The role of chatbots in today’s world is unmatched. They have made a significant contribution in every possible field and have also proven themselves to be a resourceful method of growth. Today as we are halfway into 2021, new technological advancements are on an upward trajectory. The growth of businesses despite the pandemic is commendable, all credits to the technical accomplishment of mankind. However, as we progress towards the future, new technologies keep emerging, and hence the peak is yet to come. Today one such hotshot technology in the market is chatbots. Well, well words can often make you believe unreal things, so let the statistics speak! Here are a few stats from 2021 that prove chatbots’ contribution in today’s world!
With businesses turning towards technology, the number of chatbots in the market is growing dramatically. According to global market insights, the population of chatbots in the market is going to see further growth. It is predicted that by 2024, there will be approximately 1.3 billion chatbots in the market. This proves that chatbots will soon be the driving force for business communication and the industry will soon transform into a further technically driven one.
As we move ahead into the futuristic world, more technical innovations are bound to happen. Today we already have several marvelous technical wonders and with scientists and researchers continuously working upon making more technical wonders, the peak of technical innovations is yet to come. Today’s scientists have progressed in natural language processing and chatbots are well equipped with natural language processing technology. The scientist and researchers are now working on sentiment analysis. Sentiment analysis will help the chatbot to understand the emotions of a human being. In turn, this will lead to chatbots becoming more prevalent and this will result in an increase in their market catch.
Chatbots are a proven technology to enhance the reach of a business and generate new leads. They are one of the best technologies for customer service and helpline. According to a study, the implementation of chatbots for customer service can cut down the cost invested in customer care by 30%. AI-driven conversational customer care chatbots mainly concentrate on providing customer satisfaction and also help businesses cut down on the investment done for acquiring call centers and customer care executives.
Voice-driven chatbots are the hotshot trends in the market today. Many people have started their day by saying “ok Google, how’s the weather today?”. Voice-driven chatbots help people get a feel of talking to real human beings. They can also help decrease anxiety and loneliness. According to Forbes, almost 50% of the uses prefer interacting with a voice-driven chatbot rather than a conversational one. Voice-driven chatbots are becoming prevalent in several industries and may well be the next big thing in the market!
Chatbots help in generating new leads and enhancing the reach of a business. This results in the growth of revenue generated by companies as the number of customers increase. Chatbots provide a rich user experience that establishes trust in the minds of the customers. To analyze how chatbots have transformed a business, the revenue generated was analyzed before and after the implementation of chatbot. This study showed that the implementation of a chatbot resulted in the growth of revenue by almost $823 million. Well, no more words need to be said to prove the impact of chatbots on businesses. The statistics speak for themselves.
Several e-commerce websites and websites which sell products or services have implemented chatbots. This has resulted in a huge growth in sales. The goods sold have increased drastically. A survey was conducted to understand how comfortable people are with conversing with a chatbot. It was found that almost 47% of the people trusted chatbots over humans and preferred buying their commodity using a chatbot. The sales of several websites shot up, this shows that chatbots are a convenient method to buy goods and are well-liked by consumers.
As Iterated earlier, chatbots have completely transformed the way businesses interact with their consumers. Chatbots are a trustworthy resource for automatic payments. Chatbots can carry out payments and guide their customers while making payments very effectively. According to a study, 67% of the millennial generation found it highly convenient to buy from companies that have implemented chatbots since payments are automated and simple using chatbots.
Today, social media plays an integral part in shaping our society. Social media is no longer only a platform to make friends and converse with people, social media is also used to voice opinions, run e-rallies, protest and share thoughts. The number of users of social media is growing and this growth doesn’t seem to have an end. Social media has also become a platform for lead generation, interacting with potential consumers using social media has become increasingly simple. For the purpose of lead generation, there are approximately 100,000 chatbots on Facebook. These Chatbots interact with potential customers and notify them about a business. Businesses from various sectors are using Facebook and other social media sites as a marketing platform. Implementation of a chatbot for lead generation will definitely enhance growth and facilitate business.
These days businesses have several internal teams. Namely, HR, IT, marketing, logistics to name a few. For the successful functioning of a business, all these teams need to work in tandem by communicating with each other and supporting each other. A communication gap could result in the entire failure of a business. Several companies are implementing chatbots for internal communication. This automates the communication and prevents any communication gap. Hence working in tandem for different teams has become easier now with the introduction of a chatbot. An interview was conducted with the business owner, he said that before the implementation of a chatbot there were communication loopholes, however, after a chatbot was introduced for teams to communicate, the process became much more foolproof.