Chatbots are the new e-commerce phenomenon where these Chatbots are extremely helpful to companies looking to create a strong brand identity and provide the best customer service possible. Everyone is speaking about them, most Top Chatbot Development Companies want to provide chatbot services and solutions, and businesses want to figure out how to use one.
In recent years, chatbots have become more popular than ever thanks to advances in technology and machine learning. While time goes by, chatbots will continue to evolve, become even better, and ultimately play a central role for all types of businesses in customer service.
AI is no longer just a company for Fortune 500. Small businesses can now exploit AI tech to develop their processes, communicate more deeply with their customers, and eventually increase their revenues, on the back of a range of advances over the past few years.
The new chatbot developments will be explored in this blog to keep an eye on in 2019-2020.
What Exactly These Chatbots Are?
Chatbots are tiny programs that help replicate customer interactions automatically based on a set of predefined circumstances, prompts, and/or events or chatbots. These are computer programs that are capable of conducting human conversations via a messaging interface and chatbots help businesses improve customer service.
Today, AI power some of the more sophisticated chatbots, helping them solve problems, send personalized messages, and refine their interactions over time. The software may still be in its infancy, but without even knowing it, most people use chatbots on a daily basis.
Using chatbots has several advantages:
- They can be proactive or reactive.
- Various media such as SMS, live chat, or even social media can use them
- Each time, their reactions are clear.
- They will respond immediately to customers.
- We will help you gather important data and learn from the collected data as well.
Originally, many people thought chatbots were nothing more than a novelty, but now they have really started to evolve. The chatbots ‘ possibilities are only beginning to be understood and there is still so much space for further development.
A chatbot’s basic definition is nothing new. They have only been around since the 1960s. Although they will not replace humans or devices in the near future, a number of companies are experimenting with different ways to get chatbots into the mainstream.
The Current State of the Chatbot Market
The Chatbot market is expected to hit about $1.2 billion worldwide in less than ten years, according to a recent Grand View Research report. However, experts predict that the market will grow more than 24% at a compound annual growth rate.
Chatbots became more AI-driven in 2019, able to handle complex human communication with ease, and now taking over conventional conversational services. Chatbots can work in a variety of fields, including storage, payment; marketing and even chatbots can be utilized in Human Resources. Customer Service though is where we stand out. Around 45 percent of end users favor them, according to Grand View Research, as the primary mode of communication for customer service queries.
In 2017, the year they were most embrace, Chatbot had an incredible year helping to improve the customer service and brand image of many tech firms. Since then, chatbot have remained a dominant industry phenomenon, in addition, consumers are more interested than ever in learning how to complete exploit their business chatbots.
More and more companies will move from recognition to adoption in just a few years because they feel the pressure to keep up with the technology.
Explore the Top 10 Chatbot Development Trends for 2019 -2020
Chatbots Becoming More Human-Like
Chatbots have taken over the number of business sectors and many businesses got Advantages of Adopting Chatbots for App Business. Beyond native bots–think Apple’s Siri–3rd-party, companies are now helping businesses connect with their customers. For example, through your Facebook Messenger app, you can now order a Uber or Ola ride.
One problem with chatbots is that some consumers feel too “unnatural.” Many customers would still prefer to talk to a real-life sales representative rather than a robot as they think that they will not be able to properly answer their questions.
However, while older customers often find it difficult to recognize the true value of chatbots, millennial have less software issues.
Steady Adoption Of Chatbots
As human beings, we constantly try ways to adapt and change. This is, after all, how we succeeded in prospering as a species. Chatbots are a tool for doing this, providing a better way to connect companies with customers.
More than one-third of the marketer’s surveyed–36% to be precise–said they used chatbots to provide customer service. Because the big names have already embraced the software, it is only a matter of time before it spreads even more.
According to IBM-there estimated annual customer requests of 266 billion and companies, spend almost $1.4 trillion to answer them. Using chatbots could help save up to 32% of this price. Oracle surveyed the acceptance of chatbots by more than 800 marketing professionals and found that by 2020, 85% of brands plan to serve customers via chatbots.
Chatbots Are More AI-Driven Now
AI-powered chatbots are now able to provide consumers and customers with a personalized experience. Bank of America’s is one of the best examples provided by the chatbot website. Their chatbot can answer any request from the customer. The bot will anticipate customer needs with Predictive Analytics and direct them through complicated banking processes–helping customers make payments, check accounts, save money, etc.
