November 28

Are chatbots in demand?

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While some customers may already have a designed implementation plan that defines the team in charge of the project, the budget, the goals, and the expected results, some others start thinking about it only after buying the software. This extends the time until some real results are seen.

These may include FAQs, answers, conversation flows, and other content sources. You may have a very robust Conversational AI solution in place, but if you haven’t built any content to answer common questions from your users, then it is all for nothing.

Key chatbot statistics

Take a glance at the research-based statistics that provide valuable insights into the trends of the chatbot industry. Businesses can consider the statistical insights for successful deployment of virtual assistants.

  • The market size of Conversational AI is expected to reach USD$1.3 billion by 2025, growing at a CAGR of 24% (Cognizant)
  • The projected value of chatbot eCommerce transactions by 2023 is $112 billion. (Juniper Research)
  • More than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development. (Gartner)
  • 75-90% of queries is projected to be handled by bots by 2024. (CNBC)
  • The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance. (Bell Service)
  • Chatbots can save up to 50% in customer support costs. (Invespcro.

    com)

Shopping Chatbots

67% of US millennials said they are likely to purchase products and services from brands using a chatbot so it is no surprise that Alexa can add items to your Amazon shopping cart. Mastercard even launched a chatbot just for customer payments that is capable of answering account balance questions, set payment alerts, and collect final payments from customers. While shopping chatbots are in their infancy, you can expect these to become more mainstream as improvements in functionality and security make these bots more dependable and accessible to users.

It is important to understand what these advances in chatbot development can mean for your business. The last thing you want to do is be outdone by your competitors. If you have not considered a chatbot strategy for your business, it is time to give DiRAD a call or send us a note. Our experienced professionals will be happy to discuss how the next generation in chatbots can help your business stay ahead of the competition and achieve your goals.

Stat: 95% of ecommerce shoppers interacting with chatbots said that their pre-sale experience would have been better with human help. (Source)

When in doubt, assign human agents to potential buyers’ queries, as humans can deliver a low-effort experience when needed the most: When a customer is on the verge of converting. Assigning a chatbot during this pinnacle stage in the customer journey could lead to your brand leaving money on the table!

So when are some ideal times to hand over the customer support reins to a chatbot? Bots are best used when it comes to completing simple tasks or self-service after-sales interactions. (Think: FAQ hyperlinks, order status inquiries, return policies, pricing, and more.) When it comes to straightforward interactions such as these, a large majority of consumers actually prefer to engage in botversations.

Using chatbots to drive knowledge gathering

The amazing advances in chatbot technology have made it easy for brands to interact with their audience. Also, it allows them to gather information crucial to strategic planning!

Customers’ conversations with the chatbot can lead to a wealth of analytics on consumers’ desires and needs. Through analyzing the information gained through the medium of conversation, you can easily get an inside peek into how well you’re serving your audience, which information you need to be more clear about from the start and where you can pivot to keep your position in their minds.


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