Shifting patterns in consumer behavior and technology are constantly changing the marketing scene. Email marketing which was the most preferred channel by marketers in the last decade for its low-cost, high-return trait is beginning to lose traction now.
An average consumer receives about a hundred emails every day and rarely clicks through one or two of them. Social media’s sheen as a marketing tool is starting to fade too with Google and Facebook making their algorithms increasingly unpredictable.
The new kid on the ‘Marketing’ block who is attracting the attention of all marketers now is the AI-powered chatbot’. According to a survey conducted by Oracle 80% of businesses plan to invest in a chatbot by 2020.
What is an AI-Powered Chatbot?
A chatbot is a software that is capable of conducting a conversation with a human through text or audio. Chatbots have been around for quite some time but most people get frustrated when they chat with chatbots because of the rigid, irrelevant responses they churn for slightly complex queries.
But Artificial Intelligence has done away with this defect. It has made chatbots more intelligent. An AI-powered chatbot uses Natural Language Processing (NLP) and Machine Learning to identify the intent of the humans they interact with and give responses that meet this intent. They can also learn from past chats and improve their responses over time. These capabilities enable a chatbot to converse almost as intuitively as a human.
Why your Business must make use of AI-powered Chatbots?
AI-powered chatbots are undeniably beneficial. But should your business start thinking of using them? Here are some strong reasons why you must get in touch with a software development company about investing in an AI-powered chatbot.
1. Millennials and Gen Z like to ‘Chat’
The preference that Millenials and GenZ have for texting is proven by the swift rise of chat apps like Whatsapp. People send more than 30 billion text messages every day on WhatsApp. In a survey conducted by LivePerson, out of 4000 millennials and Gen Z respondents in the United States, United Kingdom, Germany, Australia, Japan, and France, more than 75 % picked texting as their most preferred mode of communication.
Many businesses have already started taking advantage of this millennial love for texting. Facebook has more than 300,000 active chatbots already to facilitate customer-business interactions. By 2020, it is predicted that about 85% of customer interactions will be managed without human interference
2. Customer service like never before
Life in the digital age is moving at an incredibly fast pace. The time marketers have to engage consumers or resolve their problems has reduced from minutes to seconds. So it is hardly surprising that increased hold times is one of the top reason for poor customer experience and loss of revenue. AI-powered chatbots reduce such losses as they can understand the customer’s intent and solve his/her problem efficiently, at the speed of thought. They can also hand the query to a human agent when the queries get too complex for them. Research shows that 80 % of customer queries are repetitive and can be easily and satisfactorily resolved by chatbots.
By saving the time that your staff spends on such low-level queries, chatbots can increase your productivity dramatically. Moreover, unlike human agents, chatbots are available 24 *7 on all 365 days.
3. AI-powered chatbots can pre-empt customer complaints
What is more impressive about customer service with AI-powered chatbots more than their instantaneous service is that chatbots like humans have the learning ability to get better with more conversations. They can pick patterns in customer behavior and anticipate problem areas. They can also address these problems by issuing alerts and displaying relevant content and offers. This means that customers will have their needs met even before they ask and will have no reason to complain.
4. You can acquire valuable customer insights
Another great advantage of having an AI-powered chatbot is that they store data that you can analyze to gain valuable insights. A business can use these insights and feedback to amend its products, services, and strategies – decide which products they need to sell more, which they need to scrap and which to revamp and sell differently.
5. You can make your business Future-Safe
For the unlimited potential they hold, AI-powered chatbots are poised to be on the scene for many more years. As with other technologies, chatbots are going to evolve and become more affordable in the coming years. In the future, AI-powered chatbots are going to dominate not only in the customer service front but also in other operations of the business like travel management, HR management, and Enterprise Resource Planning.
Getting an early start on such groundbreaking technology can sharpen the competitive edge of your business. An AI-powered chatbot is one recent advancement in software applications that you cannot choose to ignore because it would surely add great value to your business and help you stay ahead of the curve.
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