CHATBOTS AND WHY THEY ARE THE FUTURE TREND AND BEYOND | by Botspice | Aug, 2021
Chatbots are clearly the ‘Future of Engagement’. Small businesses and large companies are adopting chatbots to capture customer attention and initiate personalized conversations with minimal human interference. Chatbots help businesses to engage and interact with potential customers as well as connect with existing customers. Companies are adopting chatbots as a cost-effective way to automate tasks that previously needed human intervention. Chatbots can answer queries, resolve issues and provide services 24/7. Chatbots are programmes that use Artificial Intelligence AI to understand and respond to languages. They are programmed to respond to keywords and conversations to specific intents. Chatbots depend on Machine learning to improve their efficiency and NLP Natural Language Processing helps address the issues of mimicking human-generated text and language.
Key Chatbot Statistics to know in 2021
Chatbot promises 24×7 availability with auto-learning capabilities that have even intrigued e-commerce giants to hop on the chatbot bandwagon. Everyone is talking about implementing a chatbot and the ease it provides in communicating with the customers, enhancing customer experience and providing an excellent customer experience.
Here are statistics for the current chatbot trends in business:
- The finance, healthcare, education, travel, and real estate industries are profiting the most from chatbots.
- 80% of businesses are projected to integrate some form of chatbot system by 2021. (Outgrow, 2018)
- Chatbots can help businesses save as much as 30% of customer support costs. (Invesp, 2017)
- The market value of chatbots was $703 million in 2016. (Outgrow, 2018)
- More than 50% of customers anticipate that businesses are open 24/7. (Oracle, 2016)
- Chatbots are popular among both millennials and baby boomers. (Chatbots Magazine, 2019)
- There are more than 300,000 active chatbots on Facebook. (Venture Beat, 2018)
Chatbots use cases in 2021
With a projected worldwide market size of more than $1.3 billion by 2024, chatbots will be a driving force for business communications. (Intellectyx, 2019)
Chatbots are aiming to be more human-like with conversational AI technologies that provide customized experiences and boost customer loyalty. It significantly impacts the way businesses connect with their customers, manage their marketing campaigns for lead generation, and automate payments.
67% of millennials in the US reported that they would likely purchase products and services from brands with chatbots. (Chatbot Magazine, 2018)
According to studies, top 5 industries that benefit from chatbots are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%)
Chatbots are also transforming the way HR functions. By deploying chatbots and creating an automated ecosystem for the core human resource functions, companies minimize the amount of time HR professionals spend on routine administrative tasks and unlock new opportunities to automate processes to elevate the organization’s overall employee experience.
AI chatbots can bring about transformational changes to customer service when implemented well. With the help of insights and analytics, businesses can predict consumer behaviour and also collect extremely valuable information to self-train the bot. Chatbots can collect and aggregate customer feedback data to exhibit more human-like features in conversational interaction and streamline overall customer support experiences.
According to the estimates of the World Health Organization (WHO), we need over 4 million health professionals in addition to the current workforce worldwide, to be able to offer quality healthcare to the entire population.
Chatbots can help manage this overwhelming demand for healthcare. Healthcare consumers are taking a more assertive role in their healthcare journey, expecting immediate high-quality and accurate information that is smart and cost-effective. AI-driven healthcare chatbots can provide digital health solutions to tackle the health challenges we face today, providing information, care and support at the click of a button. With a combination of NLP and machine learning technologies, chatbots can understand a patient’s intent and answer questions effectively without having to follow up frequently.
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2. Automated vs Live Chats: What will the Future of Customer Service Look Like?
3. Chatbots As Medical Assistants In COVID-19 Pandemic
4. Chatbot Vs. Intelligent Virtual Assistant — What’s the difference & Why Care?
The manufacturing industry is one such industry that has tremendously benefited from an AI-enabled digital application. Chatbots can help address and resolve the common challenges faced by the manufacturing industry such as forecasting demand, inventory management, managing labour, improving efficiency and monitoring daily activities. Creating solutions with conversational AI-powered chatbots will relieve workers of mundane tasks and focus more on high- -quality tasks.
By 2035 AI technologies have the impending to rise in production 40% or more.
AI will boost the economic growth an average of 1.7% across 16 industries by 2035.
AI is rapidly changing the game of learning in an age where learning has become more accessible than ever. Engaging students in more than just words, bridging the gap between learners and instructors and also providing access to information is the key to an enriching learner journey. For example, chatbots help in educating students by providing an interactive learning platform experience to them. It allows the education platform to automate student’s queries, take surveys and collect their questions. It also allows you to download various multimedia and other documents for a complete visual and interactive learning experience.
These are just a few uses cases. There is a greater potential for chatbots to be deployed in multiple businesses.
Why Workbots by ‘Botspice’ are the Future?
A chatbot is a breakthrough technology that has completely changed the way businesses communicate with their customers. Organizations are under tremendous pressure to drive customer interactions effectively and respond to their query in minimal time.
Gartner reports that virtual assistant usage in the workplace will climb to 25 percent by the end of 2021.
To meet business goals and generate more revenues, companies must implement a system that engages customers more effectively by providing relevant content in the shortest time. Workbot by Botspice is your best bet when it comes to creating engaging and interactive conversations. Workbot increases user engagement by using interactive workflows and make the conversation more human-centric. They help businesses in educating their customers about their products, services and other marketing campaigns.
Some benefits that Workbots offer are:
- Improved user interaction.
- 24×7 availability.
- Manage high-volume queries.
- Support human customer service agent.
- Save operational costs.
- Increase sales by offering upselling and cross-selling opportunities.
- Monitoring customer data and gain insights.
Botspice Workbot takes away the effort of coding and building your AI-powered “Brain” to drive the conversation. It allows you to modify the workflow and deploy your Workbot in minimal time for instant time-to-market outreach. If you are curious to learn more, reach out to our expert and start your journey with a Workbot.
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