AI-powered chatbots have gained traction by storm globally and entered every aspect of our lives, having changed them fundamentally. Grand View Research new report states the global chatbot market is expected to reach 1.25 billion U.S. dollars by 2025, growing at a CAGR of 24.3%.
Large organizations and medium-sized businesses applying this chatbot technology do better serve their customers assisting them in various sectors. In this article, we have considered the main factors of the AI-based chatbot technology growth, the benefits for businesses it provides. Let’s dig a little deeper.
Key drivers of chatbot growth
The crucial factors for chatbot upsurge are presented below:
- Increasing websites and mobile apps penetration.
- Fast-paced demand for high-intelligent consumer involvement.
- Heightened need to understand consumer behaviour.
- Innovations in machine learning, artificial intelligence technologies.
- Increasing adoption of service activities for customers.
Benefits the chatbots provide to businesses
Let’s take a closer look at top 9 chatbots benefits they provide to businesses. Below you can read about it:
1. Reaching prospects
Businesses usually try to message their consumers through the emails, newsletters or pages on social media. However, these ways don’t achieve greater engagement businesses would like. Chatbots platforms like Kik or Facebook Messenger are great at fighting for the right prospective clients. If consumers are continuously active on AI-based chatbots platforms, businesses should focus on more creative ways to attend them.
2. Deriving business intelligence
AI-based chatbots allow gaining business intelligence much easier. Businesses can learn the trends, decode the previous conversations with customers to identify their choices and interests, see their likes/dislikes, think of what can make them happy. All these data insights can be utilized to improve the business processes and innovate the products/services your business offers.
3. Affordable price
Businesses will require the customer service department extension managed successfully. Implementing well-functioned AI-powered chatbots solutions will be much more cost-saving than forming the customer service department. Since chatbots solutions are AI-powered, businesses can solve addressed complex inquiries in two ups. Chatbot solution is affordable, prevents accidents caused by human errors.
4. Providing better support
Currently, consumers are opting for messaging and other self-service channels instead of calling for support. AI-powered agents can interact with the prospects just like a human being, enable them to put questions about searched products/services and get them answered. AI-based agents never sleep and provide intelligent, extensive round-the-clock support, 24/7/365 that improves customers experience.
5. Minimizing or eliminating human supervision
Businesses save time and reduce human labor based on fast and easy AI-powered agents installation and usage. They can focus their resources on other productive and high priority business tasks. AI-based digital agents can work for hours without human supervision. Implementing them into the communication strategy results in reducing the number of service agents and contributes to a considerable saving in human capital investments.
6. Generating more leads
AI-based digital agents have communication with the leads, analyze their behaviour and identify the ones who are actually interested in the offered products/services. They enable businesses to find the potential leads and convert them. They can also maximize the ROI by integrating an AI-based chatbot solution with their customer relationship management platform.
7. Increasing customer involvements
AI-powered agents provide the prospects with a collaborative experience easily. That means consumers feel as if they are working with somebody who is eager to settle their issues. User-friendly interface is also crucial to deliver a pleasant interaction, enhance the efficiency that results in increasing customer engagement.
8. Driving sales
AI-powered digital solutions are not just created to inform consumers but applied to have a communication with the target audience directly, offer products or services that will influence on company sales. Businesses should implement AI-based digital agents to increase sales, improving the customer experience and service.
9. Delivering more personalized experience
Consumers are interested in getting personalized experiences everywhere and at any time. The faster businesses provide it, the sooner they gain profit. AI-powered digital agents can analyze the previous conversations to deliver more tailor-made services to their consumers. This will lead to a better customer engagement, drive customer acquisition and satisfy customer requirements.
Nowadays, businesses should implement these AI-driven agents to reduce the cost of business operations and workloads, provide better support, etc. DDI Development company has a vast experience in building and implementing chatbots solutions. Let us know if you need any help in conducting some market research, monitoring competitors, or adopting chatbot solutions, and we can develop an effective сhatbot strategy for your business.
The author is a content creator at DDI Development which is a highly proficient custom solutions provider delivered more than 150 outstanding effective projects worldwide from startups to SMBs to brands since 2007. She loves to write and read about innovative development technologies and is passionate about animals, gardening and camping.