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24 Oct 2019
Chatbot is helping Retail business to grow rapidly.
The retail industry is the most competitive and fastest-growing industry in past few years. The biggest problem in the retail industry is to handle many customers at the same time and to deliver them the positive customer experience immediately. Receiving a high volume of requests each day and entertaining each request in a quick effective manner is a crucial thing to deliver.
Days have gone when the customer did several searches in order to get the relevant information for their desired purchase. There are many alternatives and similar products available while shopping thus the customer can have any queries related to their purchase. Today, the customer has become dynamic and need their queries to be resolved quickly and effortlessly. We are a Chatbot development company in India, several organizations leveraging the benefits of our chatbot services not only to grow there sales but also to enhance team efficiency
The use of Chatbot helps the retail business to retain and engage old and existing customers and prospects. They are easy to implement and being present on various communication streams like Messenger, WhatsApp, chatbots are always at hand, so customers don’t need to go to a website or make a phone call. They deliver excellent customer service 24/7 thereby reducing the customer waiting time. Customers can have multiple concerns while doing online shopping like product search, order tracking, cancellation, return/ refund and a simple text-based conversation on the website or mobile app allows the customers to quickly solve such queries.
Retailers present campaigns, seasonal offers to all and personalized offerings for each customer based on their product exploring pattern, purchase pattern and history and thus organizations are using Chatbot powered by Artificial Intelligence plays a vital role to deliver more informed information to the customer.
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Let’s have a look at how Chatbots increase Growth and Profitability in Retail
- Customer Engagement – To keep the customers engaged helps the retailers keep their customers up to date with new products and arrivals, latest promotions and product recommendations and these results to keep the customers happy and increase in sales.
- Quick Response – Quick response keeps the customers aligned till the end of there query and thereby increases the chance addition in cart value and sale.
- Brand Value – Offering consistent customer service helps round the clock build brand value, unlike humans where limitations (change in mood, voice tone) come specially when handling concurrent chats at a time. Chatbots are not meant to take rest or sleep, so they can consistently respond round the clock.
- Monitor Consumer Data – Chatbots automatically save the data from users in the form of text message, image, voice message and this enables the retailers to identify the customer behavior and reaction in order to offer a more personalized offering and product recommendations to the individual customer.
- Lower Cost – Unlike humans which can handle one communication at a time, a Chatbot can handle hundreds of communications at a time with no maintenance cost.
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Acceptance of chatbot industry-wise across the world as of 2017
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Retail Industry before and after Chatbot
Before Chatbot
- Delays in searching for the desired product through multiple clicks and navigation.
- 60%-time kill in non-selling activities i.e. handling enormous customers’ queries, getting through the record.
- Handling multiple queries at the same time may cause human behavior and tone wrong thus impact on customer engagement.
- One human can handle one communicate with one human at a time.
After Chatbot
- A quick search for desired product
- Chatbot self-record the data and fetch the insights from data within no time.
- Round the clock consistent customer support with no maintenance cost.
- A chatbot can handle hundreds of communications at a time.
Few predictions and insights about Retail Chatbot
- Improves sales team efficiency by 30%.
- Reduce customer service cost up to 30%
- By 2023, over 70% of chatbots accessed will be retail-based.
- Gartner predicted chatbots will be used in 25% of customer service and support operations by 2020 from 2% in 2017.
- According to DigitasLBi, 22% of customers want recommendations from chatbots.
- Chatbot converts on an average of 28% of website visitors into the lead.
- Respond in less than a second.
- 26-36 years old are willing to spend with a business via chatbot interactions.
The virtual conversational agents are the future of customer service in retail with limitless possibilities. More and more businesses are adopting chatbots to improve their customer service. A chatbot is the need of time and without it, it will be tough to stand in the competition among the competitors. At IConflux, developing interactive chatbots is our expertise with a dedicated team of chatbot experts. you are planning to deploy chatbot for your business, shake hands with chatbot experts at IConflux.
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