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Chatbots: The Rise of Conversational Chatbots, They Don’t Just Say Hi; They Are Engaging

The Rise of Conversational Chatbots. National Geographic made this possible by introducing a conversational chatbots that speaks like Einstein to promote their program, Genius.

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The Rise of Conversational Chatbots

Many of us, especially those interested in sciences, have dreamed about a real-life conversation with Einstein. National Geographic made this possible by introducing a conversational chatbots that speaks like Einstein to promote their program, Genius. The Facebook Messenger chatbots proved to be an instant hit – and resulted in many interesting conversations, ranging from the ridiculous to the intelligent, and interspersed with smart usage of GIFs.

Chatbots Conversational

Image Source

1. Chatbots are Engaging

With the upgrade in natural language processing (NLP), conversational chatbots can process words and phrases intelligently to give natural, human-like, responses – leading to the increased popularity of conversational bots in customer service.

According to research by Accenture, “CIOs and CTOs around the world believe conversational bots will play a critical role in the enterprise architecture of the future—and have the potential to make a huge impact on a company’s operations.”

In the survey, on which the preceding statement is based, 56% of global CIOs and CTOs agreed that conversational bots are driving disruption in their respective industries. About the same percentage also agreed that conversational bots deliver a significant return on investment for minimal effort.

Not surprisingly, 80% of businesses are expected to use chatbots in one way or the other in 2020. The reason for this mass adoption is two-fold – that is, cost savings and better customer service.

Conversational Chatbots

In another study, it has been found that up to 29% of customer service positions can be automated with chatbots, leading to savings of over $23 billion for U.S. businesses. Using chatbots for customer support can help companies save almost 30% of their costs – while ensuring better customer experience through minimal wait time and 24/7 support.

That’s great for businesses. But what about users? How do they feel about conversing with chatbots?

By comparing several statistics from around the world, we can positively assert that a large population views chatbots positively. According to Business Insider, globally, only 11% of consumers have a negative perception of chatbots.

2. The Science Behind Chatbots and Customer Engagement

Deloitte reports that chatbots deliver a more luxurious customer experience, as they are scalable and data-driven. Key benefits of chatbots, as viewed by Deloitte, are reproduced in the image below:

Key benefits of chatbots

Image Source: Deloitte Digital – Adopting the Power of Conversational UX

As you can see, user engagement is a significant benefit of introducing chatbots in your customer support. Also, conversational chatbots, based on artificial intelligence and natural language processing capabilities, can be used to optimize various processes in almost every field. Besides customer service, conversation bots can be used for automated marketing, data mining, lead qualification, and more.

In case you are wondering how this is possible – the answer is AI.

Artificially intelligent chatbots based on NLP understand the questions posed to them contextually and provide meaningful solutions in most cases. AI-based chatbots also learn from every interaction and expand their knowledge with usage. So much so that advanced natural language processing capabilities can identify spelling or grammatical errors, enabling chatbots to interpret the intended message correctly, despite any mistakes in the text.

Thanks to the contextual understanding of queries, chatbots can lead users to logical answers, in the form of FAQs or connecting them to human agents, depending on the nature of the question, which is beneficial for both ends of the spectrum. No wonder, chatbots are increasingly being employed for a variety of functions, such as those listed below:

  • Chatbots can be used to provide 24/7 live chat support on your essential touchpoints while also boosting customer experience by sharing customized offers and discounts with visitors based on their browsing history.
  • Chatbots are great for personalization. Nobody wants to be treated like a stat; and, by integrating your chatbot with social media, you can enable highly personalized conversations with users based on their interests.
  • Chatbots lead to higher engagement by sharing targeted content with your visitors based on the content they have previously interacted with. For example, if a visitor views a video on digital marketing on your website, your chatbot can send an automated message at the end of the video, directing them to similar content that will establish your position as a leader in the field.
  • Chatbots can collect invaluable data for your business from customers who are hesitant to fill out surveys. For example, if a visitor is leaving your site without taking any action, your chatbot can send an automated message to learn more about their experience – which can give you crucial insights into how visitors interact with your website.
  • As mentioned in the previous point, chatbots can be used for collecting feedback as well as for analyzing feedback according to predetermined tags to understand the general opinion about your brand.
  • You can also use chatbots for deliveries. For example, Dominos chatbot can be used for placing an order, as well as tracking the delivery of your pizza.

3. How Chatbots Are Revolutionizing Various Industry Sectors

Chatbots have not only turned around customer support on its head but also found applications in other processes. Almost every industry sector has benefitted from chatbot adoption, including finance, tourism, healthcare, etc. Chatbots are being increasingly used in both B2B and B2C domains for customer support, personalized marketing, data mining, and more.

