The success of Business With Chatbots And AI

THE SUCCESS OF BUSINESS WITH CHATBOTS AND AI

Every business is started with a motive to succeed. It is not necessary that all the business get the fortune of being successful. Nowadays businesses are adopting many strategies in order to gain success. Many businesses are using chatbots and AI for growth and improvement of the business.

Chatbots are the programmed codes which creates an automatic conversation with a user without any external help. Businesses are slowly getting the value of using chatbots. After having a look at the huge demand of chatbots and the facilities gained by using chatbots, many companies are planning to have a Chabot for them. According to a survey by Oracle, 80% of the businesses want chatbots by 2020. Before few years whenever I had to mail a company regarding their product I had to wait for days to get replies. But with the use of chatbots, I get replies within seconds and I get my queries solved faster. This has saved my time and has increased my wish to use a particular company’s product.

There has been a great demand for chatbots and artificial intelligence in the business world. Now let us learn about a few fields where Chatbots and Ai are winning the business world.

E-commerce and Online marketing:

There are a number of ways in which e-commerce sites are using chatbots. These companies are using chatbots as email substitutes. All the costumer’s queries are solved by mails using chatbots. The companies are also using this facility as a sales funnel. They are using sales funnel to segment audience and sell their products. The sales funnel is interactive and dynamic as well. Whenever a user says no about a product it automatically sends another better product to the user. It is very natural for a user to project human characteristics on a chatbot and even develop a feeling for it. Thus it is helping in relationship marketing as well.

Customer Service:

Providing very good customer service is the major task of any business. A bad customer service means you lose your clients. Use of chatbots in companies has helped companies a lot. Companies now can reply quickly and accurately. For customer support initially, companies had to hire many individuals. But now chatbots have replaced humans in a few sectors. This has saved a lot of capital of the company and made customer support a better and standard activity. The major advantage of using a chatbot in customer support is it saves time, it is more accurate and data recovered by customer’s experience can be saved and used time and again.

Travel, Tourism, and Hospitality:

Chatbots are slowly getting fame in the hospitality and tourism industry. They are offering a higher-end user experience at a very low price. The biggest advantage is chatbots are increasing customer satisfaction and brand loyalty while lowering the cost by automation. These chatbots are used to engage consumers before, during and after the trip. Some consumer might use it for checking room availability in any hotel in any country linked to it, or some might inquire about the trip without actually talking to the organizers. Thus chatbots are highly in demand in the travel and tourism industries.

Banking and Financial Services:

Day by day consumers are increasing and every business is mainly focusing on customer satisfaction. Nowadays financial services are being delivered through chatbots. According to Gartner, companies will manage 85% of the total business associations through chatbots by 2020. Many top banks like American Express, PayPal, Mastercard, and Visa have already used chatbots in banking services. These bots are used to warn you about issues and dangers with your bank account. They are also used to let consumers know about new facilities or new services or any updates that might be required in accounts. Some banks are also providing bots that navigate your expenses and help you to save money. Thus it will be soon in high demand in the banking sector.

The chatbots are also used in many other different fields. The use of chatbots in IoT and voice is very high. Amazon’s Alexa is the perfect example of using chatbots to increase the business. The world is expected to have 128 million smart speakers by 2020. This shows the increasing demand for chatbots in business. By the above points, I am pretty sure that a business can certainly succeed with the use of chatbots. So go and get a chatbot for your business now.

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