With the rise in AI and machine learning popularity, businesses are scrambling to find areas to implement it, whether it be in customer service or back-end operations. One of the first tools to be adopted by companies was the chatbot. By creating a powerful infrastructure that links up to various databases, chatbots can use machine learning techniques to solve customer queries quickly while strengthening relationships with customers at the same time.
But what is a chatbot?
What is a chatbot and how people benefit from it?
According to Oxford, chatbots are “Computer programs designed to simulate conversation with human users, especially over the internet.”
A bot should be a virtual companion to your customers. It should solve their problems in the most convenient way, and it should communicate with them through text messages or an instant messenger — just like a real person would.
Businesses can develop chatbots that help them respond to issues with greater efficiency and transparency. They can provide a solid foundation for good online customer service and solutions to common customer requests. Chatbots are excellent tools that businesses can use to engage customers and solve common issues — curbing bounce rates, shopping cart abandonment, and shopper dissatisfaction.
Consumers clearly see the benefits of using chatbots, and as a result, they’re more interested in this technology than ever. Chatbots enhance productivity by providing instant access to information. They also benefit conversions by streamlining product purchases or helping customers find what they need more easily.
Chatbots use cases
Online bots are applicable almost anywhere. But they excel at several specific areas.
Customer Care helpers
Your customers can rely on your 24/7 online chatbot for fast and reliable assistance. Chatbots are a cost-effective customer service solution that lets you engage one-on-one with thousands of clients, even on weekends and late at night, without increasing headcount costs. In addition to handling basic customer questions, the bot is also capable of sending complex issues to a human operator if it comes across a problem it’s unable to solve.
To boost your sales, you need targeted information and offers. A very good way to provide this is through a chatbot, which can proactively engage online shoppers and bring them products that they actually want. If you’re still not sure what we’re talking about, think of the chatbot as an employee that helps your customers not only find what they want but also enriches their experience with additional information and recommendations. By profiling the customer with various questions, bots can offer them the right solution for their needs. And the best of all is that, as an AI product, chatbots could use every bit of data and learn quickly.
According to Intercom’s research, Marketing is the third most common place where smart tools are put into practice. Effective chatbot use encourages leads with relevant, timely messages and nudges them to make a purchase. Qualified leads are those that are ready to buy after a series of interactions with the bot. These leads may be validated with a call or e-mail, after which they can be sent directly to your sales team for final approval. The use of chatbots is becoming more popular among companies due to how useful they are in saving time and resources.
The Stats Game
- Chatbots are projected to handle 75-90% of healthcare & banking queries by 2022
- There are over 300,000 active chatbots on Facebook
- Chatbots handle 68.9% of chats from start to finish
- Chatbots increased sales by an average of 67%, with 26% of all sales starting through a chatbot interaction.
- The average satisfaction rate of bot-only chats is 87.58%
The colleagues from Startup Bonsai have created a full list of 25 stats, so if you have some more time, you can check them.
Chatbots – main players
There is a long line of Chatbots that have already proven their commercial worth. In this paragraph, we will take a look at some of the most popular ones and review their various features.
Microsoft Bot Framework
Azure Bot Service gives you the tools to create enterprise-grade, intelligent bots that engage with customers on any channel. Using your own data, you can build bots that work for you and only you. The main benefit from this Azure Bot is that it allows you to integrate and connect with many other apps, including Microsoft’s native ones, and others, such as Slack, Telegram, etc.
Mobile Monkey is a very simple-to-use chatbot. It allows integrations with Paypal and Stripe but where it excels at are templates. It becomes extremely easy to connect it to your website with many pre-defined templates and simply get it going. Most suitable for e-commerce stores and food websites.
Aivo is a preferred choice by GM, BBVA, Movistar, and many other brands. It’s a market leader in Latin America. The bot allows integrations with Salesforce, Zapier, and Zendesk to provide a smooth experience for sales executives and customer care departments.
As part of the AWS kit, you will get access to seamless integrations with other Amazon tools. One of the very few chatbots that offer a pay-as-you-go model. Some of the most notable clients of Lex are GE, Square, and Twilio.
This is the last chatbot on our list. As Chatfuel owners’ say “The easiest way to set up a chatbot”. It’s worth mentioning that some of its clients include names such as LEGO, Adidas, Buzzfeed, Nissan, and Netflix.
Are Chatbots worth the investment?
Chatbots are nothing like they used to be. Today, they can have human conversations and different scenarios with their users. They may seem like an affordable option for some businesses, but chatbot companies can charge steep prices for customized machines. Nonetheless, statistics say that investing in chatbots is worth it — they increase engagement, generate more leads, and improve revenue.
Modern-day marketing is data-driven. In times of so many distractions, capturing your visitor’s attention and turning them to clients is crucial. And let’s not forget how daunting Customer Service is. Or was. Because with chatbots it’s a whole different story.