CEO Confidential

How Chatbots Will Redefine Your Business in 2018

A seamless communication strategy between your company and its customers can empower your business to explore greater shores.

Continuous interaction with customers is the secret behind the success of a business. With the integration of sophisticated technology, like artificial intelligence, chatbots are being extensively adopted as powerful communication tools. 63% of today’s customers would consider communicating with a business or brand using chatbots.

The importance of incorporating smart technology in the digitized business environment is obvious. Customers want quick information when purchasing a product. Chatbots can be customized to serve specific purposes and businesses can exchange information and multimedia files with their customers using these tools.

With 2018 soon approaching, the new year is ready to embrace refined grades of interactivity between companies and their customers. With the integration of AI, chatbots have become powerful, and ready to redefine business. In the U.S., chatbots are more effective at retaining customers than top-performing apps.

Below are some ways that chatbots could redefine your business next year.

  1. Reshaping customer service

    Instant messaging apps and the extensive use of social media have moulded customer behaviour in recent years. Customers expect a quick and efficient response from companies when making purchases. Chatbots allow them to get helpdesk access easily, with manual intervention where necessary. Most platforms provide automated responses with agent-free customer support services using chatbots.

    For instance, bank account holders can use chatbots to identify their pending payments, account balances and other information. Chatbots refine the overall customer experience and 95% of buyers feel they  are likely to play a vital role in enhancing customer service in the coming years.

    Phone centres may turn out to be the last option for customers as businesses become more digitized. Chatbots are interactive, and enable customers to interact with sellers in real-time. Automatic replies and micro-tasks take the customer experience to a whole different level altogether. Although chatbots are not likely to completely replace human agents, they will streamline the customer support mechanism.

    New features, like natural language processing and multilingual chatbots, are likely to significantly permeate businesses. With personalized support being the goal of every business, chatbots will reshape the customer experience.

  2. New content delivery path

    Customers seek highly-relevant content. Content tends to get lost among the crowd of generic websites. Robust content marketing strategies cannot generate the desired lead volume and other communication models, like newsletters and email marketing, have lost their sting. Customers get most of their information from social media feeds. This leaves little room for your website to draw customer attention.

    The most-effective remedy for this saturation is to deliver personalized content using chatbots. While certain companies have already witnesses the benefits, others are likely to follow suit in 2018. Data published in Forbes magazine reveals that 70.6% of Amazon customers are likely to use its Echo Speaker by the end of 2017, while almost 23.8% of Google users are using Google Home.

    Customers know the content they receive through chatbots is customized because they read these materials and visit the websites. This trend will rise sharply next year.

  3. Sales process acceleration

    Each business entity strives to cater to its customers with uniqueness and professionalism. Chatbots enable them to provide sales and after-sales services to clients. The large-scale chatbot integration has already marked the healthcare and real-estate industries. For example, AI-integrated chatbots have revolutionized the lead-generation process in the real estate industry. According to a source, only 5% of 2014 deals resulted from online leads. Chatbots automate the initial approach, and the newer chatbots will predict exactly where a customer is in the purchase cycle.

    Chatbots are strong enough to collect productive information about customers to streamline the sales mechanism. They ask questions regarding location, desired product attributes, price range and other specifications. This reveals a buying habit trend which helps brands make the right approach to customers.

  4. Debt collection redefined

    Financial institutes and lending firms use chatbots to refine the debt collection process. Pre-programmed chatbots are used to collect basic client information. Advanced algorithms empower these chatbots to sense customer sentiment. Chatbots evaluate customer mentality based on their replies. AI plays an important role in assessing customer psychology. These tools help companies resolve payment issues, bankruptcy filings, payment oversight, non-receipt of statements or invoices and more.

    Chatbots are programmed to answer customer responses based on situations. They come with pre-defined questions that perfectly suit the situation. These questions are similar to the ones asked by human agents. This technology eliminates the need for manual investigations. Chatbots shoulder these responsibilities and carry out intelligent conversations to yield desired responses.

    Erica, Bank of America’s AI-based chatbot, assists customers in making better financial decisions.

  5. Takes consulting to new levels

    Whether providing financial consulting services or medical advice, chatbots can push your business to greater heights. Various professionals already provide their valuable knowhow to clients using chatbots. People in distinct rural areas seek online help from doctors through customized chatbots. They can serve as a compact book of medicine, enabling patients to find the necessary solution to their health issue.

    AI can detect problems by analysing symptoms. These are self-diagnosing tools, that enable people to find suitable solutions to their health problems. People can schedule online doctor appointments and communicate with them using chatbots. People can use chatbots to get prescriptions and doctors can provide professional advice using customized chatbot consulting.

    Other types of professionals are also integrating chatbots for support and consulting services. The finance and investment sector has seen extensive chatbot usage and other industries will integrate in 2018.

    Between 2017 and 2021, the global chatbot market will likely to grow at 37.11% CAGR. AI chatbot technology has been integrated by 38% of global enterprises, and will rise to 62% in 2018. Instant customer engagement is an effective way to increase sales.

Chatbots are interactive. They keep customers engaged with your brand using powerful features. Voice-enabled chatbots are gaining in popularity in many market domains. Businesses can reach out to reputed developers with their goals and requirements for a custom-built chatbot. 2018 promises to be a productive phase for companies embracing AI-integrated chatbots.

Have you read?

5 B2B Marketing Trends to Lookout for in 2018
Top 6 Ways IoT Will Impact Manufacturing Companies in 2018
6 Ways Smartphones Have Changed the Way We Do Business
Tips to grow your business in India
How this country established itself as a leading international trade show destination

Leave a Reply

Follow us on Facebook, Twitter, Instagram, and Linkedin to never miss an update from the CEOWORLD magazine.
Laduram Vishnoi
Founder and CEO at Tagove. He loves to find something new in AI, Machine Learning, chatbots, NLP, neuroscience and Meditation.
Share via