In 2021, Artificial Intelligence (AI) will play a critical role as it will be employed by a wide range of industries. 89% of businesses are planning to or have already implemented a digital-first approach. Along with that chatbots have become the focal point of business operations. By 2021, it is predicted that over 80% of firms will have installed some form of chatbot. On-demand messaging has exploded in popularity in recent years, resulting in a shift in how customers communicate with businesses. As a result, an increasing number of businesses are incorporating AI chatbots into their workflows and processes to deliver greater customer care.
Chatbots have been game-changers in industries where high-volume client engagement is at the core of the business, such as banking, insurance, and healthcare. When compared to the call center executives, conversational chatbots help save almost 4 minutes on average for every customer inquiry, with a high success rate.
In this blog , we’ll look at the primary advantages of chatbots for both organizations and customers.
- Cost Savings
Every year, 265 billion customer service requests are made, with businesses spending $1.3 trillion to respond to them. Firms are converting from IVR technology to AI, chatbots, virtual assistants, and other innovative technologies that are helping revolutionize their customer service operation. According to the Chatbots Magazine, businesses can save up to 30% on customer support costs by deploying conversational solutions like virtual agents and bots.
Instead of dealing with basic activities, chatbots may free up the time for human agents to handle more complex tasks . Chatbots can perform routine customer support conversations, reducing the number of agents needed on the contact centre floor. All of these things add up to significant savings.
According to the QATC’s analysis, call centre attrition rates are twice as high as the average for all other industries combined (30% – 45%), compared to the national average of 15%.
- Provide Contextual/Timely Support
The finest conversational chatbots respond to questions by utilizing advanced AI to comprehend the context of each customer. AI chatbots can answer any inquiry if trained well. Working to provide an automated assistant with the essential information, data, and capabilities is not an easy task, thus employing NLP-driven technologies is mandatory to carry out on this aim. Usage of industry-specific AI is important to provide the customer with a more personalized experience than a keyword-based decision tree.
- Omnichannel Integration
Customers can interact with an AI bot in much the same manner they would with a live customer service representative. Because many chatbots employ natural language processing techniques, they may assess the customer’s query and respond in a way that matches their demands. Chatbots may also be effortlessly integrated into a company’s website or mobile apps, saving customers the time and effort of browsing the company’s online resources for answers.
Customers can also communicate with the company at any time using their preferred messaging apps such as Facebook Messenger or WhatsApp. According to one of Facebook’s keynote, more than 20 billion messages are exchanged between businesses and users monthly on Facebook Messenger.
- Lead generation/Lead qualification
From the start, chatbots have the ability to give a significantly better experience and deliver worthwhile results. Chatbots are currently used by businesses to promote their content, raise brand awareness, support customer service staff, generate new leads, and route them to the sales staff. Companies can now use basic chatbot technologies to establish preliminary communication and transfer customers directly to the concerned customer representative, rather than the more time-consuming process of a call center agent asking customers for contact information, then transferring the request to the appropriate department and waiting for a response to begin a business conversation. Facebook Messenger and WhatsApp for Business are both excellent instances of how simple and interactive chatbots can be used to qualify leads in a matter of seconds.
- Multilingual Support
Customers place a high value on the support that a business can provide. According to HubSpot, after a positive encounter with a brand, 50% of buyers increase their purchases with that brand, which is one of the reasons why many businesses are increasingly embracing multilingual chatbots.
Chatbots have begun to enter the conversational realm as AI and Natural Language Processing (NLP) have evolved. Through NLP, AI bots become educated to comprehend client intent and demands for each unique use case. Part of what has made chatbots so unique is their ability to provide multilingual support by detecting a user’s language which is a key element as chatbots can now do more than just answer inquiries. They can be used to:
- Increase website traffic conversion by engaging visitors
- Increase the number of qualified leads and learn more about buyers
- Save time by automating business operations
- Improve customer service
As the world becomes more global, more customers demand to communicate with businesses in their preferred languages and dialects. Maintaining a positive brand experience includes more than just facilitating a smooth purchase transaction. That is the advantage of utilizing multilingual chatbots for international support. Your company can help individuals all around the world without having to hire more workers or invest in additional resources.
Every business strives to keep up with new trends and technologies. Businesses can do a lot with AI bots. Conversational bots create new levels of engagement between a company and its clients, elevating things to new heights.
Working with clients like Medcare Hospitals, Lifebuoy, Al-Futtaim, Sony ME, Aster Hospital, Atlantis, and many more, our AI-based chatbots have contributed to the growth of our clients across categories such as healthcare, retail, education, insurance, hospitality, logistics, pharmacies, and automotive. Make sure that, with the assistance of the Blue Logic Digital team you’re riding the wave of new technology and embracing it ahead of the competition. Reach out to an expert and get a free consultation.