Saturday, May 21, 2022

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Chatbots play major role in business growth according to new research

Chatbots are gradually taking over more and more business sectors, and the pandemic is accelerating growth of chatbot software solutions to help meet the needs of the workplace.

Noting the shift from chatbots as a non-essential tool to mainstream, the 2021 Chatbot Trends Report also indicates that cognitive and artificial intelligence spending will reach $77.6 billion in 2022, more than three times the forecast for 2018 of $24 billion.

Research in the report by PSFK also shows that chatbot software is becoming the first choice when it comes to online interaction. It is said that 74% of consumers prefer chatbots when they are looking for immediate answers. This is especially true in retail where companies using chatbots in commerce are perceived as efficient (47%), innovative (40%) and helpful (36%).

As a consumer, you can make use of chatbots to solve problems. A chatbot can answer questions, provide answers and insights. They can even offer suggestions. If you use them wisely, chatbots can be an asset to your business. The more they improve customer service, the more they will grow.

Chatbots are widely known to be primarily used to serve customers and visitors, but research shows that due to the pandemic of enterprise restrictions, companies are looking for more innovative and creative ways to use chatbot software.

It is said that most bots now have varying degrees of intelligence that allow them to adapt to different situations and challenges within the company. This versatility leads to further integration across all systems with the benefit of further personalisation and collection of customer and company data.

Those thinking about implementing chatbots for customer service, it’s important to understand why and how they will benefit your business. Whether you need to keep track of incoming messages, or increase conversion rates on your website, chatbots can provide valuable assistance.

Natural Language Processing (NLP) is also said to be a helpful tool to support the growth of AI solutions. According to the study, in 2022 more companies will introduce multilingual, easy-to-train and highly intelligent chatbots that are able to understand customer inquiries regardless of how they are phrased. This will create more effective solutions for businesses around the world in a wider variety of sectors.

Major factors fuelling increased market growth include demand for AI-based customer support services and omnichannel deployment, as well as reduced chatbot development costs. This creates less stress for the business and more time to focus on human issues.

The rise of this technology can also lead to complications, especially when IT teams promise too much chatbot capabilities and fall short of expectations. Research finds it imperative here for companies to invest and adapt, with Forrester recommending performing proof-of-concepts to evaluate conversational AI chatbot development tools.

Furthermore, the research says that to secure the benefits of AI, companies need to consider more than just the technological capabilities of the AI ​​tool they want to deploy.

They must ensure that technology improvements keep pace with people development and the creation of new organisational processes to support AI-powered services. Only then is it suggested that you can improve the overall experience and reap the rewards of greater operational efficiency.

Research also points to the possibility of hiring chatbots as chatbots now have an emotional and adaptable range for hiring and scheduling.

A report by Juniper Research shows that consumer retail spending on chatbots will reach $142 billion by 2024; up from $ 2.8 billion in 2019, representing an average annual increase of 400% over the period. As more and more customers prefer self-service options for their transactions, limited scope virtual FAQ assistants will not meet customer needs.

Because of this, more companies will invest in virtual assistants that have extensive experience including campaign management, lead generation, FAQ, search, purchase and payment, reservations, appointments and all other transactions including after-sales support. Companies should take a holistic view of this entire cycle and offer it to customers without any gaps.

For this purpose, virtual assistants should be integrated with internal enterprise systems of enterprises. Traditional virtual assistant applications for the most part provide simple conversational exchanges, but organisations will need to consider integrations to achieve a much higher level of personalisation within interactions.

Why chatbots are essential for customer satisfaction

A chatbot has become an effective way to streamline customer service conversations over the past few years. According to a LivePerson survey, 67% of consumers worldwide use chatbots.

These AI-powered assistants automate certain parts of your online interactions with customers, whether it’s issues, queries, or feedback.

You still need human assistance to handle really complex customer tickets. But in many cases, chatbots are able to conduct conversations in a manner similar to humans, and at a significantly lower cost than hiring real people.

What’s more, implementing a chatbot when building an e-commerce website or other internet portal has become a child’s play, regardless of the level of technical or programming skills. Properly implemented chatbots significantly contribute to customer satisfaction.

The automation offered by conversational artificial intelligence and virtual assistants is a breakthrough in the near future, both in terms of transforming companies and our daily lives. 2022 is a year with high expectations for the industry as all the trends listed in this blog will drive greater adoption and innovation. It is widely expected that the role of conversational AI and virtual assistants will be greater.

It is widely expected that the role of conversational AI and virtual assistants will be greater. The most important area where the effect will be extraordinary is customer service, where specifically voice-enabled conversational IVR systems will be a priority for many organisations. We will only see how the promises mentioned above that 2022 will bring could come true!

Secondary editor and executive officer at Tech Business News. Contracting as an IT support engineer for 20 years Matthew has a passion for sharing his knowledge of the technology industry. He's also an advocate for global cyber security matters.

Matthew Giannelis
Matthew Giannelis
Secondary editor and executive officer at Tech Business News. Contracting as an IT support engineer for 20 years Matthew has a passion for sharing his knowledge of the technology industry. He's also an advocate for global cyber security matters.

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