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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