Last updated - December 5, 2022
Chatbots have attained a lot of recognition and acceptance in the last few years. Today’s chatbots are undoubtedly a more sophisticated option than past methods of customer support. Powered by AI, ML, NLP, and sentiment analysis, they can communicate with customers more human-like since they are based on sophisticated capabilities like these. Businesses throughout the globe are increasingly turning to them for help in delivering top-notch customer service.
Significance of Chatbots for Any Business
The majority of marketers plan to start employing a chatbot in any way possible. It is an important reason why brands are capitalizing on the enhancement of the customer experience.
AI-based chatbots improve operational efficiency as well as bring cost savings to businesses while at the same time providing convenience for consumers. Enterprises can automate FAQs as well as reduce the requirement for human interaction.
Chatbot trends are very popular now. Here we are mentioning the key reasons why increasingly businesses are choosing the chatbot approach and how they are a win-win formula to get and retain clients.
- All-time availability – Chatbots are 24×7 available to involve customers with quick answers to the general questions asked of them. The best potential advantage of utilizing chatbots is 24×7 consumer assistance.
- Cut down waiting time of customers– 21% of customers prefer chatbots as the simplest way to interact with any business. Bots are a cleverer way to assure that customers get the immediate reply that they are seeking without letting them wait in a queue.
- Proper customer engagement – Chatbots can engage consumers round the clock by providing personalized recommendations and starting proactive conservation that improves customer experience.
- Automate lead generation and sales – You have the facility to automate your sales funnel through chatbots to prequalify leads & direct them to the perfect team for supplementary nurturing. Being competent to engage customers quickly increases conversion rates and the number of leads.
- Save consumer service costs – Chatbots will assist businesses every year and save more than 8 billion dollars. Bots can be effortlessly scaled which saves consumer support expenses of infrastructure costs, hiring more resources, etc.
So, these were some of the crucial reasons people and businesses are preferring chatbots for their projects. You would also like to know how far it will go in the future and what are the statistics of the same. We are now coming to the point and discussing this ahead. So, just read on to get more knowledge about chatbot trends and statistics.
The Present and Future Demand for Chatbot
From insurance to finance to healthcare to eCommerce to retail, chatbot for marketing will be widely used in various sectors by the year 2021. Employees will soon be able to use chatbots in the workplace to improve their overall experience. According to Gartner, an estimated 70% of white-collar professionals will be engaging with chatbot sentimental analysis by 2022.
Instead of sifting through dozens of papers, an employee may issue a voice or text command to locate the information they need. Isn’t that intriguing? Here are some more fascinating stats and projections for the chatbot business next year. According to a new report, chatbots are expected to grow from USD 2.9 billion in 2020 to $10.5 billion by 2026. A compound annual growth rate (CAGR) of 23.5% is predicted from 2020 to 2025.
Chatbots will be more like real people
In 2024, the global market for chatbots is expected to be worth $1.3 billion, according to research firm Global Market Insights. Consequently, the chatbot sector is destined to become the driving force in the commercial communications market. The NLP bots employ sentiment analysis and predictive analytics to intelligently grasp the questions’ dialogues and purpose. In light of recent chatbot trends, and statistics, there are still certain hurdles to effectively implementing chatbot best practices.
Chatbots for Good Customer Support
According to Chatbots Magazine, a conversational chatbot may lower customer support expenses by up to 30%. Building an AI chatbot is being used in place of IVR systems to save money, which may be inefficient and time-consuming. Changing a password, obtaining a balance, or arranging an appointment may all be handled by bots without human intervention.
To give you an idea of how this may be put to use, consider the following:
- Due to the repeated nature of routine conversations, bots may drastically decrease the number of human agents needed and improve the staff attrition ratio.
- To keep your contact centre open around the clock, you’ll need to hire full-time employees. To serve numerous lines of business, the number of customer service representatives has to be increased.
eCommerce Chatbots to Provide All-Time Support to Customers
eCommerce chatbots help companies to conquer sales obstacles, reduce support tickets by becoming available 24/7 and recommend products to improve sales. Build an AI-based eCommerce chatbot that will provide a life-like conversation. It will help in reducing the chance a customer abandons the site because they couldn’t get their question answered.
Deep understanding of the consumer to guide the actions of a chatbot
The next stage enhances the user’s experience by making chatbots more conversational. Training chatbots that are more human-like requires the use of sentiment analysis. It’s not enough to respond to a customer’s issue; you also need to make them happy. Chatbot sentimental analysis helped to understand their customers’ feelings and adjust their responses appropriately.
Excellent Customer Experience Will Boost the Adoption of Chatbots
Chatbots created with AI will change how companies connect with their consumers. Staying updated with the new trends in the chatbot industry helps a lot. It is the best way to communicate with clients in the current era of social messaging apps. A corporation having $1 billion in yearly sales may expect an increase in average revenue of $823 million in 3 years. Many companies process lead generation, FAQs, and customer feedback through the advanced AI chatbot platform.
Voice bots are getting more and more commonplace in the modern world
Users begin their days by asking, “Ok, Google, what’s on my calendar today?”. According to Forbes, “Voice search will account for more than half of all searches.” It’s a conversational banking trend just getting started. Voice-driven chatbot trends are a great way to ensure that your customers have an easy time interacting with your company. According to an Accenture study, it has been shown that digital customers prefer messaging services with voice and text-based user interfaces.
Messaging platforms fuel Chatbots’ rise
Buyers are more likely to use chatbots to do business when the notion of “conversational commerce” is promoted. Companies can shift their focus from enhancing their brand to providing the most excellent customer service thanks to messaging platforms.
Messaging applications will become more popular in the future because of their powerful bot capabilities and their ability to interface with different corporate processes.
Social media will dominate AI adoption
Making friends on social media is a thing of the past. You may now use it to express your thoughts, place orders, provide feedback, and even get in contact with companies. As a result, companies must turn to building an AI chatbot to improve customer service on these platforms.
More than a hundred thousand Facebook bots are now in use on the Messenger platform of Facebook. Many companies are already using chatbots to help them better understand their customers’ requirements and find new and better ways to serve them.
Automated payments will be made possible via chatbots
Chatbots are revolutionizing how companies connect with their consumers, manage lead generation efforts, and automate payment processes. According to a survey conducted by Chatbots Magazine, 67% of US millennials are open to purchasing a business that employs a chatbot to answer their questions.
Businesses will utilize chatbots to automate easy payments and enable customers to pay through live chat or Facebook Messenger applications in the future. Customer happiness and satisfaction are increased as a result of the quick procedure. The chatbot was explicitly developed for MasterCard’s customer payments. The bots’ ability to answer questions about account balances, aid clients in setting payment alarms, and collect final payments from customers is a crucial feature.
Chatbots will soon be a part of our everyday routines
In the future, more and more brands will be developing apps. Bots can gather and evaluate data to conduct essential decisions. For example, bots may automate personal duties such as exercising, parenting, and e-learning. Users’ preferences may be discovered, and a customised chatbot experience is created with the help of fitness chatbots. It won’t take up a lot of the user’s time, but it will keep them motivated to stick to their weekly workout schedule.
Groovy Web has already positively impacted a wide range of industries, including healthcare, via smartphone apps. We may conclude that 2022 will be a fantastic year for the chatbot sector. More customer-user experience-related positions are likely to be created due to the industry’s growth.