Putting that type of growth into dollars and cents, the global chatbot market is expected to grow at a compounded annual rate of around 30% – culminating in $15.7 billion by 2024.
There has to be a reason behind this type of rapid growth – and it’s actually pretty simple: chatbots benefit businesses who are increasing adoption of conversational AI.
Here, we outline three key benefits of adding chatbots to your business:
Chatbots aren’t expensive to begin with – we’re even letting businesses get their own for free for 60 days – and whatever investment is involved can be quickly offset by optimizing the cost of running a contact center.
How do chatbots optimize contact center costs? Simple keyword chatbots can handle basic customer service enquiries. This reduces the number of inbound contacts a contact center receives, while also freeing up agents to handle more complex tasks.
Did you know? You can build your own self-service chatbot. Learn how!
While keyword chatbots can help optimize costs for your contact center, sentiment analysis chatbots can help generate revenue for your business. AI sentiment bots can have conversations with potential customers and provide a conversational customer experience from start to finish. Sentiment analysis enables these bots to understand human emotions and moods, which allows them to deliver appropriate responses towards creating meaningful conversations and building customer relationships.
In addition to optimizing costs and helping generate additional revenue, chatbots also generate:
Improving customer satisfaction is challenging over traditional channels. Customers will typically abandon calls after waiting between 45-95 seconds – and a customer with an unresolved enquiry will not typically be very satisfied.
Chatbots improve customer satisfaction by providing immediate assistance to customer FAQs or simpler requests that can be automated. This results in higher first contact resolution and instant customer service resolution.
How much can chatbots improve CSAT? Mukuru saw customer feedback they received increase sixfold during the period coinciding with their WhatsApp chatbot release – a positive sign they attribute to their chatbot.
And while chatbots may not be able to resolve highly complex customer queries, they can gather important information that helps in case of live agent takeovers. This provides agents with full context of the customer’s needs, which makes for:
Better customer experience
Chatbots help create better customer experience in several ways. First, there’s the presence across all popular chat apps and channels.
Did you know? Infobip’s Answers lets you deploy chatbots over WhatsApp, Viber, RCS, SMS, Live chat, Facebook Messenger, and Apple Business Chat.
This means that customers can reach your business to get immediate answers to their questions over the chat app they prefer and in an environment they’re comfortable with.
Quick answers, high first contact resolution, and instant customer service resolution all work together to create a positive customer experience that lends itself to collecting feedback. Chatbots can collect customer feedback with surveys in a natural, conversational tone. This encourages customers to provide more detailed answers you can use to further enhance customer experiences.
Answers for all of your customers’ questions
These are three key benefits that chatbots can bring to your business – improved costs, higher customer satisfaction, and better customer experience.
Infobip’s Answers is an intuitive chatbot building platform that lets you build and deploy chatbots on WhatsApp, Facebook Messenger, Viber, Live Chat, SMS, RCS, and Apple Business Chat – all from a single platform.
Do your customers have questions?