Benefits of deploying chatbots for your online business

With the rise of Artificial Intelligence capabilities, the way we do business is set to change for the better.

INTRODUCTION

Imagine. In the year 2022, your purchases from your local grocery store are taken by a ‘chatbot’ and not your local ‘bhaiya’ or ‘didi’. Picture that every customer you cater to goes home satisfied with their experience and comes back knowing that you will provide the best services to them. Envisage, that every problem one might have, is solved in a few minutes; be it a restaurant order not delivered yet, or your New Year’s Eve gift was lost during transit.

Chatbots are the solution forward for a better business environment, and that seems to be right around the corner.

A ‘Chatbot’ is ‘a computer program designed to simulate a conversation with human users, especially over the internet.’ That is the definition you would get as you search Google, but let me define it differently. A Chatbot is a facility that bridges the gap between the customers and businesses through simple 24x7 messaging and interaction. The benefits are far and wide, and that is exactly what we shall discuss now.

THE BENEFITS

The customer is any individual who is utilizing and benefiting from your services. Every service has been a success or a failure with how its customers have perceived the trade and how they have been treated. AI (artificial intelligence) chatbots are technically virtual assistants which are easily scalable to meet the demand and maintain a level of customer satisfaction.

There are a few salient benefits of using chatbots. They are;

• 24*7 support system: Human support agents will be unable to reply to problems or concerns after their office hours. Chatbots, hold down the fort by replying to queries even after business hours and 24*7 as they can manage any customer through automated responses.
• Real-Time Answers: Any customer does not like to wait for assistance. If there is a delay between the question and the response time, the chances of losing a potential customer increase. This is avoided by introducing a chatbot that is capable of answering multiple inquiries at the same time.
• Automated Processes: Businesses can automate simple interactions such as ordering a takeaway product by implementing a chatbot interface in their websites, social media, and other platforms.

The 2016 Aspect Consumer Experience Index shows that 61 percent of consumers feel that having a chatbot is the way of the future and 70 percent of millennials (25 to 40 years of age) have had positive experiences with a chatbot interface.

But… How does a chatbot help an online business? There are numerous ways in which it does, which can be divided into two broad categories: The Customer Aspect and the Business.

WAYS IN WHICH IT AUGMENTS ONLINE BUSINESS

CUSTOMER ASPECT

The experience that customers go through after purchasing a product/service from a business is in simple terms — customer service. Now, here are some ways through which chatbots ensure a memorable and easy experience for customers.

Enhanced Interactions with Customers

In the 21st century, businesses operate on an “omnichannel” basis, i.e. they have more than one platform through which any customer can avail their services. Chatbots are capable of managing firsthand customer traffic on all such platforms collectively and deliver the same standards of interaction.

Chatbots will be able to communicate on a personal level by learning from the data gathered by ‘cookies’ present on the website. This will ensure personalized texts and suggestions, increasing chances of customer retention and eventually a possible sale of a product. In other words, chatbots ensure a better conversion rate, from a window-shopper to a loyal customer.

Chatbot + Live Chat = The Hybrid Experience

The ultimate customer service experience is a reality. A perfect marriage between an AI-based chatbot answering and initiating conversations with a customer and introducing a representative whenever the need arises. The chatbot will be capable of recording each interaction and fine-tune its response for the future. This facility will instill confidence in the customers to utilize this and feel satisfied and relaxed when their queries have been recorded. This, in the long run, accompanied by effective replies by the representatives, will ensure a loyal customer for the future.

BUSINESS ASPECT

In the world of business, one can say that the longer you remain in the game the better chances you have of succeeding. One of the biggest concerns that any business/trade has is its customers. Customers/Consumers determine the growth of the company and also its failure. As transactions and how we conduct business slowly but surely moves towards an online medium, chatbots play a vital role in guiding businesses through their challenges of customer services.

So, here are some of the ways through which chatbots are being utilized to benefit one’s online business.

Reduced customer service costs & Scope for scalability

Chatbots should be seen as an investment.

Hiring more support agents requires a business to bear the costs of hiring, training, and the required infrastructure to house the agents. These expenses are expensive and can cost a lot of time to turn a profit/benefit after this commitment. Chatbots help to mitigate this problem easily.

The incorporation of Artificial Intelligence into existing chatbot programs will allow companies to scale their customer service capacities without compromising on standards.

Better team performance & Reduced Human errors

The majority of businesses have incorporated chatbots in the customer service division. One aspect that is to be understood is that chatbots will not reduce job opportunities, but rather introduce a need for more skilled employees in the company to handle more important concerns which require a human brain.

Results mean everything. The best way to show how chatbots will bolster team performance is by being able to answer queries in real-time, and segregate support tickets from the usual to the ones that require an agent to look into.

Removing the human factor and reallocating human resources into more pressing concerns, chatbots ensure a better division of labor. The best part of implementing a chatbot is to maintain a standard across all cases, in extension ensuring that the experience never changes.

CONCLUSION

A service is only as good as what the customer receives and believes. Earning a loyal customer can be a difficult aspect of a successful business. With chatbots being introduced to tackle the increasing demand for online facilities to handle concerns during the pandemic; entrepreneurs, business owners have seen firsthand the scope of chatbots.

Surely in the future, this will lead to chatbots being a sturdy bridge between a customer and their choice of service.