Chatbots – Do They Change Only the Way We Use the Internet or Also the Way We Do Business?

Conversational AI and chatbots will be the next keywords everyone will search on Google to find out how they can integrate them into their operations. All companies are justified to search for information about chatbots because conversational AI is an extraordinary business opportunity. Organizations worldwide claim that conversational AI is an economic opportunity for the business world that waits for people to unlock it in the next decade. At the end of 2020, 80% of brands are expected to use chatbot automation, because they all are understanding the future of chatbots. Gartner states that artificial intelligence is a mandatory customer experience investment for brands in the following years because it restructures the ways companies communicate internally and externally.

The top industries that can profit from using chatbots are healthcare, finance, education, real estate, and e-commerce. Here you can learn the benefits of chatbots.

The implementation of conversational AI will extend businesses’ horizons in the future. The latest trends show that chatbots will be more prepared to imitate human behavior and provide high-quality services. They’re expected to change both the way people use the Internet and do business. They’re the tool that will take the company to the next level.

The Future of Chatbots for Business

The future and benefits of chatbots

Chatbots will be more human than ever

Global Market Insights expects the chatbot market size to be over $1.3 million by 2024. What will the result be? The conversational AI industry will be the driving force of business communication. Technological upgrades will make bots more intelligent and power them to understand the intent of queries and make conversation.

Until now, chatbots weren’t very reliable because they misunderstood requests and the nuances of human dialogue, executed inaccurate commands, and failed to understand accents.

Keeping these challenges in mind, developers have focused on building conversational AI that is indistinguishable from humans with the help of machine learning and natural language processing.

In the future, chatbots can deliver personalized customer experience to strengthen connections, improve user experience to boost loyalty, and affect the customer’s perception to create a satisfied customer base.

Voice chatbots are becoming mainstream

Voice recognition technology has improved lately, and developers plan to make it even more advanced soon. Google Allo is an excellent example of this: it’s an intelligent messaging app that features Google Assistant and interacts with the user with the help of voice and texting.

Digital consumers prefer messaging platforms that include both text and voice-based interfaces because they can choose the method of engagement they prefer.

People prefer conversational user interfaces based on voice when they access digital services. Companies from sectors like financial, travel, insurance, and education use it.

Voice bots will gain more popularity because

  • Text is monotonous, but they engage clients with intelligence-based communication
  • They provide reliable information to clients and offer real-time data
  • Voice chatbots allow personalization

Banks combine customer data with conversational AI to customize interaction with the public. When the competition is at its peak, companies need to take advantage of any chance to convert leads into clients, and providing highly personalized customer service can help them do so.

Social media will adopt AI

David Marcus, the VP of Facebook Messenger, states that they use over 100,000 bots on the Facebook Messenger platform. Both individuals and companies use the Messenger platform to connect, and bots offer organizations the opportunity to understand and track their customers’ behavior.

They can track how much time their audiences spend online, what social media platforms they use most, and why they use social media.

With the help of AI, they analyze huge amounts of data to identify hot trends and understand their clients’ behavior. AI in social media empowers companies to streamline their processes and work more effectively.

Chatbots automate payments

Conversational AI changes the way organizations interact with their public, automate payments, and manage campaigns for attracting new clients. Chatbots Magazine states that 70% of US millennials prefer to buy from brands that integrate chatbot technology.

In the future, chatbots will automate payments and allow purchasers to pay directly over messenger or live chat. This opportunity improves customer satisfaction.

When companies accept Facebook Messenger payments

  • People don’t have to leave the chat to pay
  • Clients can ask questions and companies can recommend the right product for their needs
  • Facebook Messenger is a reliable app, so people aren’t anxious about sharing their credit card details
  • Brands control costs
  • People can purchase products directly inside the automated messenger

Enterprises will use internal bots

Businesses can use bots to handle customer requests and streamline their internal workflows. AI chatbots have a single purpose of improving the experience of the user (client or employee).

Some of the enterprise functions chatbots can carry out when used internally

  • Onboarding is one of the most time-consuming tasks because it implies tedious operations. Chatbots can ease this task because they can initiate the interview process by asking screening questions and registering answers. Chatbots can also guide new employees through enterprise policies.
  • The human resource department can use chatbots to get in touch with employees, measure their satisfaction level, ask questions, and complete transactional services.
  • Bots can complete simple, repetitive tasks and allow IT service desk agents to handle complex operations. The bot learns how to complete repetitive tasks and improves response time.

How to Develop Your Chatbot?

The best solution would be to outsource a dedicated team to create conversational AI for your organization. Brands from industries like real estate, travel, and FinTech should consider outsourcing to a dedicated team because it saves them up to 40% and empowers them to reach their goals.

After you reach out to a software development vendor, they will probably research your organization and determine how you interact with your public. They have expertise and experience in bot scripting, so they can identify the keywords the customers regularly use and integrate them into the software. According to the specific needs of the business, they determine the features your chatbots should have. From handling human resource tasks to interviewing possible employees and answering clients’ questions, they can free your employees from many complicated tasks.

What do you think? Are chatbots the next big thing in the business world?

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