Chatbots are a conversational tool powered by AI whose sole purpose is to automatically engage with any received message with a scripted response.
One of the major learning that businesses have had over the last three decades embracing technology is that it is a journey and not a destination. There is never a time when businesses can sit and relax claiming to have fixed the last piece in the jigsaw puzzle in offering the best of technology and experience to their customers. The moment you are done embracing cutting-edge technology there is a new one on the horizon. You need to constantly keep focusing on embracing the latest tools and technology that can help you improve satisfaction and experience for your end customers. One technology that has been making the most noise and shall be one for the next decade is AI or Artificial Intelligence.
While the AI ecosystem is vast and so far only a small part of it has been explored, one of the AI tools that are fast being adopted by businesses is chatbots. A chatbot is a simple AI-powered software that can start a conversation with the user in natural language. Chatbots help customers find the right products and services for their needs and answers to their queries. Chatbots are popular as they are solving real-world problems both for the businesses as well as their customers. Let us look at some of the ways in which chatbots are bringing in revolutionary changes to the world of business.
Helping Customers Make Right Choice
Whether its pizza or sushi, the food business has gone online. It’s a multi-billion dollar industry where people enjoy the best of cuisines sitting in the comfort of their homes and offices. But online food ordering was handicapped by the lake of an experienced waiter who could advise customers in choosing the best the menu has on offer matching the taste and preferences of the customer. Chatbots are filling this void and helping customers choose the best food that is on offer. They converse with the customers like someone is finding
car history before purchasing. This has significantly improved experience for the customers. Improved Analytics
The use of data analytics has been fairly well documented over the last few years. Every business is using data analytics to know their customers better and offer customized products and experience. In fact, you can’t find any successful modern-day business that doesn’t rely on data analytics. But
Chatbot Data Analytics is expected to take this to a whole new level Data analytics in its traditional form is reliant on humans analyzing the data and coming up with their interpretations. There is a delay between data collection and analysis. Chatbots add real-time advantage to data analytics. As and when a chatbot is engaged in a conversation with the user it generates actionable intelligence out of the conversation. This can increase lead conversion and revenues for the business. They can also instantly assign these leads to the relevant sales personnel. Chatbots Suggesting Investments
Financial consultants and investment advisors have a very important role to play in the industry of wealth management. While people investing large sums of money trust the advice of a financial consultant the small investors often make the decisions based on their own research and analysis. This is where financial chatbots are helping small investors make the right calls with their investments. These chatbots identify the financial goals of the investors based on detailed conversation and suggest the right investment plans based on goals, investment time frame and the risk appetite of the investors. Chatbots have also done away with bias as far as advising investment options is concerned.
Real estate is one of the biggest users of chatbots and companies that have invested in creating chatbots have benefitted maximum in this competitive industry. In a globalized world, it is nearly impossible for realty businesses to offer a human contact point for all customers wanting to buy, rent or sell properties. Websites and apps aren’t worthy replacements to human agents and advisors as they don’t offer two-way communication. It is here that chatbots offer all the information and solve queries for potential customers. They can offer and show the most relevant properties to customers who are looking to buy or rent a property. These shortlisted properties are based on the exact needs and aspirations of the customers without the element as is the case often with human agents.
Reducing Returns for Ecommerce Stores
A big chunk of the products sold online is returned to the warehouses. This cuts down the revenues of online stores and also creates challenges for their logistics arm. While most of the returns are due to quality issue there are people returning products due to their failure in seeing the value of the product in terms of easing their lives. This is where chatbots are being employed by online stores to educate users on the right use of the products, solve common problems and show them the value in these products. With chatbots, online stores have been able to reduce returns for online stores increasing profitability.
Alzheimer’s has reached an alarming proportion in the modern world and a vast section of the senior population is affected by this medical condition. Chatbots have proven to be one of the most effective ways in identifying the seriousness of this problem and allowing medical practitioners the required diagnosis to devise customized treatment plans. Since people suffering from this condition tend to lose their conversational abilities over time chatbots are able to identify the seriousness of the problems during their conversation with the users. This
technology is being increasingly applied in the treatment of this problem by medical institutions.
To sum up Chatbots are ushering in a new era where businesses and their customers are connected to each other on a 24/7 basis. They are helping businesses convert leads to sales faster and on the customer side allows them to make more informed choices. As a business, you must waste no time and embrace this new technology and take your business forward.