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Why Chatbots Are Taking Over Customer Service

Why Chatbots Are Taking Over Customer Service

While in conversation with customer support have you ever felt suspicious that you might not be interacting with a human? You were correct – There are significantly high chances that you might be interacting with a chatbot. One of the biggest reasons why

AI based chatbots

are becoming more popular with every passing day – is due to their spontaneous response to every problem and to almost everybody present online.

Time! Yes time is the word and in this online space time matters, in fact even here time is money. With everybody running and complaining about shortage of time you cannot afford to lose a single customer on the basis of your inability to offer a response on time.

chatbots

Let us first understand that

what exactly an AI chatbot is!

It is an artificially intelligent computer program which handles a conversation with the help of a textual or auditory support (also known as live chat support). These programs are designed in a manner to replicate the human mannerism which includes but not limited to conversation and response on time. These programs or AI chatbots find their major usage in the role of customer support or used in information acquisition. However, there are higher and sophisticated versions of chatbots also available but discussion on that would stray us from the topic.

A satisfied customer is the most prized possession and always comes back tagging several others along. According to a report by Gartner the nearing end of year 2020 will witness the deployment of product chatbots in medium and large enterprises reason being their ability of natural-language processing to decode the intent into a written output.

chatbots market

The audience today also does not mind conversing to a chatbot as long as they feel that their voice is being heard and they have somebody to listen and respond. They have also started using these chatbots as medium to create a connection with the company, which clearly depicts that the future of this tool is definitely bright. The major success of these chatbots lies in the fact that these learn continuously and can leverage relevant data to build a true connection with the customer by augmenting the role of human customer support.

With this year coming to an end the digital space and online business has grown with leaps and bounds. Let us throw some light on some key participants of chatbot industry, who are: Babylon Health, Baidu, Kik, Poncho, ReplyYes, SRI International, Varo Money Inc and WeChat.

Let us take a look at what could be the impact on your business in the near future, with the help of an infographic.

chatbots market

Let us give you a clearer picture of some advantages of chatbots that will help you in the growth of your business:

Really quick response:

Enhanced with auto-response, interpretation and multi-language capabilities these bots are really quick when it comes to replying to your enquirer. These are designed to be intelligent, engaging and pro-active so that your visitors can interact at their full potential. Anticipating their response and offering them faster resolutions in their native language makes them feel really connected and imbibes a sense of belongingness. Thus results in complete customer engagement, satisfaction and loyalty.

Really quick response

Always On. Always Present. No Breaks: 

Support as and when required and whenever required. Online presence 24 x 7, no coffee breaks and always active. These bots offer personalized 360 degree support to ‘n’ number of clients via voice or text. In a nutshell they absorb all the pros from the human support, leave the cons and provide a successful output.

Always on. Always present

Lesser Errors:

The advantage of holding a larger digital memory results in comparatively lesser number of errors. Due to higher memory, they store more information and provide a more accurate answer to the customers’ response. The chances of misinterpreting are quiet less than human customer support.

Lesser Errors

Comparatively lower costs:

These are server side applications with lesser complications and hence are naturally more accurate, relatively cheaper, faster to develop, easy to release and deploy.

Apart from what is mentioned above software giants like Microsoft, Google & IBM have free frameworks and development tools that allows you to develop these complicated bots at relatively low costs.

Comparatively lower costs

Multitasking ability:

Handling infinite number of customers at any given point of time is one of the major advantages of these applications. Imagine, suddenly you have a traffic burst during a particular season, having 100 customers simultaneously while you have only one customer support executive whereas the situation can be handled efficiently by an AI chatbot. While every customer would be getting satisfied for their query, each one of them would be your viral promoter.

Multitasking ability

“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful” – Jeff Bezos Founder & CEO, Amazon

A recent report from Business insider states that by the end of 2025 the global chatbot market is expected to touch the heights of US $1.25 billion which would indicate a 24.3% approximately at compounded annual growth rate. Whereas the regional markets of Asia Pacific region can expect a 24.7% approximately at CAGR over the decade.

So, how do you project your business in the near future with this revolution? Don’t forget to comment and share your feedback and do tell us what all topics you would like to eyeball.

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