The upsurge in on-demand messaging has evolved people’s preferences for communication. With the growing trend of live chatbots, more and more industries are integrating chatbots into their business processes to enhance their customer engagement.
Chatbots are a critical resource for enhancing the user experience and providing them with incredible customer service. The chatbot solutions were introduced to transform the ways businesses communicate with their current and prospective customers.
As per the resources, Artificial Intelligence (AI) will become the mainstream customer experience investment in the foreseeable future. Approx 47% of organizations will use chatbots for customer care and 40% will introduce virtual assistance to streamline their customer services and support.
AI is revamping the ways in which businesses communicate both with customers and internally. AI is vital for enabling machine learning and bringing flexibility to automated business communications and their interpretation.
Chatbots are expected to move from simple user-based queries to advanced predictive analytics-based real-time conversations.
An Overview of Key Chatbots Statistics
With chatbots making it all over the technological news, more and more industries tend to develop innovative applications to automate their complex business processes.
Also, many business verticals choose chatbot development as a medium to deliver customer services with a delightful experience.
Bots are transforming the way businesses communicate with their customers and prospects, for obvious reasons. Experts reveal that conversational disruption may reduce and encourage enterprises to prioritize chatbots as a channel to reach out to their target audience.
This deployment of bot solutions may extend its horizons in the near future. Chatbots were primarily meant to promptly address customers’ queries, but having them as a platform can also help businesses achieve their key metrics, including average resolution time and first contact resolution.
Let’s check what the statistics reveal about chatbots –
- Businesses can choose this chatbot trend to consider the statistical insights for the successful deployment of their virtual assistants. Other statistics include: 2023 may increase by $112 billion.
- The market size of conversational AI may reach USD$1.3 billion by 2025, increasing its CAGR by 24%
- The projected value of chatbot eCommerce transactions by 2023 may increase up to $112 billion
- More than 50% of enterprises will invest more per annum on chatbots development services and creation than in traditional mobile app development
- 75-90% of customers’ queries can get handled by bots by 2024.
- The giant tech enterprises profiting from chatbots include real estate, the travel industry, education, healthcare, and finance
- Chatbots can help save up to 50% of customer support costs.
Top chatbots trends to look upon in 2022
The chatbot ecosystem very quickly expanded despite the relatively robust ecosystem existing today. Large enterprises and start-ups implement that chatbot to gain a faster pace and enhanced efficiency.
So, let us have a look at the top chatbot trends and their future scope in the technological ecosystem:
As per the research and surveys, the overall market size for chatbots worldwide may exceed $1.3 billion by 2024. Therefore, it is inevitable that the chatbot industry will become a driving force for effective business communications.
Natural language processing or NLP bots use sentiment analysis and predictive analytics to mindfully understand the conversations and the intent of the customer’s queries.
Considering the chatbot statistics, businesses are adopting AI technology to boost their business growth rate.
Chatbots with highly conversational AI can help:
- Deliver personalized and tailored customer experience to enhance customer relationships
- Improve the user experience and boost customer loyalty
- Positively affect the customer’s perception to receive positive feedback and create a satisfactory customer base
Deep customer insights that drive chatbots behavior
Chatbots have become highly conversational to communicate effectively and their next goal is to enhance user experience. Sentiment analysis plays a crucial role in training chatbots with more human-like capabilities.
It not only provides effective responses but also creates a delightful customer experience. With the help of the sentiment analysis, chatbots can understand whether the conversation was addressed effectively and responded to the customer’s emotions accurately. Here are some chatbot sentimental analyses which include:
- Chatbot records the entire custom conversation to figure out whether the customer is happy or annoyed about the raised concern.
- Using sentimental analysis, chatbots solutions help modify their responses so that they’re aligned with the customer’s emotions
- Annoyed customers get routed to the right concerned team to deliver personalized and effective customer support.
Use of AI in the contact center
According to the resources, businesses can reduce customer service costs by up to 30% using a conversational chatbot. AI chatbots aim at saving costs when businesses upgrade from inefficient IVR technology to AI.
Bots without human involvement can only manage simple requests like changing passwords, requesting a balance, scheduling an appointment, and so on.
Bots can dramatically reduce the number of human agents required at contact centers and also improve the employee attrition ratio due to the repetitive nature of routine calls. Also, employing staff 24×7 can become costly.
Adding resources to support multiple lines of businesses increase the headcount to handle customer queries.
AI focuses on omnichannel contact center which offers:
- Business automation: Automating the business process via chatbots helps the enterprise to manage simple queries promptly and deliver the best customer experience
- Customer behavioral prediction: Contact centers use predictive analysis to launch a product. AI helps to predict the intent of the customer’s reach to adjust the agents
- Streamlined experience: Bots can collect information to understand the context of interaction to offer speedy resolution by identifying the purpose and improvement in customer experience.
Messaging platforms as a growth driver for chatbots
The concept of conversational commerce is preferred as it encourages buyers to shop online with the help of chatbots. Messaging platforms like WhatsApp allow businesses to revive their approach and improve branding to deliver the best customer service experience.
Over time, more and more brands will adopt messaging apps to boost customer engagement and increase customer loyalty as these platforms will have strong bot capabilities along with an integrated approach for different business functions.
Messaging platforms with chatbot capabilities can help enterprises to drive:
- Marketing engagement: Customers prefer businesses offering bot support. Approx. 47% of users prefer buying items via an online bot. As a result, the chatbot for marketing stats shows that most buyers trust chatbot as the best way to interact with the brands.
- Customer support: Most chatbots can engage customers by answering their simple queries in the absence of a support team. With AI, bots can get smarter to address advanced-level customer queries.
- Sales & lead generation: Chatbots development can give the best platform to automate your sales and lead generation process by qualifying your prospects into leads across the business website and social channels.
Chatbots are mainstream across diverse business functions and consumer applications. Going ahead, automation makes its roots stronger to overcome the various challenges faced by small and large-scale businesses.
Do you have a chatbot development program idea in your mind? We will love to hear from you. Get in touch with our chatbot developers and they shall assist you with the right processes.