chatbots can replace 29% of customer service and 36% of sales representatives in the United States alone. This would result in $23 billion and $15 billion in savings of salaries respectively, according to Business Insider research.
Advantages of chatbots
– their ability to respond to standard customer queries on products and services instantaneously without having the long response time needed for emails.
– chatbots can work around the clock and also collect data from each customer interaction.
– the fast interaction with prospective customers – that chatbots save- gives a better conversion rate as they are less likely to jump to a competitor.
– Chatbots can also help to qualify a prospect which allows the sales representative to focus on closing the sales.
Applications of chatbot
Many banks and financial institutions have incorporated virtual assistants just to offer seamless banking services to their end customers and they are fast, reliable and highly secure. in fact, Smartphones and internet have provided finance a fertile ground to grow as the masses today rely mostly on them for their banking activities.
2- Customer Support
A chatbot could provide correct answers, directly reply, or even escalate the request to a person freeing up agents’ time to work on more complex issues. they decrease the major burden for customer support in responding to the same requests. by replying to frequently asked questions (FAQ) or providing simple and timely information.
a chatbot could participate in the sales process by generating leads for the sales team. Chatbots can provide initial information to a potential customer and, as soon as a certain level of interest is detected, the bot can either direct the lead to a salesperson or to a dedicated landing page.
with AI growing smarter and extremely powerful the opportunities for chatbots in the travel sector are soaring high. Since the advantages of AI (Artificial Intelligence) is unarguably humongous, many top travel companies have decided over chatbots for hassle-free user experience.
Actually, personal travel-assistant it not only allows you to book flights and hotels but also aligns with the Facebook messenger, Calender and email making your travel much simplified.
With the advent of the internet, e-commerce did rise-up insanely during the year 2014- 2015. But there needed to be better interactions between the e-commerce brands and the end consumer. the chatbot has played a big role. they set to handle the entire shopping process for the customer. They have really got the conversational commerce happening.
because of the waiting times, people avoid going to the doctor. But what about if a bot could detect you are sick by asking you very simple questions, analyzing your entire medical history, and directly prescribing you the treatment needed if it’s something minor or handling the booking process with a specialist for a more accurate diagnosis.
7- Data collecting
Chatbots can trigger conversations to collect data. With regulations changing all the time, chatbots can reach out to customers to ask for the data necessary for banks to remain compliant.
Also, they can verify data for journaling purposes, such as verifying a customer’s address. Outbound chat conversations are particularly powerful because they allow companies to reach customers on their existing channels.