Have you ever thought that a computer program can have a real conversation? Or Have you ever imagined a situation in which you get to converse with a software application to get the required information? It is made possible through Chatbots. The chatbot is one of the leading tools which helps businesses with customer assistance. With such tools, technology, in recent times, has revolutionized the way a company caters to its customer needs.

How technology shaped business standards?

Technology, for the past ten years, has been a tremendous help to all the businesses to ease their operations and improve their service standards. A company, which is at the forefront of technological advancements is undeniably popular among the consumers. The utilization of technology-driven service has proven to be effective in terms of quality and customer satisfaction. Especially when it comes to customer service and support, the chatbot application has been aiding the businesses in providing better service to their clientele.

Why are chatbots important for business in today’s scenario?

A recent statistical data, published on 99firms, reveals that around 90% of businesses report faster complaint resolution with the use of chatbots. The statistics also show that Chatbots can stimulate eCommerce transactions worth $122bn by the year 2023. Adopting chatbots is expected to save 2.5bn hours for businesses and consumers by 2023.

Chatbot has become more appropriate in industries such as banking and healthcare, where they handle numerous customer queries. These sectors are planning to employ chatbots to manage almost 90% of the customer queries in the next five years, which will help businesses to save $8bn by 2022.

Adapting chatbots is seemingly a technology that will be beneficial to all kinds of businesses in numerous ways.

What are the benefits of Chatbots?

Businesses need chatbot because of the various benefits that come with it. Those benefits are as follows:

  • 24/7 customer support: Every company aspires to provide uninterrupted 24/7 customer support to its customers. Which is limited with the human force, and also involves a lot of money for the company. Chatbots makes it possible. It can interact with customers 24*7 for 365 days without any interruptions.
  • Handles multiple customer queries in no time: Unlike humans, chatbots can manage more than 2-3 customer interactions at a time and responds quickly with possible solutions to their issues. It enhances the overall customer experience and leaves a good impression of the business on the minds of the customer.
  • Reduces costs: As the chatbots replace the human workforce in customer support and interactions, it saves a lot of expense for the companies in terms of money spent in employing live agents.
  • Self-learning and updating: Chatbots are programmed with natural language processing, which gives them the basic idea to interact with humans. Unlike humans, who need training, AI-based chatbot has the capacity to learn through interactions and update independently.
  • Attracts millennials: Millennial spending has transformed the global market over the years. Millennials find chatbots appealing as they prefer texting over phone calls and love quick resolutions. 70% of millennials feel chatbots are extremely helpful and enhance their experience.

Bottom line:

The future lies in the hands of the hands of those who actively adopt the technology. There is a lot of scope for small businesses to succeed in the market using chatbots. Integrating it to a business’s website or its app can yield innumerable gains.

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