What Enterprises can Expect From an AI Chatbot In 2020
As per Gartner, Thanks to technology, Artificial Intelligence (AI) will be used as a standard customer experience investment in the upcoming years. According to the reports, 47% and 40% of organizations are willing to handle customer care and deploy virtual assistants.
With the advent of Technology, Chatbots have entirely streamlined the interactions between the users & services. Nowadays, chatbots have become a necessary part of every organization. Bots have gained a lot of popularity & recognition as they help to communicate and ease the workup.
As per Oracle, 80% of organizations will use chatbots by 2020. As per Ubisent study, 35% of consumers want to see more companies using chatbots for a hassle-free communication and interaction, which is impressive considering the practice is still entirely new.
Several stores and brands are looking for alternative ways to keep pace with the current social distancing scenario and provide their products and services.
Industries are using artificial intelligence to help organize, improve, and streamline tasks such as creating custom experiences, personalized emails, offers, chatbots, and various other hyper-personalized experiences. In the past times, the focus of businesses has shifted from profit maximization to customer satisfaction, and rightly so.
In the coming future, Chatbots will completely change the way businesses perceive and communicate with their clients and prospects and help in customer service, customer retention, lead generation, customer engagement, and so on.
According to Oracle, 80% of business respondents will utilize or intended to use chatbots by 2020, and 85% of communications will happen through chatbots that offer various benefits such as 24*7 availability on internet service provider platforms as email, SMS, live chat, and apps.
Top trends for chatbots in 2020
Here is a look at which chatbot trends will dominate in the upcoming year:
Chatbots will act as a human
It is believed that the chatbot industry will become the driving force of business communications in the coming years. According to Global Market Insights, the overall market size for chatbots would be over $1.3 billion by 2024.
With the advent of technology, Chatbots act like human beings as they communicate and solve customers’ queries in real-time. It has become easy for the bots to understand the purpose of the problem and resolve it.
Organizations are actively using and embracing AI innovation to ease their workload and make it hassle-free. Alongside this, there are few barriers to executing chatbots that have to be resolved.
Use of AI in contact centers
With the advent of Technology, Chatbots, virtual assistants, and messaging are already helping transform call centers worldwide. Artificial Intelligence will be necessary for organizations and enterprises in the upcoming time.
With the up-gradation of businesses from inefficient IVR technology to AI, Chatbot trends aim at saving costs. According to Chatbots Magazine, With the implementation of conversational chatbots, companies can reduce their customer service costs by up to 30%.
One of the main benefits of chatbots is not only to provide support and services but to do so like a human. With the increased popularity of chatbots, various technologies have been refined, such as NLP, AI, and machine learning.
Thanks to advanced technology, chatbots can communicate and hold conversations like humans instead of providing bland cardboard responses.
Data-driven customer insights
One of the main things of chatbots is they can also make notes and collect data like humans while holding conversations or immediately after it. It means that instead of relying on guessed customer personas, you can know what your customers are actually like, their most common pain points, what they expect of you, and so on.
One of the most important trends of AI Chatbot is Automated Support. Mechanical assistance is in call centers where the employees are available round the clock to provide customer support and address customer requests. Chatbots also help in revenue generation and cost-saving if they provide customer service at the initial level. Bots can save costs by 30% approximation.
With the help of the feature, Automated Support, Requests, and Queries can be advanced up by a specialist support team. Organizations will need to hire less workforce to attend calls, resolve queries, and respond to emails.
Chatbots as a messenger
According to the statistics, 68% of consumers prefer messenger bots to communicate within the organizations or in businesses to the customers. With the help of the concept of conversational commerce, customers prefer to shop online with chatbots as they are easy to use and save time.
However, with the advent of technology, Messaging platforms help every kind of business improve its branding and deliver the best customer service.
Messaging platforms with the merger of chatbots can help to scale up the businesses by:
Marketing engagement: Chatbots enables enterprises to enhance marketing engagement. Nowadays, Customers prefer to use AI- Driven chatbots for a hassle-free experience, alongside they also prefer a business that offers bot support. As per the statistics, 47% of users prefer to use bots for purchasing items. The majority of customers prefer and trust chatbots to interact with businesses.
Brand awareness: Market planners advocate the utilization of bots to increase brand awareness, customer satisfaction, and customer retention. One of the essential features of chatbots that makes it more impressive and trustworthy is that chatbots are hassle-free to use and its 24*7 availability. With the help of chatbots, customers get their queries to solve quickly and in no time.
Customer support: One of the most essential and appealing features of the chatbot is its 24*7 availability and ability to resolve user queries. Most chatbots can engage with their clients by solving their problems and questions in odd hours. With the advancement of AI, chatbots tailor their clients more specifically to customize their queries.
Sales & lead generation: Chatbots play a significant role in lead generation as they allow us to automate the sales process by converting prospective customers into leads.
Internal communication with chatbots
Chatbots help to handle customer requests and queries seamlessly and hassle-free. Bots also help to deliver and communicate incredible business value by streamlining the internal workflows between the businesses and enterprises.
There are several cases of AI chatbots that can be used to achieve a single goal with the help of various applications– to improve the experience and efficiency of the customers, like:
Human Resource (HR): AI Chatbots can also be used within an organization to keep the employee’s records, answer day-to-day human-resource-related queries, and complete transactional HR services.
Employee onboarding: Onboarding is a tedious and very time-taking task. By implementing the chatbots within an organization, organizations can quickly initiate the interview process without any hurdle. Enterprises can also field screening questions and capture the answers by implementing the chatbots.
Internal help desk: Chatbots can be used to improve the response time and handle the queries. Bots help to manage the questions that further allows IT service desk agents to work on complex queries. The bot learns the answers to repetitive questions and gradually improves the compassionate way.
Bots for payment
Nowadays, a majority of brands and organizations use social media platforms to sell their products and items. One of them is Facebook that has about 300,000 chatbots that allow making the payment and enables the method smooth and seamless.
AI Chatbots are changing the whole way of communication between businesses and customers. It also helps to manage campaigns for lead generation and automate payments.
There are some benefits to use bots for payment, such as:
Directly buying with Messenger – With the help of AI Chatbots, Customers can instantly buy with the messenger without leaving their applications.
The right way of conversational selling – Allows your customers to ask questions, and you can recommend the best product as per their needs.
Trustworthiness– There is no issue with the credit and debit card security with Facebook as many people rely on Facebook Messenger
Scalability – Chatbot is easily scalable – it means you can sell products directly inside your automated Messenger sequences by 24×7 bot.
List of best AI chatbots for 2020
- Watson Assistant
Thanks to AI, chatbot solutions are becoming increasingly smart and intelligent, so they are becoming the trusted advisors of customers. And this is just the beginning, who knows what else chatbots will be able to do in the years to come!
Automation will make its roots extra more robust and overcome all the chatbot challenges faced by enterprises. There are several factors of chatbots that impact your customer journey and experience, such as the proper understanding of the business needs and requirements.
According to statistics, the majority of brands and businesses will be using the AI-powered Chatbots into their marketing, sales, and service by 2020 so that customers can move down the sales funnel by interacting with the business on their terms.