10 Chatbot Benefits Your Business Can’t Afford to Miss in 2020
A Chatbot is software designed using Artificial Intelligence (AI). Chatbot helps in the conversation between the user and the service provider on an application or website.
Chatbots have assisted businesses in generating leads and increasing conversion rates. It has also helped in cutting the extra cost of leading businesses by decreasing the need for hiring customer service employees.
The top chatbot app development companies are planning to add new features to chatbots from 2020.
Top Articles on How Businesses are using Bots:
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Here are 10 chatbot benefits your business can’t afford to miss in the coming years -
1. Increased Humanization in Chatbots
Global Market reports suggest that by 2024, the Chatbots market will generate a revenue of $1.3 billion.
The coming year will experience a more humanized form of Chatbots. Some of the new features are as follows -
- Proper understanding of the requests made by the users
- More enhanced conversational skills that can easily understand human dialogues and phrases
- Proper execution of the technical commands made by the user.
- Complete understanding of different accents and cultural dialogues.
2. Using Chatbots Instead of Customer Service
The virtual assistants are gradually taking over most of the businesses. The chatbots magazine suggests that the customer service cost will be decreased by 30% with the increase in chatbots.
Hiring customer service officials can prove to be very costly for businesses.
Adding chatbots in place for customer service staff will provide many benefits like -
- This will help in increasing customer involvement by answering and resolving queries quickly
- It will also help in increasing the conversion rates by recommending new products to the users
3. Inclusion of Chatbots in Messaging Platforms
Using chatbots as messaging platforms helps businesses to grow. It creates a sense of connection between the customer and the service provider.
Conversational commerce helps in improving the brand name and customer loyalty.
This will help in growing businesses by -
- Establishing a medium of interaction between the customer and the business. This boots the purchasing rate by the customers.
- It helps in increasing the brand awareness by increasing the interaction with the customers. Chatbots help in reverting back quickly to the queries of the customers thereby increasing brand awareness.
- Chatbots help in the generation of leads and increase conversion rates.
For instance, take the example of Book my show. Book My Show is integrated with WhatsApp to generate M-tickets. Book my show using the medium of a messaging platform to connect with customers.
4. Inclusion of Voice Options in Chatbots
Chatbot developers are planning to add a voice recognition feature to the chatbots.
Typing can be tough at a time when you are busy or traveling. Voice recognition in chatbots will help customers to easily record and send their questions and queries.
5. Payment Options for Chatbots
The customers desire to have an easy method for payment. Chatbot developers are planning to add payment options to chatbots.
This will assist the customers in online shopping. They can easily make payments after buying a product.
Businesses are planning to integrate their chatbots with payment system APIs.
The bot will provide a payment link to the customer, thereby making the payment method quick and easy.
6. Emotional Intelligence in Chatbots
One of the future trends in the upcoming chatbots is the inclusion of emotional intelligence in its working.
Customers want to interact with a human. So, it is very important for chatbots to respond like humans.
2020 will experience the elimination of robotic behavior of chatbots, making the experience more humanistic and less mechanical.
7. Development of Organizational Chatbots
The developers are going to deliver organizational chatbots in the near future.
Most organizations need a chatbot to resolve HR-related queries. It can be used to send information to the candidates and employees.
Some chatbots are already present in the market for HR purposes like — JLT bot and Amber.
8. Self Learning Chatbots
When a new chatbot is incorporated into your business software, it has to be trained by feeding information to answer and solve the queries of the customers.
The developers are going to launch adaptive chatbots in the coming year. There is no need to feed these chatbots with data. These chatbots are self-adaptive and learn how to respond to the customers by themselves.
Facebook’s AI Research Group and Stanford University have designed a self-learning chatbot. It trains itself by adapting to the feedback of users and also increases its speed with time.
9. Multilingual Chatbots
This is one of the most important features the developers are going to incorporate in the future bots. It is very important to reach a wide audience to make your business grow.
To reach a wide audience the chatbots should be able to converse in the native languages of the customers.
The bots are robotic in nature and are not able to understand the native and cultural dialects.
Though the chatbots have an option of translation, the chatbot developers are planning to design chatbots in such a way that it can talk to the customer of any country in any language using and understanding their natural dialects.
10. Improved Customer Insights
The bots will make the service easy for the customers. These bots will be able to track the activities of the customers on a website or an app and suggest related solutions.
These bots will be easily able to track the behavior of the customers and analyze their likes and dislikes. This will help in increasing the purchase of products and thereby increasing the revenue generated by the company.
Conclusion
If you want to boost your business in the coming year 2020, don’t forget to incorporate chatbots into your application or website.
The above-mentioned add on features will largely increase customer engagement and improved branding of your product.
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