Do You Need A Chatbot For Your Business?

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Technology has grown exponentially within the last decade, with many industries adopting new and innovative ways to elevate their customer’s overall experience. Automation has been an impactful element in dealing with consumers for quite some time. There are now several social media options that can provide instantaneous responses that enhance customer service. Research shows that 80% of business wants chatbots by the end of 2020, with several sites (Facebook, Twitter, Slack, and Skype to name a few) either releasing or developing platforms that feature chatbots. Chatbots are becoming the preferred way to communicate with customers as more expect automation in their lives from their local supermarket to paying bills online. With the demand for automated conversation systems already so high, the coming decade will expand even further to meet demand. Chatbots will dominate across most industries soon, prompting the question: does your brand need one?

The answer is a resounding YES. 

According to extensive research studies conducted across several industries, chatbots are on schedule to power 85% of customer service by the end of 2020. Experts expect chatbots will rank number one in consumer applications throughout the next decade. Companies that are proactive about maintaining their client base are already looking for the best ways to incorporate bots into their customer service to provide the best experience for their loyal customers and build rapport long-term. In addition to chatbots, complementary artificial technologies like virtual reality and holograms are also experiencing an increase in popularity across several industries. 

The benefits of chatbots will transform the conventional ways of doing business. 

By 2022, chatbots will help businesses save more than $8 billion annually. As companies look to streamline their operations and increase their bottom line, deploying chatbots ensures that customers receive the most current service while simultaneously staying competitive in their respective industries. The days of building and cultivating customer relationships through customer service representatives are on the way to becoming a relic as chatbots dominate the customer service workforce. 

The benefits of chatbots are undisputed. 

Utilizing chatbots allows for customer service 24 hours a day, 7 days a week, with instant responses delivered for inquiries and answers to simple questions. For companies, this automated service system reduces costs and offers a reduced response time compared to traditional customer service agents. Additionally, studies indicate that most consumers prefer to message a chatbot to communicate with a business for their basic needs. 

How and when should your brand integrate chatbots into your business?

Chatbots are the most effective in industries that are more driven by service, like retail, travel, banking, and telecom. However, the results are substantial for companies that regularly field a large number of service requests. Companies that are keen to add chatbots have no boundaries when it comes to utilizing them, with many adopting simple messenger bots. In contrast, others include more imaginative bots for their customers to use. The more customized the experience is, the more likely that a business can stand out and create positive feedback from their customers. 

Brands are beyond the point of deciding if a chatbot is a useful tool and now need to determine when they implement one within their workflow.

Companies that optimize the process can offer channels that serve as hubs for all customer interaction. The current standard of web interfaces will phase out, as customers expect a streamlined experience that provides the ultimate in satisfaction. 

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