The world is rapidly becoming digitized, and the services are attracting more customers than ever before. It results in better sales but also creates hurdles for the support team. The flow of customers who have questions and make some inquiries can grow regardless of the organization’s scale and other range of services. It needs much effort to address all the issues of the customers, developing the need for a conversation AI, or even a package of pre-built scripts that can reduce the burden of human workers.
Undoubtedly, Artificial Intelligence is all over us, and so are the AI chatbots. They aren’t a magical instrument used for giving mundane tasks and cutting the costs, but an abundant multiplier that creates some new values. The AI-based chatbots are helping us in different life situations and also responding quickly to our queries.
As per Forbes, a survey conducted by Oracle reveals that 80% of marketers plan to start using a chatbot in some way by the year 2020. A fundamental reason for this is the fact that various brands are investing in improving the user experience while the other purpose is that customers don’t have to wait in this fast-moving world. The chatbot market is predicted to reach $1.25 billion by the year 2025.
In the modern AI computerized era, chatbots are becoming more polished, mature, and ready to anticipate the potential user needs. They do have a considerable capacity and potential to grow and deliver the results that haven’t been expected from a bot.
Chatbots have become a vital aspect of the digital customer service who can address customer queries consistently and promptly. According to Reports and Data, the chatbot market was approximately $1.17 billion in 2018 and predicted to arrive at $10.08 billion by 2026, with a 30.9 percent compound growth annual rate.
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Secondly, the chatbot offers various advantages both for the chatbot owners and users. It opens new exciting opportunities for customer engagement and operational efficiency and creates a new form of doing business. Chatbots are an excellent example of how humans cast away to the machines all the tasks which we find annoying, dull, and tiresome. However, there are certain risks too associated with chatbots like network security but you can prevent it by using a reliable VPN, find out more about it.
Chatbots have significantly altered the way organizations communicate with their customers. A study states that by 2024, the market size of bot will rise by $1.34 billion. Every chatbot solution provider is keeping themselves informed and updated with the new developments of AI and voice-enabled assistants to have the pace of technology and provide a consistent brand experience.
Now, chatbots are here to stay forever. As humans are restricted to the slow biological evolution process, artificial intelligence is not. With AI technology getting stronger and robust with each passing year, chatbots have few limits on what they can do. As a consequence, we humans can now communicate with chatbots as they usually talk with people.
Chatbots are proving themselves as a valuable technology in different situations in people’s lives. They are becoming famous not only for business but also for personal use. Unlike apps and sites, chatbots are much more convenient and simple to use. It is because the user-interface of the messenger apps are quite well-known.
Several businesses are now very close to AI chatbot integration in their everyday operations but haven’t yet leaped. According to the MITSloan Management Review, every three out of four of the executives believe that artificial intelligence will allow them to run their new business ventures and 85 percent believe that AI technology implementation offers a competitive advantage on the market. The same survey also finds that one out of 20 organizations has integrated chatbots in its processes or offerings.
AI- chatbots are more sophisticated programs that involve machine learning capabilities. Such a program will not only answer questions and assist in problem-solving, but also collect and improve the received information, training itself to become more efficient and then sending the data to the analysts for further in-depth research. The business owners can alter the functionality of AI chatbots, can add new features, and improve the existing ones too. These bots identify the language and there is no need to be extremely specific and to get the desired result.
They function by using a set of scripts with pre-written responses. The organizations might reveal the list of all possible questions to ask the chat machine. It works to give the initial information to the clients, including availability hours, location, solutions to simple issues while using a product. It also helps the customers as well as pitch the services to new people. The direct commands activate these bots.
The AI and ML technology have made chatbots a more advanced and potent tool for business organizations. The following mentioned below are some of the benefits it can bring.
- An Endless Source of Data
The AI bots remember what people ask them and improve on the bases of it. They also send the data about a user’s question to your employees. You will know what the customers are more about, which product is in more demand, and what flaws does your service have. You will have all the information at your disposal and ready to help in making decisions that will enhance the business development process.
The AI chatbots will successfully turn leads into sales without troubling the sales and marketing managers. It is because chatbots are the proven marketing tool that continuously explains to customers the basics of your product and services.
Some customers want to ask something late at night or send a message to you from a faraway location. A bot can efficiently take care of this thing and answer 100% of the questions despite any time of the day and availability of the staff workers.
- Less Workload on Human Staff
When a business grows, or even one product or service becomes quite known, the customer support employees might not be able to cope with all the questions and new customers looking to buy. A chatbot will take care of most of that, leaving the complicated issues or direct sales to individual staff.
Technology Will Bring Better Functions
Without any doubt, both AI and ML will get developed in the future, ultimately improving the existing chatbots. Moreover, better customer experience, data management, analysis, and guidance will also become available.
There are two ways to get a chatbot and make it work for your organization. One way is to build a chatbot, and the other is to use the existing chatbot. Let’s discuss how each of them might benefit the organization.
1- Build a Chatbot
To develop such a program from the start, you need to know its purpose. What do you want your chatbot to do? Are you interested in spending more to get AI up and running or settle for a command bot? Are you planning to sell products by using bots? You first need to answer all these questions before choosing an optimal set of skills you want your chatbot to have.
The chatbot platforms allow building a bot without a massive team of skilled programmers. Various platforms are offering multiple functions, so choose according to your needs and desires.
2- Use the Existing One
The internet offers a diverse choice of pre-built bots for several different purposes. There are sites like Meokay and Chattypeople that provide bots that are ready to use right away, and you also don’t need to play with the code.
However, it is not the best decision to get a positive response from your business. It is unlikely that you might find a bot that will not match your all needs and won’t have anything unnecessary for your niche and vision of the desired chatbot. In the majority of cases, custom programs are the only way to get something that matches your business perfectly.
To sum up all, it is valid to say that yes, AI chatbots are the future. We all know that things are going into the future. The only job left for the brands and businesses is to take the next step and move forward with AI chatbots. For both AI and chatbots, the upcoming time will be offering several benefits to the users and the business heads.