A new generation of enterprise-level chatbots is taking over and revolutionizing the sales and client care industries. With speed and efficiency as a focus for customers and companies, chatbots are fast becoming one of the most widely integrated internet technologies. These cutting-edge tools intelligently digitize client dialogue with fast, measurable benefits. Advanced AI-driven chatbots are taking the tech world by storm.
Some 1.4 billion internet users worldwide reportedly are already using chatbots regularly. Millennials are ahead of the pack with as many as three out of every five of them having used chatbots at least once. Many businesses intend to spend more money on chatbots than on mobile apps. This is a trend worth examining as it has been transforming the digital marketplace and is an indicator of how the industry intends to move forward.
Why Have Chatbots Become So Popular?
These nifty programs are being used more and more frequently because they are super accessible and allow consumers to quickly get answers to questions. It means they don’t have to wait for a customer care person to read their request, formulate a response, and reply. This is no small matter. According to recent research, online shoppers expect an answer in under five minutes.
Chatbots work behind the scenes, saving customers money and improving their customer care. Businesses spend approximately $1.3 trillion every year on dealing with client requests. Chatbots can help reduce these costs by around 30% through allowing client care agents to spend more of their time resolving complex issues instead of dealing with basic queries. For example, chatbots can easily handle questions about a shipment, opening hours, or order information, creating less pressure on client care agents. This process streamlines the workflow more effectively, saves time and money, and improves client satisfaction. Consequently, businesses have shown increasing interest in chatbots, up 160% according to the Gartner research company.
So, Why Aren’t Chatbots Being Used By Every Website Out There?
Despite the great strides that chatbots have made so far, some negative perceptions still remain, primarily because they are seen as complex to use and implement while some of the costlier services tend to have a poor cost/benefit ratio, and cheaper services tend to be unhelpful. Although some of the latest chatbots use advanced technology including artificial intelligence, natural language processing, and machine learning, a certain amount of stigma remains. In the past, businesses had to choose between cheap, basic chatbots offering a range of pre-programmed answers and more powerful, sophisticated chatbots that would cost an arm and a leg.
Many consumers still claim that chatbots are not as helpful as they would expect them to be. They say that sometimes even simple questions go unanswered and that they aren’t able to speak to a live human when requested. However, these glitches are more characteristic of the cheaper, pre-programmed chatbots of the past.
Developments in Chatbot Technology
Most of the challenges mentioned have been resolved more recently, though. For example, the accuracy of Swiss moonshot AG’s aiaibot is already as high as 90%. Experts are confident that advanced technologies and algorithms will improve chatbot accuracy even further. Natural Language Processing (NLP) is the driving force behind creating increasingly sophisticated conversational interfaces, especially in the service industry.
Chatbots are now able to read through grammatical errors, abbreviations, and even slang. They can comprehend all kinds of complex messages, like those using double negatives, all caps, excessive punctuation, etc. The AI and machine learning components allow them to keep learning over time as they add conversations and terms to their databases and further improve response time and quality.
The aiaibot chatbot is a prime example of technology that is both advanced and cost-effective. Developed for plug-and-play integration, this bot does not require coding from the client’s side, which drastically cuts costs and staffing. It is useful for a wide range of businesses and is particularly suited to support and sales departments. It’s also flexible and allows clients to customize the chatbot to narrate their story and keep tweaking it to keep up with changing business needs.
A Growing Trend
Research has shown that businesses throughout the banking, healthcare, and retail sectors are anticipating savings of around 3.5 billion client-care hours, amounting to about $11 billion a year. This exciting trend is making significant and fast changes in the marketplace and has great potential to improve the bottom line of businesses of all sizes.