Besides automating customer support, intelligent bots are also being used in industries such as finance (COIN by JP Morgan Chase for analyzing complex contracts and Bank of America’s Erica for general queries), healthcare (Florence, that reminds patients to take their pills), law (Ailira, which generates legal documents in a jiffy), and more.

4. Chatbots, Customer Satisfaction, and Sales

According to Statista, 34% of customers preferred to communicate with an AI-bot in online retail in 2017. The reason – fast and reliable service. In 2019, the number of customers that used chatbots rose to 67%. Another interesting fact is that 40% of users don’t care whether a human or bot helps them – as long as they are getting the help they need.

This indicates not only the acceptance of bots in commerce but also the blurring line between human and bot support – owing to the conversational nature of AI-bots that can be trained for engaging conversations and even make use of smileys and GIFs, like Einstein (As mentioned previously in the article).

Conversational bots have moved beyond their usage as tools for greeting customers – and that’s a fact!

Today, bots can handle a significant chunk of customer queries and automate various time and labor-intensive tasks. According to data, chatbots can handle up to 80% of customer inquiries with high accuracy, without the need for human involvement.

This not only frees up your client-facing teams from handling repetitive queries but also leads to higher customer satisfaction due to zero wait time and consistent service.

As chatbots are machines, they don’t get tired or frustrated when customers ask odd or repetitive questions, ensuring polite and pleasant interactions at all times. Once plugged in with your CRM, you can also use your chatbot to create a pool of continually updating customer data on the one hand and highly personalized conversations on the other.

A win-win situation for everyone – isn’t it?

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Artificial Intelligence (AI)

Construction Project Management & Other Construction Trends to Look Out For in 2021

As the construction industry is getting more competitive, you have to look out for the following construction industry trends that will prevail in 2021 and beyond.

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7 Solid Tips to Strengthen Your Online Business Brand

After a turbulent year of adjusting to the pandemic’s changes and the changing online landscape, many businesses, including the construction business industry, are thriving to re-emerge and grow in 2021.

With the increased labour shortage and construction expenses, the construction industry is forced to integrate innovative tech solutions to stand out in the competitive industry niche and reduce the potential risks of error and construction-material waste. While more construction businesses are integrating construction project management software in their business model, they are also focusing on other aspects to improve their projects and meet the expectations of their clients.

With the latest tech-related adjustments, innovative technology trends continuously affect construction sites, improve construction projects, and boost sales and revenue. Certain construction trends are working at the core of construction businesses and frontline construction workers.

As the construction industry is getting more competitive, you have to look out for the following construction industry trends that will prevail in 2021 and beyond. Read on to learn more!

1. Safety Equipment

Safety comes first, particularly when it comes to dangerous occupations, such as working at construction sites. With innovative software and machinery, construction sites improve their safety measurements as the machinery can now detect safety issues before accidents can occur.

A strong internet connection and Wi-Fi are being made available that covers all areas of the construction site, which assists with the quick and immediate reporting of accidents if a worker falls or gets injured. Innovative machinery that is integrated with AI (artificial intelligence) has made its way to construction sites.

How To Recruit The Right People For Your Company

This machinery helps with the transportation and moving of hazardous materials., in addition, you are also more likely to expect AI (artificial intelligence) working at the core of the construction sites that also lay bricks and assist with construction.

When it comes to safety equipment, you will find headsets as an essential element on construction sites. The headsets keep the workers protected from noise pollution, which is common to see on construction sites. While watching workers from noise, the headsets also help the workers stay in tune with their work surroundings.

It is necessary to note here that contrary to the myth that AI (artificial intelligence) in the form of robots will soon be replacing humans, it is the opposite case with construction. The robots that you will find on the construction sites won’t be there to replace humans. On the contrary, the use of AI on construction is only to benefit the workers, reduce their loads, and keep them safe. That said, AI and robots are making room for higher-level jobs and new talent.

2. Efficient Use of Technology

As we mentioned before, we are moving into a different era dominated by technology. The biggest differences that you will find in today’s construction projects and the previous construction projects are the use of technology and how it is integrated into construction sites. Besides the use of construction project management software, you will also find the inclusion of smart contracts. In other words, the pandemic has shifted construction projects to technology construction.

The pandemic has performed an essential role in causing increased reliance on technology. The construction project management software, for instance, helps in keeping all employees on the same page as the milestones are marked. It also allows managers to manage all steps of the construction project remotely and effortlessly.

You can also expect drones to fly on construction sites. One essential benefit of construction drones is that they can cover areas that can effectively report and analyze the construction sites.

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