Gradually, the chatbot genie is coming out of the bottle to serve its masters. According to Business Insider, the global chatbot market has reached $703 million in 2016 and is expected to reach $1.23 billion by 2025, a compounded annual growth rate (CAGR) of 24.3%.
Within the global chatbot market, approximately 50% of end users prefer chatbots as the primary mode of communication for customer service inquiries; 55% of consumers are interested in interacting with a business using a chatbot to solve a problem and 95% of consumers believe ‘customer service’ is going to be the major beneficiary of chatbots.
Let’s see how your firm can use this innovative technology to ace the marketplace competition.
1. A Chatbot is your 24/7/365 helpdesk with zero-waiting time
According to Akamai, a 10 seconds delay in playing of an online video makes nearly half of the viewers leave the site or close the video. This trend just reflects the current consumers’ expectations – service should be delivered here and now. Imagine losing half of your customers just because you couldn’t respond to the queries when it was excepted. Nowadays, 57% of consumers are interested in chatbots for their instantaneity (HubSpot, 2017) and this fact not to be ignored.
2. A Chatbot improves user engagement
Web designers are under huge pressure when it comes to building the right user experience (UX). With customer’s level of expectation knowing no bounds, perhaps, improving the UX has become an endless journey and chatbots are a vital milestone in that process. Well designed and integrated with the business ecosystem Chatbot will help in delighting users by serving them spontaneously which increases user engagement as well as UX.
On top of that, a Chatbot delivers a personalised experience that is in high demand. Personalization is a catalyst that transforms a prospect into a customer and a customer to a returning customer.
3. A Chatbot targets a wider audience
With messaging platforms including Facebook Messenger, Telegram, Slack, Skype, etc., it has become easier for a business to target a wider audience. Moreover, these messaging apps and platforms already enjoy a phenomenal success and so it’s getting easier for businesses to be accepted in the market.
4. A Chatbot helps to ease your business processes
A Chatbot becomes your virtual assistant that collects and processes a bulk of conversational data which helps you to enhance the productivity and reduce non-billable time. It also filters out low-value enquiries and automates a lot of routines operations like setting up appointments, follow-up, information gathering, data capture etc.
5. Just keep up with the trend 😉
Chatbots are the chance to innovate in the customer-business relationship and to provide a tool to reach consumers on platforms they are already using. So, don’t miss the trend!
- By 2020, over 80% of businesses are expected to have some sort of chatbot automation implemented (Business Insider, 2016)
- 96% of businesses believe chatbots are here to stay. (Mindbrowser, 2017)