Communication is an integral part of every business and this is the reason why chatbots are now being widely accepted by different businesses. Businesses are now realizing the importance of quick communication with the buyers and this is how chatbots are transforming business communication.
Buyers are inquisitive and have numerous questions that need quick answers, making chatbots play an essential role. Chatbots effectively engage customers by providing satisfactory answers and meeting business requirements in the process.
Studies clearly show that chatbots provide a positive experience for customers, as AI chatbots can solve 80% of customer queries. This is the reason why chatbots have a bright future.
Top Chatbot Trends
Chatbots are playing an important role in providing the best customer service. Let’s take a quick look at the top chatbot trends:
Internal business communication - Chatbots are being used to answer queries, solve problems, facilitate communication, and perform transactional functions. Chatbots have become a standard feature on every website, providing customer support by addressing their queries.
Live chatbots - Live chatbots add a natural human touch to communication and are used across various sectors. AI chatbots are well-trained to respond with complete sentences in a natural and flowing manner. Live chatbots help provide quick replies to customers, encouraging them to make instant decisions.
Natural Language Processing (NLP)-based chatbots - Chatbots are attempting to replace humans by providing accurate answers to all queries, with NLP supporting them in this endeavor. NLP creates a platform where users and AI can communicate naturally, even when addressing complex questions.
Voice bots - Businesses are now utilizing voice search in addition to text-based messages to answer customer queries.
Benefits of Chatbot
- Initially, e-commerce businesses were new to chatbots, but the pandemic helped them to understand the value of chatbots, as they answered all of the customers' queries.
- Today, businesses are making use of the best AI chatbots, which are capable of handling all kinds of complex questions.
- Apart from being a part of business websites, chatbots are also present in different social media channels, such as Facebook, making them an omnipresent channel response system.
- Customers have an opportunity to ask queries anytime 24*7, as they can expect an instant response. This helps in boosting the business, as chatbots can satisfy the needs of the customers.
- Customer behavior can also be predicted by the chatbots. Customer feedback also helps improve the product or service.
- In businesses where one has to attend to a large number of calls, chatbots are helpful in handling different customers.
Businesses Using Chatbots
Creating content - Chatbots can easily gather information from customers showing interest in a particular brand. Once the information is collected, it can be organized and stored as valuable content for future use. Content helps in better marketing campaigns and target marketing. Although creating content with AI is not easy or creative, it can still help target the audience.
Social media interaction- Chatbots help in understanding customer behavior through social media interaction. Facebook Messenger aids chatbots in tracking analytics, and this platform can be utilized to announce offers, events, and other promotions. Social media chatbots can also provide information about booking appointments, placing orders, or accessing any services.
Enhanced sales - It has been analyzed that there is an increase in the purchase of products/services by customers through the use of bots. Studies indicate that by the year 2024, retail consumers worldwide will spend approximately $140 billion via chatbots. Chatbots are helping to connect with buyers efficiently and effectively, providing them with complete satisfaction, which in turn leads to product purchases and an increase in revenue.
Better connectivity- Businesses get an opportunity to connect with their customers two to five times more than they did via chatbots as compared to the earlier means of communication via emails.
Customer support- Customers feel satisfied with the chatbot, as it provides complete responses anytime 24*7. Chatbots are a good platform for direct communication between the customer and the company.
Challenges Faced by Chatbots
Just like any other technology, AI chatbots are having so many advantages but still face certain challenges. Some of the obstacles faced by chatbots include-
- It faces confusion with different languages and sometimes answers are not delivered. Also, sometimes chatbots are not able to form proper sentences.
- Chatbots are trying to put away humans but still are not able to replace a writer/editor to create attractive content.
- Some chatbots (simple) are not able to handle complex questions and even find difficulty in understanding the questions of customers.
- Chatbots also need to be updated with the questions and other details that make them powerful to answer all the questions.
Future of Chatbots
Chatbots are playing a crucial role in boosting online commerce and are expected to continue supporting businesses across various sectors. According to Juniper Research, it is estimated that by the year 2023, chatbots will be utilized in multiple industries such as banking, retail, human resources, healthcare, automobile, and others. Among these, the retail industry is expected to benefit the most from chatbots by providing enhanced customer assistance. Chatbots are continuously improving to offer a personalized human touch to customers, promptly answering their questions for seamless communication.
Conversation is an integral part of every business, and in this fast-paced world, communication happens continuously. Businesses are increasingly focusing on customer engagement, and to facilitate smooth conversations, they are adopting chatbots capable of providing 24/7 support. Online businesses are thriving, and chatbots play a vital role in enabling seamless communication without any gaps. Having a chatbot on a website enhances the communication rate, leading to increased sales of products and services. Although some businesses currently utilize AI chatbots, studies indicate that chatbots will be widely adopted in the future, promising a bright future for this technology.