When customer experiences hinge on more than just customer service, Chatbots help you rise to the occasion. Often supported by Artificial Intelligence, the software is built to converse with human users over the internet via websites, messaging programs, apps and telephone. Chatbots analyze user requests and respond intelligently, the way a human would.
Chatbots are emerging as the norm, helping drive customer engagements in conjunction with classic touch-points, such as social media, telephone, email and more. If Global Market Insights is to be believed, the global Chatbots market would be well over $1.3 billion by 2024. Per another study, 53% of service firms plan to incorporate Chatbots within the next 18 months.
Why and how Chatbots are changing the customer experience? Let’s discuss, in detail.
1. Natural Language Processing:
Thanks to the headways in Artificial Intelligence, Chatbots are getting more sophisticated with better abilities in understanding conversations and making decisions. More specifically, Natural Language Processing (NLP) is being leveraged to help bots to discern what the user is saying or typing, and respond more sharply. As NLP evolves, Chatbots are getting adept recognizing the conversation’s context, handling dialogue and tailoring a response based on the conversation.
2. Drive Lead Generation:
Let Chatbots drive leads, and help grow your customer base and profits. First, these programs engage in early support interactions with users, creating more qualified leads to be capitalized by sales reps later on. Secondly, when chatbot directs a customer to your website, sorting out their preferences is easy and quick. This, in turn, helps you create and deliver customized and effective marketing messages. Imagine sharing new offers and coupon codes to attract sales.
3. Enhance Capacity:
With Chatbots, you automate certain cumbersome tasks like providing the same information to different users redundantly. That frees you and your staff to concentrate on core competencies and other lines of business integral for growth and success. Data-driven Chatbots generate a huge amount of data, which can be analyzed to identify loopholes and ways to plug them. Plus, the software helps train new employees, bringing them onboard quickly and effectively.
4. Cut Down Operational Cost:
One key factor why Chatbots are the new interest zone in customer service is their cost-efficiency. Chatbots are capable of engaging multiple users simultaneously, relieving you from investing in a sizeable customer support staff. These programs can scale to your present and future needs, saving money that otherwise would be required for additional programming.
5. Minimize Errors:
Humans are prone to error but Chatbots aren’t. They leverage an enormous amount of data at their disposal to provide accurate information to the user, day in and day out. Any discrepancy in providing information related to policies, FAQs and more are eliminated outright. Unlike humans, a program doesn’t let emotions override decisions, have a bad day, and work 24/7/365. Plus, feel free to audit the chat logs for reasons of regulations if/when needed.
6. Complete Customer Satisfaction:
When customer satisfaction is a priority, Chatbots make sense. Chatbots are programmed to provide answers to customer queries quickly and smartly, round the clock. That goes well with millennials who lack the patience for long waits and misinformation. The user is likely to stick with your brand when your chatbot is providing real-time assistance across the buying journey. Plus, the data retrieved from Chatbots helps you to know customer preferences, and tailor services accordingly. That leads to high customer satisfaction and retention rates.
Versatility is another trait so inherent in Chatbots. They adapt to different business functions, from customer service and data gathering to employee training and on-boarding. Within the customer service domain, they are being utilized for labor-intensive tasks, such as Tier-1 support and customer satisfaction representation. Plus, chatbot belittles language barriers with customer support in multiple languages, ensuring seamless digital support in different regions.