Your Business Is Using Chatbots, Right?

Adding a chatbot to your line of defence in consumer support can make managing customer requests 24/7 seamless. Research shows that 51% of consumers say a business needs to be available 24/7. Chatbots help to improve levels of accuracy that lead to more client retention. Also, chatbots usually cost less than the staff member or an entire department of customer support. The challenge of offering live chat services is finding employees willing to work long hours at unconventional times. As job positions demand higher emotional intelligence, offering customers an AI customer service solution may be the best way to continue providing high-quality customer service while maintaining a mindful work schedule. 

When faced with such a daunting task as responding to all your customer’s queries, chatbots are here to help. That’s where chatbots come in. Chatbots for customer service is more economical, efficient, and yield than outsourcing development countries.

The Workforce Problem

Employees ready to work as needed and in the off-hours can be tricky. However, the best practice is to create chatbots that offer those same services to meet customer needs without salaries or wages. According to research by INC, 44% of online consumers expect live chat service and support during the purchasing experience. It’s indicative of how commonplace these services have become. The challenge in offering live chat services is finding employees willing to work long hours at unconventional times. People need to rest between work shifts. Mundane work is becoming a difficult sell as more fulfilling and dynamic jobs become available.

Chatbots need to do the following:

• With consumer demands more, companies need to provide service representatives who can offer help at all hours. A chatbot is a problematic and expensive commitment but cannot be ignored due to the highly competitive market. Chatbots allow for inexpensive and efficient customer assistance as technology advances.
• With chatbots, you can meet the needs of your growing consumer base by establishing quality customer service with reduced costs. Chatbots can handle an immense volume of requests, generate a personalized response, and provide a quality social media experience through humanized interactions.

The Technology Solution

Increasingly, companies realize that chatbots can provide 24/7 service for any customer questions. For example, one form of a chatbot is Siri or Google Assistant on your phone. With AI detecting keywords in your questions, intent, and sentiment in the question, Siri or Google assistant can then offer help and suggestions on how to solve any issue you’re having!

A chatbot can perform 90% of the work of a live representative instantly for demanding customers. Chatbots provide on-demand customer service without expensive staffing, resulting in such happy users like AT&T and Volvo who are using them. Local businesses and companies can also bolster their customer service with a chatbot to better and more efficiently serve their consumers. 

Natural Language Processing (NLP)

Chatbots employ proficiency with Natural Language Processing (NLP). NLP software sifts through a user’s input to accurately approximate their wish. For example, suppose a consumer says, “I want a pair of Dior Air Jordan 1”. In that case, the software pulls out the most important keywords or phrases “I want” + “Dior Air Jordan 1”, and then the chatbot provides an accurate approximation of what the consumer wants “Hi! Here’s a link to  Dior Air Jordan 1: [link]”).

Chatbots go above and beyond human interactions. For example, chatbots can understand more complex variations and synonyms in speech like “sore,” which humans might not know the definition of. Some chatbots are also able to detect if the user is frustrated. For example, if a consumer says, “I want a pair of Dior Air Jordan 1 right now!”  the bot should skip steps and proceed with the process.

Using structured data and computer learning like NLP can offload the vast majority of customer service needs from human agents to chatbots. As a result, chatbots are free to handle various use cases with more precision than a human. As a result, a chatbot allows people to complete more complex customer service tasks, freeing them from time-consuming tasks that customers can’t handle.

Why Your Business Should Be Using Chatbots

1. Consumers Want Fast Service

A common way for customers to contact a business is by sending a direct message on Twitter, and 70% of customers expect less than one hour response time. However, chatbots answer messages immediately, which alleviates the risk of waiting too long for a response. Chatbots also give customers a personalized experience by answering questions about their service rather than just telling them where to go.

2. Customers Prefer Online Chat Over an Agent

Live chat has a 73% satisfaction rate which is surprisingly higher than live chat competitors, like email and phone, at 61% and 44%, respectively. In addition, 75% of survey respondents prefer live chat over the phone, and live chat usage has grown by 54% in the last five years. As a result, it is projected that 82% of survey participants would use live chat on mobile devices, and 62% expect to see this in their lives.

3. Chat Functionality Drives Conversions

A chat visitor is worth four times as much as a non-chat visitor and makes 60% larger purchases on average. Additionally, 79% of businesses say offering live chat has increased revenue, sales, and customer loyalty.

4. Chat is Effective

The ever-evolving world wide web has developed into a time-efficient environment where businesses can provide 24/7 customer service with on-demand chatbots. The following graph states that for each minute spent communicating with a chatbot, over four minutes are saved compared to traditional call centres in the banking and healthcare sectors. Chatbots also provide adequate customer service, which leads to saving ROI.

5. Chatbots Carry Significant ROI

Companies using chatbots work more efficiently, with the savings being plentiful. According to a Software Company study report, organizations in America saved $20 million in customer service costs from paid chat software in 2017. Furthermore, chatbots can generate 30% to 70% relative to the price of a human customer service team.

6. Chatbots Are Versatile.

• Chatbots are used in the workplace to support various tasks with employees’ efficiency, including assisting with email management (14%), customer service (13%), typing with voice dictation (46%), and team collaboration (26%). A recent survey found that many organizations have already implemented chatbots in various capacities, such as after-sales and customer service. 

• People are demanding 24/7 customer service. Chatbots are used to replace tasks such as typing, team collaboration, employee calendar management, email management, customer service, Information Technology (IT) Companies’ help desk management, and data analysis. 

• An 85% respondent rate of Chief Information Officers (CIO) and Chief Technology Officers (CTO) reported that they use chatbots in various areas, including after-sales and customer service, and customer relationship management.

7. Chatbots Are Becoming More Widespread

Findings from Google Trends exemplify the potential for chatbots in customer service and support. The search data shows that interest in technology has grown over the past five years. In addition, 60% of IT executives say chatbots have a high return on investment, 44% report that other firms are already using the technology, and 56% believe their industry will soon be disrupted.

Chatbots are saving companies money by freeing workers from lesser tasks and giving businesses a headstart in a world that relies on AI to serve users.

There’s a lot more to the topic, but let’s leave it at this:

• Chatbots are an easy way to get the information you need
• Chatbots help make staff more productive.
• Chatbots give businesses a headstart in a digital landscape where AI and machine learning will be integral, helping serve users more quickly and efficiently.

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