Top 13 Benefits Of Chatbots For Your Business

13 reasons why your business would benefit from a chatbot.

Dhara Sharma

Sep 26 • 4 min read

Are you thinking about integrating chatbot into your business process?

Widely used by businesses across industries for automating quite a few processes, chatbots though in use since the 1960s, have recently got a big push. 

-By 2021, chatbots will see an estimated investment of $4.5 billion. (Opus research)
-By 2021, more than 50% of enterprises will spend on chatbots every year. (Gartner)
-By 2022, chatbots are estimated to save $8 billion. (Juniper Research

While some chatbots are designed to act as a customer support agent answering frequently asked questions, others are programmed to help business users with complex requests. We’re not discussing the two types of chatbots here- rule-based and AI-powered chatbots, we’re talking about how as a business owner you can leverage chatbots for your business growth. 

So without further ado, let’s look into the top 13 benefits of using a chatbot in your business.


 

1. 24x7 Automated Customer Support

For 96% of people across the globe, customer service is an important factor in their choice of loyalty to a brand. (Microsoft)

No matter what time, day or zone, chatbots are ready to engage your customers with immediate answers. They deliver prompt support round the clock, adding value to your customer experience

The extensively you train your bot, the better it will be at keeping your customers engaged. The main thing to understand here is that the bot is accessible 24x7, but is it able to help solve customers queries efficiently.

2. Automates Repetitive Tasks

65% of workers view AI as something that would free employees from menial tasks. (PwC)

Chatbots make for amazing support assistant, but they are not here to replace your support agents. Understand the difference!

Regular tasks such as scheduling appointments or sending reminders or checking status or collecting feedback can be easily assigned to chatbots freeing up your support agents. 

3. Cost Saving

In the Banking industry, the cost savings from using chatbots is estimated at $209 M in 2019 and it will reach $7.3 B globally by 2023. (Juniper Research)


Implementing chatbot for your business is an investment. How?

1. It helps businesses optimize customer service costs
2. Can be scaled during the peak time without any extra costs 
3. Bring down expenses and brings a rise in revenue and customer satisfaction
4. Besides, Enables a seamless brand experience for customers
5. Reduce a significant amount of cost and resources 
6. Improves efficiency and customer experience

4. Monitor Data And Insights

28% of top-performing companies use AI for marketing. (Adobe)

Program your chatbot to track metrics that work towards your business goals. Customer engagement, user satisfaction, purchasing habits- the data you collect can help you make quick and accurate business decisions.

5. Increase Customer Engagement

41% of people starting online chat conversations with businesses are C-level executives. (FinancesOnline)

Responsive chatbots can help increase customer engagement by guiding visitors through your site, recommending products, respond timely when the customer really needs assistance, basically guide throughout the customer journey.

6. Enhanced Team Productivity

Chatbots will handle 85% of consumer interactions by 2020. (IBM)

Chatbots can assist your executives to serve the customer better by automating your sales, marketing, customer service and other sides of your business. It would free the team to focus on more productive tasks.

7. Personalised Experience

57% of executives cite that conversational chatbots enable their websites to provide personalized attention to customers. (FinancesOnline)

Your chatbot may not understand certain nuances of the conversation or the meaning between the lines, but it can certainly make your customer feel important and cared for. Chatbots not only act as an ice breaker but also keep the conversation engaging by sharing personalised content.

8. Relaxed Conversation

21% of consumers see chatbots as the easiest way to contact a business. (ubisend)

With chatbots, there’s no pressure to stay engaged or saying things in a certain tone that might sound rude during a live chat making it a more relaxed medium for customers to share their concerns.

9. Minimal Errors

The average time it takes a company to respond to a message is 10 hours on messaging platforms. (Oracle)

To err is human, manual work does come with a risk of errors. Chatbots are the perfect way to deliver error-free services. With chatbots, your customers get what you give or rather train your chatbot.

10. Higher Customer Satisfaction

53% of customers are more likely to shop with businesses that they can message. (Outgrow)

Most businesses offer text, email or call as their customer support but it is initiated only after a customer reports an issue. With chatbot for your customer support, you can offer proactive support that would up the customer satisfaction level.

11. Multilingual Support

72.4% of consumers said they would be more likely to buy a product with information in their own language. (Common Sense Advisory)

Speak to a customer in a common language and it hits their brain, speak to them in their local language and it directly reaches their heart. A multilingual bot can converse in different languages with your customers based on their demographics resulting in higher customer engagement and satisfaction.

12. Scalable

Chatbots could save businesses up to £6 billion per year across industries. (Juniper Research)

As your business scales, you require more helping hands and hiring more agents directly results in infrastructure costs, training costs and loss of time. But not if you have a chatbot as your support agent that can simultaneously manage thousands of conversations without affecting the business costs. 

13. Good-fit Across Major Industries

The top industries profiting from chatbots are real estate (28%), travel (16%), education (14%), healthcare (10%), and finance (5%). (FinancesOnline)

Chatbots are beneficial, no matter what your business type is. Of course, there are a few industries which would benefit more but all in all a business chatbot would help grow business across major industries. 

Are these chatbot benefits for your business?

We would love to know how your business is benefitting from your chatbot implementation.

Written by

Dhara Sharma

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