Why your business should invest in AI chatbots

AI chatbots are maturing, making them an essential tool for businesses. Here's why.

Why your business should invest in AI chatbots

Marketing technology is full of potential to enhance customer experiences. The marketing environment constantly evolves, and thousands of brands compete to grab customer attention.

It is nearly impossible to survive in the current market without the right martech stack in your arsenal.

As martech evolves, the number of tools will inadvertently increase too. In fact, there are almost 10,000 martech companies on the market now, according to ChiefMartech.

The martech map of almost 10,000 martech solutions. Source: ChiefMartech

Chatbots, for one, offers a better experience for customers these days as more want to interact with brands in real time.

What are Chatbots?

According to Oracle, a chatbot is a computer program that "simulates and processes human conversation (either written or spoken), allowing humans to interact with digital devices as if they were communicating with a real person."

Chatbots can come in the form of simplistic programs that give single-line answers, or in the case of more sophisticated AI-powered chatbots, are able to become digital assistants that keep on learning from interactions with humans to provide increasingly personalized responses.

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The primary motivation for using chatbots is productivity, although other reasons include entertainment, social factors, and novelty interaction. Chatbots have become so common in businesses because they can reduce service costs and handle many customers simultaneously.

According to Google Trends, interest in AI chatbots has grown four times over ten years. Research from CNBC and Cognizant also shows that Ai chatbots can increase sales by about 67%.

It is a significant number as the same report also stated that customers are willing to pay 17% more to do business with companies with great reputations regarding customer experience.

Types of Chatbots

Chatbots can be categorized into different categories, such as a range of knowledge, services provided, response generation, human aid, and communication channels.

A chatbot that can access a range of knowledge to determine its knowledge domain is called a generic chatbot. This allows them to answer any user question, pulling answers from a domain.

Some chatbots have features like booking services in restaurants and airlines or searches in FAQ and are usually connected to messenger applications like WhatsApp and Slack.

There are some instances where the operation of a chatbot can be combined with human intervention. Examples are business contact centers that perform and react to issue complexity, urgency, user preference, or scenarios where simple, generic chatbots fail.

Chatbots can also be classified based on its communication channel, which can be text, voice, image, or all. Innovation in these chatbot categories allows them to react to pictures, comment on them, and express their emotions.

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Why Chatbots for your business?

Quick responses, leaving no customer behind

Firstly, chatbots allow businesses to engage quickly with their customers and motivate them to make the first move. Chatbots are a good starting point in making consumers feel they receive a quick response and tailored engagement.

To build on their marketing automation strategy, Businesses often program their chatbot to ask customers their contacts and other questions to help them understand who they are and what they need.

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Secondly, chatbots are also cost-effective as it reduces the need for hiring staff to handle simple requests. Data from Juniper Research shows that chatbots can decrease high operational costs in the financial services sector by responding to customer queries in a fully automated way.

The same report also stated that chatbot integration in mobile banking apps is expected to be the dominant channel for chatbot-driven customer communications, accounting for 79% of successful interactions in 2023.

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Supports e-learning

In other industries, chatbots can also support e-learning practices with their ability to provide educational content and personal services.

For example, if a situation occurs when a student misses any classes, chatbots can help repeat old lessons to them. Moreover, they also gather information during a course, which helps improve the teaching and learning process.

This, of course, can also greatly help businesses that have educational material for clients or customers, such as helping with onboarding certain processes.

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Better chatbots in the future

Certain AI chatbots such as AiChat even have multiple features embedded instead of simple conversational automation; it also has gamification, personalization, and gated content features that help to entice the customer and keep them engaged during interaction.

Over time, the chatbot landscape will be improve through innovation, delivering better value for customers, regardless of industry.

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