Research have suggested that about 80% of businesses can benefit from the use of chantbots If you haven’t integrated a chatbot to your business operations as yet, you are falling behind in the market trends and the accompanying customer expectations. But don’t just randomly start using any chatbot. Before you hire a chatbot development team or invest in getting it from the market you to be aware of the most popular chatbot trends for 2020 and the expected variations in the current and coming years.
Below is a list of various industries that integrated chatbots to their customer interface, and saw multiple benefits in business operations and trends in customer engagement;
Chatbot Adoption across Different Industries
Many industries currently apply chatbots. However, user interfaces’ effectiveness varies from one industry to others. To find whether a chatbot will suit your particular industry, check top industries profiting from chatbots:
Every person looking to buy a house or an apartment has unique requirements that match his taste. Real estate chatbots help businesses in this sector to gather data on customers’ needs for more personalized recommendations and even validate leads, enabling sales managers to spend less time answering questions.
Chatbot helps online retailers to streamline their sales processes. It also helps customers searching for a product, place orders, pay, and track the order’s delivery.
Travel agencies use chatbots to help travellers find the best trip, book a hotel, and buy tickets. Chatbots are handy in providing travellers with local insights, weather forecasts, booking tables and restaurants.
AI-powered chatbots perform intelligent tutoring systems providing a personalized learning environment for students. Chatbots analyze student’s response with different study supplements through chatting.
HR and Recruiting
Chatbots automates each stage of communication with candidates. Recruitment agency chatbots perform as
- Automate the search for candidates
- Evaluate their skillset
- Give feedback for a candidate qualifying a particular job.
Healthcare chatbots help patients
- Book appointments
- Refill prescriptions
- Remind patients to take medications on time.
Advanced chatbots can monitor patient’s health periodically, making diagnoses and advise treatment plans.
Banks adopt chatbots to provide the user with information on them
- Current account balance
- Report on expenditures
- Calculate taxes
- Makes money transfers with other bank accounts.
For example, there are different kinds of chatbots.
Rule-based or scripted chatbots answer simple questions.
Smart agents help the user solving particular tasks via voice command.
Accenture chatbot statistics has shown that;
Rule-based bots bring the most benefits for industries such as
- Healthcare with 64%
- Telecommunications with 59%
- Banking with 50%
Voice assistants are handy in
- Food with 56%
- Banking with 44%
- Retail with 35%
With the overall statistics for Chatbots in various industries being;
- Customer service with 95%
- Sales and marketing with 55%
- Order processing with 48%
Business Benefits using Chatbots
Many businesses have adopted chatbots and are getting multiple advantages from this technology. But how exactly chatbots improve business operations?
1. Reduce customer support costs by 30%
A vast amount of chatbots is used for customer service by answering simple questions. Thus, 85% of all customer interactions can be handled without a human agent by helping businesses cut down their costs by 8 billion dollars.
2. Increase income by 40%
Research shows that customers interact with their brands via social media networks by spending 20 to 40% more than average customers. Thus, you can integrate a chatbot into your company’s social media accounts receiving the same benefits.
3. Increase lead generation
Thanks to their proactive nature, Chatbots can start communication with your clients, taking them through the sales funnel. Besides this, chatbots can even capture customer’s details, thus, generate more leads.
4. Increased user retention rate
Some chatbots use AI and machine learning power, while some learn from each interaction and remember a client’s preferences. Since customers receive more personalized product recommendations improving service and enhancing retention and loyalty to the brand.
The Future of Chatbots
The chatbot market is expected to grow exponentially covering over 80% of businesses globally. AI chatbots are poised to help businesses across different industries to automate sales, marketing, and customer care.
High adoption of voice assistants produced by Amazon and Google are set to get even more helpful once 5G comes in. Furthermore, chatbots participating in the sales funnel will become a new source of valuable customer information for online businesses. It is also expected that chatbots for banking and insurance companies would become more popular.
As IOT (internet of things) becomes a part of life chatbots are set to enter full-fledged into every facet of our lives. Perhaps life would change gradually to what is usually shown in the those futuristic sci-fi movies, and chatbots would lead the way!