How Chatbot and AI (Artificial Intelligence) Together Will Improve Businesses and Boost Profitability?
Posted on September 17, 2018 By Vishal Virani
A look at the top businesses in today’s times, and you can say that they are doing really well, managing both their employees and customers like a pro. However, a lot of the credit for the boost in their business and an increase in the engagement levels goes to the Chatbot. The Chatbots perform what normally employees do for the companies, and help with reviving lost customers and getting back people who once rejected the products in their cart.
What is Chatbot?
For those uninitiated, the Chatbots are basically an AI-based computer program, which engages in conversation and conducts a dialog with the person on the other side of the computer/mobile via auditory or textual methods. Accessing a Chatbot is as easy as enabling an assistant on your phone. AI chatbots help perform tasks at times when your resources are unavailable or exerted with the workload.
Let’s take a look at the industries and areas where the Chatbots are useful to the businesses.
Industries Chatbots are Revamping
Chatbot for eCommerce:
We cannot ignore this segment if we are talking about Chatbots and AI. The eCommerce niche has definitely undergone a massive change with the arrival of this technology. Top companies have reported a massive flow of profitability and conversions with the incorporation of Chatbots.
Sephora has registered an 11% increase in the number of appointments that people have taken for a makeover.
Nitro Café has registered a 20% increase in the sales while Asos has registered a 300% increase in the sales with the incorporation of Messenger Chatbots.
The whole attempt at incorporating the Chatbots in the best possible way has led to the impressive figures.
» Here’s what the eCommerce industry has done.
The ai chatbots have become the email substitutes for this industry. These chatbots send across automated emails, which have a better open rate as against the regular emails. This helps businesses connect with the potential and new customers.
The bot marketers use the sales funnels and segment their audiences. The bots have a classic way of identifying when the user says no to a particular product, along with the reason for the same
The Chatbots help the eCommerce industry deliver interactive and engaging content, which is personalized to meet their unique needs
Managing customer relationships and working on engaging prospects has become easy as a result of the bots. The AI-based chatbots can connect based on the emotional reasoning and induce customer loyalty sales have also increased as a result of incorporating bots in the industry.
For instance, the bots based on your recent purchases, upsell products. Similarly, cart abandonment is taken care of by the bots. They send an email immediately to understand the reason for abandonment. The bots are able to personalize the emails and the products for the customers, thus making them engage with the website, and improve the conversion rate.
This is the second segment where the Chatbots have been useful to the industries. The bots have led to an impactful savings of almost $15Bn for the companies, in terms of salaries and maintaining the resources. The companies have registered a huge improvement in their techniques and management as a result of the customer service.
The FAQs are one of the many instances where the ai Chatbots can help the enterprises. Whenever the client asks a question, the bots can answer it from the available documentation, making it easy and fast for the companies.
The customer service is not always available or does not always have an answer to the queries posed by the customers. That’s why you need the bots. They will be able to answer the questions faster and help the customer service.
The chatbots are able to entertain customer queries and increase the number of bookings for the travel and tourism industry. Waylo was able to increase its revenue to 50K per month with the chatbots. KLM was able to increase the customer interactions by 40% while Snap Travel enjoyed $1,000,000 bookings.
Most times users tend to check out the travel locations, check the itinerary and finally move out of the website. With the chatbots, the travel companies can interact with the user, and find out whether or not they made the bookings, and the reason for not completing the bookings
The customers, with the help of the many apps available, compare prices and other details for the different hotels, flights etc. With the bots, the hotels and other travel related applications will be able to gain an insight into what the customer is looking for, and personalize the itinerary accordingly. This will help them improve the bookings and increase the number of conversions.
Optimizing pricing options for the users based on their needs and the type of places they are selecting can make it easy for the users to finalize the place.
The fintech industry has undergone a massive change based on the various incorporations and disruptions that have occurred in this industry.The Bots can tell the users about the extra charges, the fees they might incur etc. when banking. The bot also informs them about the banking dangers when they are using the card or other banking items outside the country.
Based on your banking behavior, the users get the banking and other tips from the chatbots. These personalized tips help the user’s bank better.
The availability of the customer service 24/7 is a result of the increase in the usage of bots by the banking industry.
The Recent Chatbot Trends
If you see the above the instances, you will find that most often the bots are used to improve the customer service and the overall efficiency of the companies, operating within a particular industry. With the evolving times, you will identify with the many trends that are present in this industry.
Here are a few trends that have been observed in 2018, and are pretty much worth incorporating.
The chatbots have experienced an impressive boost owing to the voice experiences. They went mainstream in 2017, and the various assistants have made it popular too. Voice bots help improve the overall experience of the customer. This will be true for 2018 as well, and in fact, you would have seen a rise in the number of voice bots this year.
The conversational bots will take over the regular bots. Users are able to hold conversations, instead of the repeated statements delivered by the bots earlier. The bots understand what you need, and respond accordingly. This will help in increasing the overall sales and improve the marketing efforts for the company.
The chatbots will be able to collect the data, work on them and analyze it to identify perfect insights for the company. The bots will help the companies in predictive analytics.
The AI chatbots are the future of the enterprises, and it has become important for the companies to incorporate this technology if they want to survive the competition. They have gone pretty mainstream, especially in the industries mentioned above.
Coruscate has worked on an AI chatbot system to improve the customer interaction for a client. The Skype bot system we delivered improved the customer retention and the sales for the customer by several manifolds.
If you are aiming to incorporate a bot feature in your company, get in touch with us through contact form. We will help you define the idea and build on it to deliver an efficient system.
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