things done.
If you have ever shopped beauty products online, or visited a cloud computing services website, you must have encountered automated, yet human-like messages. Yes, they are the chatbots that you engage with and have a real human-like conversation with.
Several studies and research has been done to understand the application and benefit of using chatbots on messaging platforms, business websites and everything e-commerce. In fact, a study shows that by 2025, AI chatbots will become a $1.25 billion industry! Other studies also show that in 2020, 80% of the online shoppers would have used, or would prefer to use chatbots for their online shopping sprees.
6 Ways Chatbots Help Make Businesses More Efficient
Building good relationships with your customers, providing them the most convenient and fastest user experience, are some key qualities businesses must have to succeed in today’s dynamic market. Customers today are more aware of their needs and wants, and also have access to a lot of alternatives and substitutes to your business.
Our lifestyles today leave us with little time to waste, so our customers are also always in a hurry and want quick answers. These qualities that we see in customers of all markets and industries today, makes it crucial for businesses to have a faster response time and excellent customer service in order to have higher lead conversion rates and sustain their existing customers. Let’s take a look at how chatbots help businesses become more profitable.
Yes, you might be thinking how a human-developed, robotic chatbot conduct human-like conversations. But this is where AI surprises us. AI has become exceptionally intelligent, and continues to do so. Advanced technologies like Natural Language Processing, or NLP is used to enhance the quality of conversations and make it more realistic than robotic. This advanced tech allows a AI chatbot to come up with answers itself, without requiring any manual effort. Hence it saves time, energy and provide customers what they are looking for — time efficiency.
Enhanced customer experience
Customers are the king, right? Which is why no business wants to compromise on the quality of customer journey, and wants to ensure that from the start of journey till the purchase is made, no customer has any complaints. Chatbots eliminate risks and chances of customer dissatisfaction by being fast, accurate, relevant, and interactive.
Research tells us that people in the US depend primarily on their smartphones to shop online and even make decisions on their phones. Chatbots are mobile-friendly and compatible with most, if not all, platforms and software. Therefore, your customers will not have to switch between their devices in order to hear from your customer support.
Lesser wait time
With chatbots it is like having instant messaging sessions with a robot, about a particular product or service. They are extremely quick, which ensures that your potential customer does not have to wait for an answer. Often, this wait time can be a chance for competitors to swoop their way in and start exposing customers to their ads, influencing your potential customer’s purchase decision. But with chatbots, waiting is not an option as these bots are available 24/7 and instantly!
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Decreases labor costs
Incorporating an AI chatbot on your website or business application can help you decrease labor costs and many other overheads. You won’t have to hire customer support experts or sales representatives. Plus, there won’t be a need for a physical customer support center or an office where you will need to accommodate your customer support individuals. As a result, you will cut down on your labor and overhead costs significantly.
Access to customer data
Data-driven marketing is all the rage these days. Marketers are now looking at customer data very differently, and using it to build up customer-centric marketing strategies that can help businesses build one-on-one relationships.
Your AI-driven chatbots can do more than just answer queries and solve customers’ problems. They can collect real-time data about a customer interacting with a bot. This data could include customer’s location, gender, age group, financial background, and their buying behaviors as well. Bots can also be developed and tuned to ask questions to customers, which can be an effective way of gathering valuable data and understanding about customer’s preferences, needs and wants. You can use this data to send personalized offers, emails and direct other marketing efforts towards your customer.
Reduced human error
In this era of texting, everyone knows how spelling errors just ruin the whole mood of the conversation. Typos, as we call it, are a huge bummer when they occur in a professional or a formal conversation. This human error has a little to no chance of happening with chatbots. So, you can expect your business’s interactions with your customer to be flawless.
Understanding how valuable chatbots are to today’s businesses is very important in order to provide your new or existing customers with the experience they expect from you. People now have access to affordable internet services everywhere they go, which makes it extremely important for business to focus on the quality of online experience they have to offer.
User experience is all that businesses care today, which is why most business models have a customer-centric approach. Chatbots make up a huge chunk of digital marketing, as they are a means of valuable customer data and building efficient and instant communication channel between a brand and a customer.
Baldwin Jackson is a successful digital marketer with expertise in search engine optimization and content marketing. The perfect balance of his analytical ability and creative thinking is what sets him apart from other practitioners in the digital marketing realm. He has helped a lot of small and medium-sized businesses in crafting their digital marketing strategies that are not only cost-effective but delivers results as well.
Baldwin is also a proud father of two kids and a Sports enthusiast. When he is not working, you will find him watching ESPN and NFL network. He has been able to get an amazing package on his favorite channels from Buytvinternetphone.com.