Chatbots <3 (your) Business: 7 Reasons Why?

Chatbots <3 (your) Business: 7 Reasons Why?

It is a known fact that human is a social animal. A human needs to interact with his fellow humans to express himself. Interaction gives a human a sense of comfort and understanding. This fact is well utilized by Chatbots, which has been a revolution in the market in a short time.  The Chatbot technology has taken a giant leap and has emerged as a ground-breaking trend. All the businesses are eager to keep up with the updating trends and utilize the Chatbot technology to interact with their customer base and influence the market. Within the brief time-period, Chatbots have taken over the market. They are seen to be rocking the sectors of Customer Support, Customer behavior Analysis, Customer Service & Management, DevOps Management, Branding, and other Qualitative tasks.

What is a Chatbot?

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In the most simple layman language, A Chatbot is an automated computer program that talks back to you. It interacts with the users as a human would and attends the customers round the clock without needing any break or having any geographical limitations. The conversation can be either text-based or voice-based, depending upon the requirement of the business.  It is a virtual assistant that aids businesses to get closer to their customers and broaden customer engagement. With the introduction of ultra-modern technologies like speech recognition, machine learning, artificial intelligence, and NLP (Natural Language Processing), Chatbots have advanced so much that they can simulate a human conversation very closely.

Broadly, Chatbots can be divided  into two categories:

1.Command Based Chatbots:

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These Chatbots are based on the “if-else” algorithm. These Chatbots do not learn from the conversations they have; instead, they can only answer a limited number of predefined questions. It has a set of pre-written questions with specific answers. In these situations, users do not usually type or converse with the bot; instead, they select one of the many options provided to them.  They have a fixed database so they can not answer the questions which are not listed in their database and can not function outside their code.

2. Artificial Intelligence Based Chatbots:

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These Chatbots learn from the conversations they have with users and better themselves over time. They are contextual Chatbots and utilize high-end technologies like Artificial Intelligence and Machine Learning and appear quite sci-fi at the initial glance. They can understand natural questions and reply with the most appropriate answers. They remember the details about their customers and improvise their communication with them accordingly.

Now, if you are asking yourself, “Do I really need a Chatbot for my business?”, the question itself is problematic. The market is ever-growing, and the competition is getting stronger every day. The inability of a business to keep up with such a trend, which is woo-ing the market with its exceptional capabilities, could be a fall-behind for and your business. NOW is the ideal time to introduce your business with this cutting-edge technology and watch your sales and business fly high.  Your business/company might be in a need of Chatbot Development if you relate to any of the below-mentioned points:

  1. If you own an E-Commerce Business:

As per a recent study, it has been established that E-Commerce is one sector that is expected to make the most benefit out of the Chatbot Technology. The Chatbots can turn the monotonous shopping process into an exciting one by encouraging more user engagement. A Chatbot can keep an account of customer history, preferences, location, address, and navigation and, based on that, personalize the whole shopping experience for the customer. The Chatbots can recommend customers new products according to their preferences and also provide them with personalized vouchers and coupon codes, which can boost up customer engagement, resulting in an extremely positive impact on the sales.  For example, if you have are a Pizza delivery App, a Chatbot can remember the previous orders made by the customer, additional topping requests along with their address and contact details so that they need not fill in the information again while placing an order. This makes the ordering process seamless and attracts more customers. This also increases the loyalty of the customer towards the brand and ensure that the customer revisits your app/website.

  1. If you have customers/queries coming in round-the-clock:

Chatbots are not bound by and physical or geographical limitations. They can work day in and out without getting tired or needing a break.  So if you are a business that deals with customers from different time zones, or if you like to keep your services open each and every day, every time, Chatbots can be a blessing for you.  This takes off the burden of this redundant job from the shoulders of a human employee and allows his energy to be utilized for something more crucial.

  1. If you need to give repetitive/similar information:

Most of the businesses need to answer an almost identical set of questions all the time. Customers usually inquire regarding the timings, address, or prices. A significant portion of human effort can be saved by automating this process with the help of Chatbots.

  1. If scaling your business is requisite:

Unlike humans who can handle just 3-4 customers (at max) at a time, there is no such limit for the Chatbots.  Chatbots can be assigned as the initial point of contact for the customers. In this manner, they can help to filter or segregate the customers according to their issues and then raise the issue to a human representative if required. This way, the tedious and redundant part of recurrent question-answering is handled by these new-age virtual assistants. They increase your productivity and efficiency, thereby improving your ranking and reputation in the market.

  1. If you are low on time and budget:

No matter how fancy and sci-fi these Chatbots sound, the cost of building one won’t be leaving any holes in your pocket. The cost of developing a Chatbot is often similar to or sometimes even less than developing an application. Additionally, Chatbots aren’t just economical but are worth the price you pay for them as they bring in a commendable amount of business along with them. They are like a one-time investment that can take your business to a new height.

One Chatbot is equal to an army of employees. It saves the time of your team, which might otherwise go into redundant tasks or hiring a team to do the Chatbot’s jobs.

  1. If you are targeting social media:

The integration of Chatbots with various social media websites and apps and their capability to engage the audience on the same has swept off the market. In this age of social media and smart devices, people prefer having apps that are multi-functional. Therefore, it is crucial for businesses not to leave any potential area to grab the customer base. Facebook, Instagram, Whatsapp, etc. have become the greatest markets, and Chatbots can help you acquire them by interacting with your customers on the same.

  1. If you need to analyze customer behavior:

The Chatbots can be made to ask for feedback from the customers regarding their experience on your website/app or about product or service. This feedback can be a great help while making the marketing strategy and targeting a more precise clientele. The data acquired by the Chatbots can be used to provide a personalized experience to the customers, which can significantly impact the engagement on your platform.

 

Conclusion

A Chatbot is the need of the hour for every business, whether big or small. No matter which industry you belong to, Chatbots can definitely scale up your business and put you on the front foot, a step ahead of your contemporaries. The customer is always looking for a smoother experience, and with a Chatbot, you can ensure that your customer gets exactly what they want.

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<b><strong>Karan Makan</strong></b>

Karan Makan

Technology Engineer and Entrepreneur. Currently working with International Clients and helping them scale their products through different ventures. With over 8 years of experience and strong background in Internet Product Management, Growth & Business Strategy.

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