Globally the popularity of chatbot has reached all time high and the estimated market value of chatbots crossed $190 million in 2016 and it is supposed to grow at faster pace in the coming years. So, Chatbots are not only here to stay but to become an era defining aspect of modern web development and digital experience.
A recent study conducted by Aspect Software Research is an eye opener in this respect. According to this study 44% of customers across niches openly expressed their preference for a chatbot over human customer service professionals. According to predictions of Gartner, by the time we reach 2020, more than 80% of customer services and direct customer engagement will happen through chatbots.
Most young consumers are preferring using self-help options for making queries or grabbing ready to answer chatbots to get answer of their queries. There are various value additions made by chatbots in the interaction between customer and businesses. Let us explain here a few of them.
As smartphone flaunting and extremely socially engaged millennial customers are restless about anything they expect on their handheld screen, getting quick feedback is crucial to engage them and continue making positive steps that deliver business conversion. This want of immediacy make way for chatbots based communication which guarantees instant gratification in most cases.
Millennials are more habituated with digital assistants that respond to their queries with instant replies satisfying specific needs when interacting with the device functions and apps. In the same way, the new surge of voice command enabled and AI powered home assistants and intelligent speaker systems are opening up new vistas of smart communication between businesses and customers. Naturally, when interacting with web stores or businesses for specific needs they need smarter self-help communication that can be ensured by chatbots.
Millennials and young mobile users remain connected over the internet all the time and many of them remain glued to the screen for several hours in a day. Naturally, they have the convenience of coming into contact with web stores and apps for purchasing anything at any time. Chatbots development can take advantage of this continuous connectedness and convenience. Chatbots working within any app can just address their queries instantly and in interacting with them the users don’t need to deal with any learning curve.
Some apps are particularly popular with millennials as they spend hundreds of hours on them. Facebook, WhatsApp and SnapChat are few of them. Many of these social media apps have large consumer communities around every product and brand. Now, bots answering customer queries within these apps are opening new avenues of making business at ease with higher scopes of conversion.
Earlier Chatbots were seen as the tool to answer simple customer queries or for helping customers making purchases. But now, advanced AI powered Chatbots can also answer complex questions. According to latest study, around 33% of millennials and 38% of baby boomers are of opinion that chatbots can answer the complex questions. Chatbots are more personalised and intuitive to address customer queries based on precise insights about the customer behavior, intention and other factors.
In this technology realm, chatbots have made it possible to deliver ideal services. Chatbots have become most preferred asset to interact with people for any queries. Moreover, chatbots are not just used for interacting they are considered a valuable asset for responding even. They can be used for proactive content distribution and many other business services like:
As we are moving forward in this increasingly technology-driven society, we must not limit our business ideas to traditional consumer services and behavior. Today, every niche and demographics is finding a worth of growth in all ways. Therefore, every brand irrespective of the target market, should consider the potential of chatbots to take their business on a higher level.
WRITTEN BY: Atman Rathod
Atman Rathod is the Founding Director at CMARIX Technolabs Pvt. Ltd., a leading web and mobile app development company with 17+ years of experience. Having…
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