Technology is adding value more than ever in business and chatbots are no exception. According to a survey by Oracle, 80% of businesses want chatbot by 2020. With the popularity of AI chatbots, companies like Sephora, 1-800 Flowers, Nitro Café and Sun’s Soccer have already embraced it. For instance, 1-800 Flowers has reported more than 70% of its messenger orders derived from new customers. Whereas Nitro Café successfully increased its sales by 20% through messenger chatbot.
In short, Chatbots create a new pathway to engage customers by informing them about your products or services. The trend of transitioning from mobile apps to AI chatbots have helped businesses to drive more revenue.
Chatbots are restructuring the way to improve almost every sector from banking to retail and payments to healthcare. Moreover, the human workforce is being replaced by these chatbots due to seamless communication and removing the limitations on part of a human.
Take an example of Live Chat customer support, where customers can interact with chatbot 24/7. Whether it be recommending products to the customer on purchase behavior or resolving the payment and delivery related issues, chatbots are ready to help whether it is 3 am in the morning or 7 pm in the evening.
Are you ready to explore the benefits that can help you improve your business processes and increase revenue? Have a look at it.
Smooth Customer Service and Support Around the Clock
Customers are looking for a timely response, no matter what time of the day it is. Whether you are in retail business or offering some kind of services, integrating chatbot is a must. Instead of hiring people working in various shifts, you can deploy chatbot. It will help your potential and existing customers, without the presence of your customer support staff.
Imagine, how you can make the process simpler by making chatbots as a self-service tool to help clients and assist them with buying a product to making the final payment. Forget about paying extra to someone to work on weekends as well. The timely response 24/7, 365 days a year will not only make your customers happy but also increase your sales.
According to Gartner, “Chatbots will power 85% of all customer service interactions by 2020. The average person will have more conversation with bots than with the spouse”
According to McKinsey, companies are saving as much as 29% on customer service by deploying bots.
Assisting Customers to Buy Products
Chatbots have progressed with each passing day and now they offer more than one to one chat services. For retailers and e-stores, chatbots can be helpful in recommending the products that match the buyer’s interest.
If the customer is new, chatbot can help in suggesting ad-on that would benefit them. For instance, if someone is buying a smartphone, he/she might be interested in having a power bank as well. It would help the brand to entice customers and force them to buy more.
Moreover, the chatbots are also helpful in suggesting the desired products customers are looking for. For instance, if the customer is looking for a tee with funny text or picture, chatbot can help in finding the one. Without wasting time, customers can experience seamless shopping experience. Thus adding the value to the brand’s image and overall customer experience.
Monitoring Data and Gaining Insights
The ability of chatbots to collaborate with customers has been discussed in detail. Now it’s time to take a deep dive into how chatbots can help in analyzing and interpreting big data. The primary algorithm of chatbot is dependent on pattern recognition.
In fact, chatbot is not able to understand what we are saying or asking them. They just look for the words or patterns to give the answers that they learned from the conversation guide. Moreover, some chatbots can also understand a group of words in context and analyze the way a person talks.
Collecting data isn’t enough unless it is analyzed deeply. The information should be converted into something actionable that would help in flourishing the business. With the help of predictive analytics and customer’s data, a chatbot can develop hyper-personalization. It is catered to the needs of the specific customer.
Learning the behavior of customers according to the needs and wants can help companies to increase their revenue. That is only possible if they have deployed the chatbot rightly.
Targeted Sales and Marketing Campaigns
Big Data can be utilized in various departments. For instance, your sales and marketing departments can collect the information through big data and create campaigns tailored to the requirements of specific clients and target audience. This will help the companies to significantly improve the campaigns and reach a wider audience with deeper engagement and higher sales.
In addition, chatbots can also help notify sales team about the unqualified leads through identified KPIs and deal with time-consuming leads.
Helps in Improving Productivity
Chatbots can be utilized within your departments to help reply emails. For instance, chatbots can help you filter the conversations according to their specific nature. These conversations can be replied by chatbots without the need for your input. Thus, it helps in improving your productivity by focusing on tasks that are more important rather than replying to same nature emails.
Companies, in order to stay competitive, must embrace technology as a necessary means. Especially, when it comes to retail and services where people are faced with a myriad of problems and need to be addressed instantly. Chatbots are not the future, it is the present and without any doubt, it can impact positively on companies of all sizes.
Ray Parker is an entrepreneur and internet marketer with over 15 years of experience in Search Engine Optimization, Creative Writing and Digital Marketing with IQVIS. He has worked with several clients from all over the globe to offer his services in various domains with a proven track record of success.