Digital Transformation

10 benefits your business is missing out without a chatbot

24th Oct 2019

Do you remember, just a few years back, there was so much hullabaloo about how chatbot are going to change the landscape of business across the world! We have already lived through that phase and now we can see chatbots all around us. Do you know that most of the international banks such as Yes Bank, are now offering loan facilities through chatbots? They are set to transform one major aspect of any business – Customer Relations. The statistics published by Forbes say that 70% millennials have positive review about chatbot technology. This is the reason most of the global giants are slowly embracing chatbot in their business model. So, in this article, we will discuss the 10 benefits that a chatbot can give to your business.

  • Customers

    1. It excites and entertains your customers

Estimates says that more than 67% customers used chatbot for the customer service last year. What’s more interesting? By 2020, more than 85% of the customer interactions will be handled without any human intervention. This is because most of the chatbots have their own personalities and they create a conversation that the customer enjoys. These statistics are the proof of it.

  • For Intellectual Tasks

    2. It frees the human capital for intellectual tasks

Many people believe that chatbots will automate everything and humans will no longer be necessary. This is not the truth. Chatbot will be the connecting link between the customer and humans. They will eliminate repetitive conversations and they will handle conversations in absence of the teams. The statistics say that 86% people think that there should be an option to take the conversation to agent, in the chatbot.

  • Cost

    3. It reduces the operations cost to a great extent

CNBC reports that by 2022, chatbots will have businesses save the money to the tune of $8 Billion. That means with every customer interaction, it will save $0.7 for the company. This is big number if you consider its impact on the growth of the company. What’s more, it will save a lot of time of the teams as well as the customers. It will save $2.5 Billion hours by 2023.

  • Sales And Marketing

    4. It will transform the sales and marketing strategy

Because the customers want to talk with you, that’s why they are there in the chatroom. Now the sales and marketing strategy shouldn’t focus on taking the customer to dead websites, they should focus on taking the customer to an alive conversation. So, the businesses need to rethink their sales and marketing strategy and take it to automation.

  • Chatbot Scenario

    5. It will increase sales compared to no-chatbot scenario

The research by Grand View suggests that 45% of the customers prefer using chatbot to start their conversation and as a primary mode of communication to field their questions. 51% people believe that ‘Easy Communication’ is one of the top benefits of chatbots. The chatbots can take care of so many different tasks such as …

  • Lead Generation & Qualification
  • Feedback Gathering
  • Information Sharing
  • Surveys
  • Customer Service & Support Operations
  • Product/Service Recommendations
  • Order/Service Tracking

  • communication

    6. It will evolve and optimize your communication strategy

The simple fact is – millennials like to talk to a chatbot more than older generations. So, in the future, there will be more and more people who will consider talking to a chatbot as a normal process. Mindshare report says 63% people would consider it. Businesses will have a chance to talk to the customers the way they want and tell them the things they like to hear.

  • Customer Satisfaction

    7. It will improve the operations and customer satisfaction

Chatbot will help the businesses get a consistent feedback about their offerings and they will start a process that allows continuous evaluation and optimization. Tracking the effectiveness of language, user experience, ease of use and many other factors related customer satisfaction will allow the businesses to set up a constant learning cycle.

  • Personality

    8. It will give a consistent personality to your brand

Chatbot magazine reports that in the US, 67% millennials are likely to make a purchase using a chatbot. Chatbot will have the ability to analyse the data and create a personalized communication with the individual customer. This means a stronger relationship between the customer and the brand. It will help business build a favourable brand perception and rapport.

  • Markets

    9. It will help businesses go global and access bigger markets

Chatbot is already being used extensively in the western world so, it is easy for businesses to tap those market using chatbots. USA (36% engagement), India (11% engagement) and Germany (4% engagement) are the main countries which have seen a tremendous growth in chatbot usage. This also means that there is a huge scope and more countries will follow the suite.

  • Revolution

    10. Combined with RPA and AI, chatbots will start a revolution

Robotic Process Automation (RPA) and Artificial Intelligence (AI) are the technologies of the future. Along with chatbots, this combination has the potential to change the way businesses are managed in the world. This combination can allow a company to expand their capacity and broaden their profit margins by reducing costs of operations. Read More about the deadly combination of RPA, Chatbots, and AI.

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Chatbots have brought tremendous possibilities, only for those who believe in it and have the courage to move on to the new world order. We can say this because being in the chatbot development industry for years, we know how chatbots have transformed the business models already. iConflux will help you out if you are looking for a bot with a personality. Email us on [email protected]. or just click here to contact us.

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