Chatbots for Business: Your new personal assistants of today!
In order to thrive in the competitive business landscape today, every business needs to constantly upgrade & resort to the best practices of the day. Out of so many technological advancements, chatbots have revolutionized the way of doing businesses online. They serve as appropriate means to fulfill a business’ lead generation, engagement and retention agenda. The chatbot adoption in the market is expected to increase from $2.6 billion in 2019 to $9.4 billion by 2024 at an average annual rate (CAGR) of 29.7%. (Source: Marketsandmarkets). Businesses including SMEs are beginning to realize the power of this service and looking forward to leverage it for enhanced customer experience and satisfaction.
From the largest e-commerce sites to small startups, from ordering food online to getting a new credit card issued and addressing admission queries, chatbots have found a unique place across all industries. All modern businesses have leveraged the utility of these tech assistants and transformed their business operations for once and all.
While there are many benefits of this tool at your disposal, there is a need to understand and align its utility to match your business aspirations and needs. Here are 5 chatbot benefits that deem it as a transformational and revolutionary customer engagement tool of today & the future.
1. Extensive Customization and Analytics
The basic functionalities of a chatbot are not just limited to textual conversations, query handling and automation. Chatbots can be highly customized as per the business requirements and objectives. With a potential to collect enormous amount of customer data, it can also provide rich supporting analytics from where valuable business insights can be derived which can further enable informed decision making. Visualizations in the form of attractive graphs, charts, tables etc. can also be achieved.
2. Enhance Lead Generation and Nurturing
Chatbots can exhibit omnichannel and multichannel integration. They are loaded with predefined questions with the answers prepared by professionals. Customers are screened and classified based on this pre-defined format which helps a company in identifying and further converting its most valuable leads.
Leads are supported subsequently dependent on the sales funnel.
E.g., every customer lies in a different stage of their customer lifecycle; some are-
Becoming aware of the product
Showing interest in the product
Evaluating the product by comparing with others
Exhibiting intent by adding the product in the cart
Product purchase with billing stage and after sales customer support
In all these stages, chatbot flows are explicitly designed to offer discounts, coupon codes, combo offers, or other trending offers to the client.
3. Round the clock Customer Support
69% of customers go for the chat process because of the ease of getting prompt responses to their queries. (Source: Salesforce). As people get busier and expectations rise with respect to instant response times, chatbots can answer all basic queries in no time, which satisfies customers, and they tend to engage with your brand further and improve sales, overcoming the human service limitation of round the clock availability.
4. Improved Customer Satisfaction
A chatbot’s quick response time, pleasant tone which enforces higher customer engagement level and availability can help improve your brand image & help you achieve your end goal of achieving a happy customer. If customers are satisfied, they become more loyal towards your brand, increase customer retention rate, engagement rate, and even indulge in word-of- mouth marketing in their network.
5. Reduced Operational Costs
According to Chatbots Magazine, implementing virtual agents or chatbots can help businesses to save up to 30 percent. And this makes sense: for instance, hiring agents with 24/7/365 presence, and adding the resources needed to give support to customers round the clock, can prove simply too costly for many companies. But chatbots help avoid these costs.
Undoubtedly, chatbots have transformed the online business environment and help you outdo your traditional business practices with their long list of potential benefits and features. In order to fulfil your business aspirations, you require the right platform that can help build your customized vision. Sirpibot, a Whatsapp enabled chatbot service, comes to your rescue with its highly customizable offerings and not to miss out on the rich analytics and interactive dashboard features that shall accompany the solution.
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