Why Chatbots Are Taking Over Customer Service

Time! On the internet, time is critical: better speed yields more revenue. With everybody complaining about shortage of time, you cannot afford to lose customers because you cannot offer a quick response.

A satisfied customer is incredibly valuable, especially since they may make recommendations to others. According to a Gartner report, 2020 will witness widespread deployment of product chatbots in medium and large enterprises. Broad adoption is occurring because of the technology’s natural-language processing (NLP) proficiency, allowing it to decode intent within requests.

Today’s internet users do not mind communicating with chatbots, as long as they feel their voice is being heard and they can get a helpful response. Companies have also started using chatbots as a way to create connection. A key reason for the success of this technology is that the bots learn continuously and can make use of relevant data. Due to these capabilities, chatbots can build rapport with users to meaningfully augment human support.

Chatbot use has proliferated in online business in recent years. Key brands in the chatbot industry are Babylon Health, Baidu, Kik, Poncho, MessageYes (formerly ReplyYes), SRI International, Varo Money Inc., and WeChat.

Let us look at the potential impact on your business in the near future, with the help of an infographic:

Here are some advantages of chatbots that will help you grow your business if you choose to adopt them:

Really quick response

Enhanced with auto-response, natural-language interpretation (NLI), and multi-language capabilities, these bots are really quick in replying to users. They are designed to be intelligent, engaging, and proactive so that your visitors can interact meaningfully at full speed. Anticipating a prospect’s response and offering fast resolution in their native language makes them feel connected and comfortable. You garner better results in total customer engagement, satisfaction, and loyalty.

Always on / always present / no breaks

Chatbots offer support as required, at any time. They are built for a 24/7 online presence, do not need coffee breaks, and are always active. Bots offer personalized, 360-degree support to multitude of clients via voice or text. They are infused with many of the pros of human support, while setting aside the cons and driving successful outcomes.

Fewer errors

While bots lack “the human touch,” their technological nature can be a major advantage. Because they have a huge digital memory, there are far fewer errors. They store greater information and provide more accurate answers to customers. The chance of misinterpretation is significantly less than with human customer support.

Lower cost

Chatbots are server-side applications with fewer complications than alternatives. They are naturally more accurate, more affordable, faster to develop, and easier to deploy.

Apart from what is mentioned above, software giants such as Microsoft, Google, and IBM have free bot frameworks and development tools. You can develop this sophisticated technology at a relatively low cost.

Multitasking ability

A major advantages of these applications is that they can handle many customers concurrently. Imagine: You suddenly have a traffic burst, with 100 customers simultaneously needing help and only one customer support executive. The same situation could be handled efficiently by AI chatbots. Each customer would get a satisfactory response, and many could go on to become brand advocates.

“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” – Jeff Bezos, Founder & CEO of Amazon

A recent Business Insider report forecasted that the global chatbot market would reach US $1.25 billion by the end of 2025. That projection indicates a 24.3% compound annual growth rate (CAGR).

How do you think your business will be impacted by this revolution? Please comment and share your feedback. For analysis and guidance on this exciting technology, email contact@epikso.com or book an appointment today.