There has been a massive growth in the advancement of technology. Additionally, there is an increasing number of mobile app users, businesses should focus on providing a better user experience. Therefore, companies focus on increasing digital footprints to build long-term customer relationships. If you think of how your business can benefit from Al & chatbot, therefore this blog is for you.
What Is Artificial Intelligence (AI)?
As a matter of fact, Artificial intelligence is something that we use in our day-to-day life. For Instance – Google Assistant, Alexa, and Cortona. Hence, AI is a computer system that trains computers to do human-like interactions.
Moreover, AI is about training machines to act like humans and mimic human-like capabilities.
In addition, AI is considered the heart of the tech world. An American entrepreneur (Mark Cuban) says, “If you cannot understand AI, machine learning, and deep learning, then you will become a dinosaur within the next 3 years”.
What Is A Chatbot?
A chatbot is a software application that can make human-like conversations, answer customer queries, and engage with web visitors. Furthermore, Chatbots are an effective way to remove friction in a customer’s purchasing journey. These chatbots are trained on a specific data set to respond appropriately to customers.
Additionally, These chatbots are popularly called Rule-based chatbots as they work on the basis of predetermined rules or keywords to converse with humans.
Here are some benefits of AI & chatbots that bring transformation to the life of businesses-
1. 24*7 availability
Chatbots are best at providing end-to-end customer support. It answers customer queries day in and day out. Meanwhile, Businesses need not worry about hiring customer support personnel and end up saving their costs. Customers need not take a headache finding products when required and get instant replies from AI-powered chatbots.
2. Increases customer engagement
Chatbots hook the customers to spend a longer time on the website as they provide interactive experiences. Additionally, AI-powered bots take feedback from customers and give them the best possible response, increasing customer engagement rate.
For more: Benefits of AI in Web Development
Bain & Company says,” Customers want to spend more money when they can interact with someone on a website or social media.”
3. Increases sales of businesses
Chatbots help businesses to convert leads into potential customers. Furthermore, Businesses can leverage chatbots by offering discounts, showing the latest product collections, providing customized product recommendations, and pushing visitors down the funnel.
4. Provides a personalized user experience
Chatbots provide hyper-personalized recommendations to customers by storing the data. It tracks the user’s activities, understands their preferences, and comes up with personalized tips and relevant answers accordingly.
Industries Where Chatbots Can Be Used In Mobile Apps
Here are the various industries where chatbots are used –
1. Retail and e-commerce
Do you know that e-commerce businesses are growing exponentially? But businesses might end up ignoring one-to-one customer conversations when they have a growing customer base. Therefore, chatbots are vital in bridging the gap between you and your end user.
Chatbots can help e-commerce businesses in the following ways –
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Sharing notifications about the product and its prices
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Provide regular reminders to customers about the products that have been added to the cart or that they might forget to buy them.
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Helping them by providing hyper-personalized recommendations such as guiding the prospect while placing an order and the process involved in making the payment
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Lastly, Providing customer services after customers end up buying products
2. Banking and Finance
Chatbots prove to be a goldmine in the banking and finance sector. In addition, Chatbots can help customers access their personal financial information, help them avail of best-in-class loan services based on their needs and preferences, and share the best investment plans for them.
Chatbot has made the life of customers much more accessible. Chatbots are on-demand personal bankers providing instant responses to customers when needed.
3. Hospitality Industry
Like other industries, chatbots play a vital role in the hospitality industry. Thus, Chatbots take care of visitors’ needs, be it booking hotels, making reservations, guiding visitors about local restaurants, and automating the payment process.
Hotels can then use these chatbots to cross-sell their services, such as salons, spas, and massages. Hence, It is possible through an AI-powered chatbot.
4. Insurance Industry
Insurance Industry is another sector that is dependent on chatbots. Chatbots allow customers to upload documents. Insurance companies have deployed AI chatbots to help customers find specific information related to policies. Undoubtedly, Insurance chatbots solve customer queries by providing 24*7 customer support.
Wrapping Up
So, you have a clear idea of how important AI & chatbot is for businesses and their customers. At the same time, With the rapidly changing technologies, there is a need for companies to adapt according to changing customer preferences.
Moreover, The arrival of Artificial intelligence and machine learning allows businesses to develop effective chatbot solutions for their customers.
If you need help in creating AI chatbots for your business, then it’s high time for your business to contact our experts.
FAQ
Q1.How can I use chatbots for my business?
Chatbots provide various benefits to businesses –
1. 24*7 availability
2. Increase customer engagement
3. Increase sales of businesses
4. Provides a personalized user experience
5. Lead generationg
6. It proves to be a cost-effective solution
Q2.Why are chatbots becoming very popular?
Chatbots are becoming so popular because it enables businesses to solve the queries of customers and at the same time need not worry about hiring customer support representatives.
Therefore, Chatbots are essential for today’s businesses because of the following reasons –
1. Chatbots automate customer support
2. They automate repetitive tasks
3. Get access to customer insights
4. Enhances customer experience
Q3.What is the difference between chatbots and virtual agents?
A chatbot is an AI software that can communicate with the customer, and its motto is to keep the conversation going. Virtual agents, on the other hand, are more than that. Virtual agents also use AI technology but have the skills to perform highly repetitive tasks. Virtual agents understand the intent of customers and then provide personalized responses.
Q4.Can chatbots be used for e-commerce?
Yes, chatbots can be used for e-commerce, and many e-commerce companies are using them to level up the game of conversational commerce.
