Benefits of Chatbots for Businesses
One hears a lot of buzz around chatbots and how they have become an alternative for human intervention in the world of online businesses. Chatbots are artificial intelligence-enabled assistants that help guide the customer through their way on a platform, get answers to their queries, and convert potential consumers. On the other hand, it is handy for businesses to thrive by being present 24/7 for their users, without actually having invested time and resources at the same time.
This article explains how chatbots work and some of their key features. Here is a quick recapitulation of the same.
Boost business growth – Chatbots convert potential customers into loyal users by timely intervening in their queries and attending to their needs without using resources for the same. It helps businesses to accentuate their presence in the market by always being attentive to their customers’ needs.
Time-friendly- Chatbots can replace human one-to-one interaction by minimising the time to attend to the queries of the customers and also ensuring a simplified way to get to the resolution. It does not require high company CAPEX to be invested to function independently.
Resource-friendly – Developing a basic chatbot is not rocket science. It is a remarkably simplified way to develop a consumer base by being mindful of the requirements of the consumers and also serving resolution to their queries. There are a lot of organisations that are adept in developing chatbots that do not require a lot of financial and human resources to be invested.
User-friendly Interface – Chatbots are highly simplified, user-friendly tools that can make the interaction an absolute cakewalk. There is no complicated input required from the consumer to get the chatbot to work. Simple keywords are enough to trigger the right kind of information that the chatbot is capable of providing.
Forerunner of Technology – With the pandemic looming large and the end nowhere in sight, it is evident that online businesses are here to stay. And what better way to establish one’s self in the online domain other than having its presence felt round the clock through the functioning of the chatbot?
Generally, during pandemic times, businesses suffer from a lack of resources and CPAEX to be invested. In such a scenario, a well-informed chatbot comes to the rescue by being conversant with the customers visiting the website while functioning remotely, saving their information, and updating the AI-enabled database which can serve future consumers with similar consumer traits.
Here are some of the ways by which a chatbot can give your business the spin it deserves.
1. Consumer Repository – Chatbots are smart enough to save data from consumer interaction for the future. It can collate the information and save it in its database to track the same customer once again in the future or even respond exactly like a human if similar inputs are triggered by any other customer by identifying the query traits and the behaviour.
2. Sale Simplification – Chatbots serve as an excellent tool to simplify the process of sale by automating the entire process where the customer’s activity towards the sale is triggered and simplified within the interface of the chatbot.
3. Influencing Decisions – A chatbot can recognise the pattern of the customer and alter their behaviour by influencing the customers with information and triggers which can help in the decision-making process of the same. A chatbot can identify the inclination of the customer and pull out information from the database that can help escalate the process towards a positive conversion of the activity towards buying or selling. Every business must have a happy customer base, it is important to have their queries resolved on time. And for small businesses, this becomes critical as having the human resource intervention every time is expensive for them.
4. Augmenting Engagement – An AI-enabled chatbot can trigger reminders to the right customers by mapping their online behaviour and popping up relevant information at the right time. This feature helps in the accentuated engagement of the customers and eventually results in a higher rate of conversion.
5. Streamline Financial Transactions – One of the most recent and crucial features of chatbots is streamlining financial transactions without having the customer leave the interface of the chatbot. This feature helps in reducing deviation and a higher rate of success of conversion as the customer can process the payment within the same interface they are used to.
6. Answer Queries – One of the quickest and most engaging ways to ensure the frequently asked questions by the customers is answering through chatbots. The chatbots are capable of answering queries by recognising keywords and questions that are frequently asked by functioning almost like a human figure at the other end of the platform. This enables the customers to feel more engaged and heard even without having human intervention in the process.