90% of businesses reporting faster complaint resolution with bots in 2019 – MIT Technology Review
Recently, chatbots and virtual assistants have come into the trends to ease the interaction between business and customers. Providing the customers an ultimate experience is a key to success in this competitive market.
“Consumers have never been so hard to please and marketers have never had as many opportunities to please them”, Senior Vice President for Google Ads, Sridhar Ramaswamy
Many forward thinking companies are already using chatbots to better understand their customers and solve their queries in the best possible manner so that they can build the customer-centric business model.
What exactly is a chatbot?
A chatbot is often described as one of the most advanced and promising expressions of interaction between humans and machines. An AI based support software that stimulates a conversation with a user in natural language through websites, and mobile applications.
The use of chatbots in customer driven businesses is growing rapidly.
Studies say, more that 69% of consumers used chatbots for customer support and the figure will increase to 85% to revolutionize the customer service. Having virtual agents give companies new ways to redefine customer experience and increase productivity. The CX network reports 53% of companies identified AI as a tool for creating “customer-first culture”.
Live chat benchmark report 2019 from comm100 stated, 79,943 number of chats fielded by chatbots per month & 59% of total chats involving a chatbot. This leads to the projected chatbot adoption to around 88% of CX professionals that believe AI will enhance, not replace, agents.
Conversational AI for customer-driven businesses
A satisfied customer is the best business strategy for all.
The customer is the king —
These mantras the cornerstone of any customer driven business model. Your customer support strategy defines the difference between a ranting customer and brand promoter, that is the happiest one.
US businesses are losing around $62 billion per year through bad customer support. As the number of customers grows, there arises a need of a robust customer support system. The company cannot rely on live human agents to handle customer queries that too 24/7/365.
Conversational AI aka Chatbots is the obvious answer.
The benefits of Chatbots for redefining customer engagement
1. Rapid resolution
No matter if it’s 4AM or 10 PM, AI-powered chatbots can immediately tackle issues as soon as they arise. This is crucial for companies targeting more number of customers. An easier way to handle impatient ones.
“Chatbots provide smart assistance and happy customers with a single click.”
2. Reduced groundwork
Chatbots don’t need time for dealing with frequently asked questions. Besides, chatbots can handle a high volume of requests in a single duration. They don’t need time for a search for an answer as human agents. This helps in reducing the response time and operating costs by 66%.
In case AI can’t settle a query, it can direct customers to live agents so that the customer support team can focus on heavy matters.
Globe Telecom automated their customer service via AI messenger and realized increased employee productivity by 3.5 times. Their customer satisfaction rate increased by 22%.
3. No human errors
AI-powered technology interprets customer responses and provide an automated , and accurate solution. Hence, there are fewer chances of errors while answering customer queries than human agents or live agents. AI chatbots have a lot of memories that reduces the chances of offering an incorrect answer.
4. Proactive customer interactions
Customer team mainly engaged in passive customer interactions. They only provide solutions to their customer inquiries. Virtual assistance can start conversation with customers and offer them promotions and sales. Cross promotion of product pages, blogs, tutorials, case studies etc can be easily automated by AI bots that go well with them.
5. Improve customer engagement
Customer-centric companies focus on providing a world-class experience to customers. Support teams can have the complete picture of customer journey inside the chatbot software, they can measure how they are progressing and how they can support each lead with personal touch base for better conversion rates.
When a prospect asks you a question, you need to answer them properly, Once the query is resolved, you have the information logged into the system. So, the next time, when the same prospect contacts you, you can provide better customer support with the previous record. This will impress customers in no time and progressive way.
6. On-to-go learner
Chatbots these days are not limited to answer the predefined queries. They continuously learn how to provide better assistance for the future.
For example, if your chatbot knows “how can I add contacts?” it can easily recognize “where do I add contacts” as having the similar phrasing.
You can easily train your bots how to understand and answer the inquiries correctly. Additionally, if any of your customers marked the answer as “unhelpful”, it is understood to not use the same answer again in another conversation.
Having every conversation recorded and deep context on each customer and their journey leads you to improve your overall chatbot performance.
Which chatbot application is right for you?
You should think about implementing virtual assistance to your website if:
- It’s not possible for you to provide 24/7 availability.
- Growing number of customer base, needed to provide them rapid response
- Support is required across multiple channels.
- You need to reduce your operational cost and increase sales and support team productivity.