Why every modern business needs a chatbot

In an increasingly digital age, companies are looking for new ways to connect with their audiences, streamline processes and enhance user experience. One promising solution in this area is Chatbot. To truly understand the importance of this technology, let’s break down its benefits and business impact.

1. Effective communication, 24/7: Humans have an inherent need to communicate with others. Chatbots have cleverly filled this need. These virtual assistants provide continuous service, around the clock, to ensure businesses meet queries from global timelines. Unlike a human agent who can manage a handful of customers at a time, a Chatbot can manage countless transactions at the same time.

2. Updatable and customizable:Chatbots aren’t just for answering FAQs. They can be trained with the company’s data and unique insights, enabling them to achieve a much better customer experience. For example, a chatbot can remember a customer’s past interactions, preferences, etc. to provide more personalized information and solutions.

3. Low cost and flexible:One can imagine that implementing a Chatbot would be expensive. However, the cost of developing a Chatbot is often comparable or even lower than developing a traditional mobile application. Moreover, they offer scalability without significant overhead. Instead of taking more reps during peak hours, your Chatbot can handle higher traffic.

4. To increase sales and customer engagement:Chatbots have revolutionized the world of e-commerce. By creating personalized shopping trips, offering product recommendations, or sending personalized discount codes, businesses can expect and potentially increase engagement to sell more. The seamless interaction, like remembering past orders and preferences, adds value to the customer experience.

5. Data Analysis and Collection:Chatbots can play an important role in gathering information and analyzing customer behaviour. The data collected can help with marketing strategies, refine products, or improve services.

6. The revolution in customer support:Beyond 24/7 availability, Chatbots free up human reps to handle more complex tasks. Questions are formulated and prioritized, ensuring that customers receive appropriate responses in a timely manner. This not only improves the quality of the support system but also increases customer satisfaction.

Real World Impact of Chatbots:

Cost savings: Juniper Research found that chatbots could save companies $8 billion a year by 2022 .

What customers want: According to a survey by Oracle, 80% of businesses are already using chatbots by 2020 or plan to do so.

Increased interaction: Facebook’s research showed that 53% of consumers are more likely to shop at a business they can interact with via a chat app.

High resolution: According to IBM, chatbots can successfully resolve up to 85% of all customer interactions.

24/7 service preference: LivePerson’s report found that 56% of people prefer text customer service to picking up the phone. Another interesting stat is that 61% of people feel positive about messaging companies because it shows that the company cares.

Ecommerce and sales: 35% of consumers would like to see more companies use chatbots, and 55% of consumers are interested in interacting with a business through messaging apps to solve the problem, according to data from HubSpot.

Fast response: Chatbots can answer questions in real time. InsideSales.com reported that 35-50% of sales go to the first responding salesperson. This quick response time is essential, especially in an e-commerce environment.

Business efficiencies: According to Accenture, 57% of businesses agree that chatbots deliver great ROI with minimal effort.

Prefer a younger demographic: A survey by Drift found that 58% of people aged 18-34 have used a chatbot to communicate with a business in the last 12 months

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