Chatbots are increasingly changing the way businesses connect and engage with customers. The repository of studies related to chatbots systematically defines the potential benefits of using conversational AI for businesses. More businesses are looking to implement chatbots into their processes for this very reason. However, before building a strategy to leverage chatbot gains for your business, it’s important to understand how chatbots are essential to your customer support team.
What is a Chatbot?
According to the definition from Gartner, “A chatbot is a domain-specific conversational interface that uses an app, messaging platform, social network or chat solution for its conversations. Chatbots vary in sophistication, from simple, decision-tree-based marketing stunts to implementations built on feature-rich platforms. They are always narrow in scope.”
What makes chatbots so popular in today’s digital business world?
AI Chatbot has become a new buzzword in the market in the past few years for the right reasons. Below are the core ones:
24/7 Availability – A conversational chatbot functions as a round-the-clock support system. It is capable of creating the presence of the brand virtually on multiple platforms just around the clock and enhance employee efficiency with a real-time customer experience.
Personalized CX – Smart virtual assistants can deliver interactive and one-on-one customized conversations with chatbots by identifying intent from the user input while maintaining a friendly tone to give a human feel.
Real-Time Query Resolution– A business can deploy conversational chatbots to handle the queries of thousands of customers instantly and simultaneously and improve the response time to provide real-time customer support.
Omni-Channel Presence– The omnichannel messaging support feature allows you to connect and communicate with your customers through the channels they prefer.
Multilingual Support – AI-powered chatbots can be trained to answer repetitive queries in your customers’ language which can lead to a wider reach across the globe which can result in superior loyalty and trust among customers while increasing user satisfaction.
Why are chatbots essential for your customer service?
1. Cost savings-
According to Juniper, businesses and consumers can save up to 2.5 billion hours by using chatbots by 2023 and predicts cost savings of $8 billion from the use of AI-powered chatbot conversions by 2022
Adopting smart AI virtual assistants can help companies automate processes and manage a huge amount of customer queries in comparatively short periods. Although it may require a certain amount of investment in order to implement conversational AI, it can actually save the money you might spend on the infrastructure of your company, employees’ salaries, training costs, and other miscellaneous resources.
According to research, businesses spent nearly $1.3 trillion to service customer service requests. Chatbots can help you save up to 30% of this business cost.
2. 4X revenue-
Smart AI-powered chatbot can help you have a substantial drop in ticket volume as it can handle a huge number of queries and seamlessly pass it on to a human agent if need be. Your customer support agents can thus focus on more meaningful work and complex issues. Immediate assistance can result in considerably improved CSAT scores. Real-time customer support can help your business gain up to a 30% increase in profits.
3. Improved Customer Engagement-
Undoubtedly, better customer engagement is the key to success for any business endeavor. A chatbot can help you better connect and engage customers by managing the emotions with the intent identification process. The smart conversational AI chatbot can help you maintain the flow of communication, in order to retain the customers’ interest in your brand by engaging them efficiently.
4. Better Lead Generation
Chatbots can help you streamline the data collection process and seamlessly boost lead generation strategy even when your sales team is not around. Lead gen chatbots can be beneficial for engaging your potential customers by guiding them through the funnel, generating more meaningful leads, and nurturing them to provide instant gratification, it may also save you money and more importantly time.
5. Cross-Sell & Up-Sell
A chatbot is an excellent solution for upselling and cross-selling products without any additional assistance. Chatbots can collect primary research about potential customers which can be used for recommending personalized products easily. The smart AI chatbots can help you seamlessly increase revenue and sales efficiency through support on what products to offer.
6. Empower Support Teams for High-performance
Empowering agents with the required support and relevant information can help them deliver exceptional customer experience. Automation of repetitive tasks, such as collecting primary information and customer feedback can help the customer support team focus on more complex issues.
Key Take Away-
The use of AI-powered chatbots has grown swiftly in the past few years across multiple device surfaces by most of the business sectors as it allows you to scale even with limited resources and reduced business costs. Book a demo to get started and make your way in today with the best enterprise-grade-AI-driven-Conversational Customer Engagement platform trusted by 100+ renowned enterprises across the globe.
Megh Bhavsar is a Technical Writer at Engagely.ai. He writes largely about leading AI based customer solutions, CX Automation and all things related to new-age customer experience.