This is the perfect time for you to implement a chatbot into your business. User acceptance has never been higher due to an increase in the use of social media and chat. Your target group perfectly knows how to work and communicate with a chatbot. Technology is ready for an inexpensive integration of chatbots as well as easy handling once implement. And last but not least: you will be ahead of your competitors and outrun your competition.
The hype around chatbots is increasing mainly because people start to realize the chatbot’s capability. Platforms and technologies around chatbots are still evolving, but they are at a stage which is now directly providing benefit in terms of either increasing revenue or decreasing operating cost. Today, enterprises are more happy than ever to experiment with chatbots seeing how beneficial they can be. Don’t miss the chance to be one of them.
In its hype cycle from 2019, Gartner has already predicted this hype around chatbots. Gartner expected it between 2021 and 2024. There is no better time than now to start integrating chatbots into businesses and consumer applications.
What are the core benefits of implementing chatbots?
1. Cost saving & customer adoption
For enterprises, it is a critical time now to start experimenting with chatbots since the pipeline for chatbot takes time to evolve. It’s an ever-evolving process which IBM has already predicted in 2017. Businesses spend $1.3 trillion on 265 billion customer service calls each year.
Chatbots are capable of handling 80% of those service calls if properly implemented. Another positive aspect in favour of chatbots is research indicating that 74% of the people prefer chatbots when it comes to simple answers. Those numbers look strong and promising. With a rise in mobile connectivity, it has become easier to connect with a chatbot over chat and call. This fact has fuelled the need for chatbots in place to handle the first level of queries.
2. Digital platform and rich ecosystems
The above estimation shows that around 4.93 billion people in the world are now connected to the internet. Half a decade ago, this was not the case when only around 50% of this number were connected to the internet. With the implementation of 5G, these numbers will rise rapidly. People using social networks have natural preferences and are comfortable around chat. Due to these aspects it is a great opportunity to transfer existing support centers to a hybrid model of calls and chats where a chatbot or intelligent voice assistant handles and filters the query at the first level.
There are now close to 500+ vendors and platforms that offer service solutions to create your own chatbot. Many kinds of platforms exist making it easy to choose a solution that suits individual needs. Even the costs to create and maintain a chatbot are as well levelled out. With the ready scalable platform and services in the market, it is now possible to quickly build and scale the chatbots at a fraction of a cost. It is also now easier than before for small business and entities to leverage the power of chatbots for their business at affordable cost. The bots landscape are as well supportive of this. From small to large business, their growth directly results in growth of the chatbot landscape. The below image from venture beat shows the top components in the chatbot landscape.
3. Revenue boosting
The online expenditure on ecommerce is projected to be around $2.7 Trillion by the end of 2021. The competition around tapping into the market is high which is highly dependent upon customer service. It is difficult to scale up the human agent service centre model to address this level of customer service. But a chatbot can assist the business in this area with a fraction of a cost. Along with that, there is also an upside of leveraging the same chatbot to handle multiple channels, regions, languages, and customers. Chatbots can also be programmed to understand empathy at some level. There are tools that can help determine the emotions from a conversation. Based on the emotions, the business can handle the conversation better and direct the conversational flow. This can help in increasing sales and handling customer service more sufficient. Businesses using a chatbot have reported up to 200% ROI and up to 100% increase in revenue at a minimal cost.
The combination of the ecosystem along with the availability of digital technologies makes it the perfect time for enterprises to adopt chatbots for their respective business. Chatbots will help the business to generate revenue, save cost on operations and most importantly, understand their customer base. In the long term, chatbots will help the business to align and improve their existing service models to address the rapidly changing needs of the customers.
Our conclusion on the implementation of chatbots
The impact that chatbots have on a company’s success cannot be underestimated. Chatbots have reached a level where implementation not only is simple, but also cost-efficient. The investment in chatbots is quickly turned into an increase in revenue and a decrease in expenses for customer service. It also leads to a better understanding of customers and therefore more and happier customers. The time has never been better to implement a chatbot. Customers who are accustomed to social media and chat are welcoming chatbots and an increase of internet connection and mobile connectivity makes a chatbot approachable from anywhere.
The Digital Media Group is an expert in consulting, conception and realization of chatbot projects
We advise and support our customers in the definition, conception and success assessment as well as in the realization of chatbot projects. From chatbots for real estate providers to chatbots for customer support with over 300,000 users, we have experience in sensible and efficient planning as well as realization within the desired structures.
We would be happy to make you an individual offer based on your ideas and conceptions. If you already have a written concept, this is the optimal start – alternatively, we will of course support you in the development of your idea!
Just contact us, we will give you a non-binding and free budget estimate of your chatbot idea.
Are you planning a chatbot?
Then get in touch right away. We have experience in the design and implementation of chatbots and will be happy to advise you without obligation.
Together we can create great things. Shall we talk about it?
You can find more about our services in the area of voice assistance on our service page Chatbot & Voice Interface