How Will Chatbots Help Your Business Grow?

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How Will Chatbots Help Your Business Grow?

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Today, it’s very crucial for companies to engage with their customers in the ways possible. The increasing competition has made it inevitable to do so. Moreover, with the rise in chatbot trends, it has enabled the businesses to leverage it. This year has already observed a lot of advancements in tech, and there is a vast potential for the same in the future as well.

Chatbots displays the shift in trends from simple customer-based questions to more advanced up-to-date interactions based on the computational approach. Chatbots have flourished dramatically in the last few years, and have taken over many sectors and circumscribed roles in the business. If you’re a business owner, the new chatbot trends will help you scale faster and expand your brand’s identity.

In the next few years, AI will create a unique place with customer experience services. Customer service chatbots will get utilized by 47% of businesses, and virtual assistants will get employed by 40%., as per Gartner. 

This article will focus on the top trends in chatbots that will evolve business growth in 2020.

Ways Chatbots Can Help your Business Grow

1. Chatbots are becoming familiar

Chatbots have streamlined customer services, sales, marketing, HR, and many other departments. Besides, they help the smooth-running of an individual or daily activities like parenting, kids, e-learning, exercise, and others. Exercise chatbots are getting created to find out user preferences and develop a personalized chatbot experience. Involving the users with their weekly fitness routine isn’t so time-consuming. 

Chatbot innovation is one of the best in eLearning, which helps by simplifying the instructing technique. Such smart bots are also used as virtual assistants. 

Chatbots are the most groundbreaking way to connect the gap between education and technology.

2. AI in customer care

Digital assistants, chatbots, texting, and other latest technologies are already propelling the development of call centers globally. Businesses can mitigate customer service costs by up to 30% by launching conversational chatbot, as per Chatbots Magazine.

Chatbots are aimed at super cost savings when businesses upgrade from unfit IVR technology to AI. Bot can assist with simple demands like changing a password, scheduling an appointment, requesting a balance, and others without human touch.

Chatbots can eliminate the number of humans needed and enhance an employee attrition ratio due to the permanent nature of routine calls. It can be costly to hire staff 24 hours/day in your call center.

3. Chatbots will be more human

Chatbots will drive the business communications industry, and there is no doubt in that. According to Global Market Insights, the market size for chatbots globally would be above $1.3 billion by 2024. Bearing this in mind and catching up with customer expectations, businesses focus more on creating responsive chatbots with AI, machine learning, and natural language processing.

Chatbots with a more interactive AI will:

  • Build better relationships with consumers, offering tailored customer experience.
  • Increase the brand’s customer experience and improve customer loyalty.
  • The customer’s understanding to get positive feedback and develop a satisfied customer base is affected.

4. Voice assistant are becoming common

As per research, online customers are slowly using communication channels, including voice and text-based connections as their preferred channel of communication. Voice assistant software is continuously improving reliability and getting applied to specialized services.

Both text-based and voice-based CUI (Conversational user interface) becomes a chosen way to reach digital services across industries. They offer employees and clients the best solutions in multiple areas; they can assist in various sectors like insurance, travel, education, and financial services.

The reason voice bots are becoming mainstream are as follows:

Texting can be time-taking

  • It can sometimes become tedious to text, when voice bots offer automated, AI interaction with customers.
  • With voice assistants, you can render users with reliable information and offer the right information in real-time.
  • Voice bots provide new personalization opportunities that eliminate the problems faced while addressing customer needs.

5. Chatbots driven by messaging platforms

Conversational trade is the most preferred concept as it stimulates shoppers to shop with chatbots online. Messaging platforms help businesses revive their approach from branding advancements to provide the best customer service.

With time, more businesses will adopt messaging systems to enhance customer engagement and intensify customer loyalty as empowered with strong bot abilities.

Chatbot capabilities of interactive AI on messaging sites can help companies with brand awareness, customer support, engagement and marketing, and sales & lead generation.

6. More use-cases for user demands

AI chatbots are not restricted to companies and several business verticals, but they also have significant use cases for customers.

As per the Ubisend report, 1 in 5 customers will think of purchasing a chatbot from goods and services. Online orders are treated instantly by chatbots, whether it is electronics, food, or clothing. 

With the technology burgeoning, businesses will test the chatbot tech to develop their innovative chatbot use-cases and create space for automation in their business applications. 

7. Automatic payments with Chatbots

Chatbots will absolutely alter the way eCommerce businesses serve customers, tackle lead generation projects, and automate transactions. According to Chatbots Magazine, 67% of U.S. millennials prefer shopping with the help of chatbots.

Chatbots’ future is to automate secure payments and let users pay directly through live chat or Facebook Messenger apps. This immediate process makes the customers satisfied and boosts the happiness of the company. 

Accepting payments from Facebook messenger app can be beneficial in the following ways:

  • A better way to sell interactively - helps the users to ask questions and suggest the best alternative as per their needs.
  • Many users count on Facebook Messenger to eliminate credit or debit card safety issues.
  • Users don’t have to leave their phones; they can’t make final payments directly from Messenger. 
  • Compared to the conventional channels like call center or live chat, this is cost-effective.

The Endnote

It has become significant to keep up with the upcoming trends to grow your business. This article must have given you a gist of why chatbots should be a part of your business to provide a pleasant customer experience.

Updated 12:08 AM UTC+8, 29 Aug 2020
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Harnil Oza
Harnil Oza
Contributor
 
Harnil Oza is CEO of Hyperlink InfoSystem, one of the leading app development companies in New York and India, having a team of the best app developers who deliver the best mobile solutions mainly on Android and iOS platforms. He regularly contributes his knowledge on leading blogging sites. Check his website here.
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