Insurance companies are also some of the earliest AI-based Chatbot Solution and Services adopters. Insurance companies use location-based technology automatically initiate the claims process, use chatbots and visual tools such as live chat to educate customers about adjustments to submissions, inspections and documentation claims, and update them on claim status.
Chatbots & Business
Chatbots have become a popular tool for businesses in today’s tech-savvy world. Businesses, large and small, have come up with ways to use chatbots to support their customers. In 2017, Chatbots experienced tremendous growth, even earning it the title “Chatbots Year.” The good news is that this growth continues to help businesses deliver the best customer service and grow their business by connecting in real-time with consumers.
More and more organizations of all sizes for their enterprises should implement voice-assisted bots. According to Gartner, by 2020, 28% of customer service operations tech encounters will be using virtual assistants. In general, retailers are building voice-assisted bots to assist in order inspection and purchasing. It makes total sense because it creates a good brand image by delivering good products or services to consumers.
Rich Customer Insights
Chatbots store valuable analytical customer data. Although there has been steady growth in the adoption of chatbot during 2018, reports indicate that by 2020, 85 percent of organizations will deploy more personalized chatbots powered by performance.
Artificial Intelligence helps automate the collection of data. Research requires proper attention from a dedicated team that can then concentrate on areas of change, process management, error minimization, and performance generation. Through learning over time, advanced chatbots can even better themselves.
Voice Experiences Becoming Mainstream
Recently, industry giants like Google and Amazon have been driving the “smart speakers” market and the Technology that comes with it, according to eMarketer data, more than 110 million Americans use voice-activated personal assistants at least once a month. For example, Amazon has sold 100 million devices with Alexa built in, as reported by The Verge. In addition, the Alexa Store currently has over 20,000 skills.
Google is continuing this by trying to make voice-activated assistants accessible on all Android-powered devices, including smartphones, wearable’s, and even smart TVs, something that seems to be moving ahead.
The Rise of Conversational Bots
We need to start learning how to communicate with our customers more effectively. Sometimes it feels like when customers try to tell them something important, people do not really listen.
Therefore, the field of conversational interfaces that some of us are most enthusiastic about so. Since the design of Natural Language Processing (NLP) is not yet where it needs to be, companies have begun experimenting with chatbots based on interfaces. Chatbot Development Companies like Acquire began working on’ conversational marketing’ to help small businesses replace frustrating forms with conversations.
Natural Language Understanding
Several companies have started to work on Natural Language Processing (NLP) Solution in an attempt to get one-step ahead of the rest. This capability is one of the main selling points that Facebook uses to promote its own chatbot, helping better understand the inquiries of users. However, if you have been trying to communicate with their chatbot, you know it is far from ideal.
The hope, however, is that this technology will allow more natural communication between users and machines. Because of concerns about the inability of chatbots to understand complex requests, businesses are pouring money into their production.
Automated Call Centers with AI Technology
When NLP progresses, it will soon become a reality by integrating this with AI voice generation and server less software. We will have deep domain knowledge that will help customers to converse smoothly. They are never going to get sick, and they are not going to take any leave.
The Virtual Assistant Takes the Place of Apps
With most US users installing zero apps a month, it is difficult to get people to try new apps these days. Users clear the clutter, uninstall applications that they do not use, and retain only real-use software for them.
Numerous devices have fused into one of the best parts of chatbots. This skill used by chatbots to simplify business activities and improve customer experience. Chatbots even help users to interact or read the news with the bank.
Final Key Takeaway
Chatbots are still having considered an evolving technology, but they are maturing rapidly and becoming a staple in the customer service, sales and marketing operations of many companies.
Many of the big players are already on board, but the acceptance for small businesses of this relatively new technology depends on several factors:-
- Lower costs
- Growing demand
- Enhanced technology
About a decade ago, making their own custom software was almost unimaginable for small businesses. Nevertheless, as larger companies began pushing applications out with low Cost to Develop Mobile App and development services began to pop up. An app is a standard customer service part these days.
In the coming years, the use of chatbots will evolve–design and architecture will inevitably improve. So watch this space and keep a close eye on what is going on in the near future if you have designs to have your own chatbot.
Brands must concentrate on chatbots being introduced in a way that simplifies internal processes rather than making the most fanciful claims. Provide customer guidance, set expectations, and teach customers to interact with chatbots in a manner that ultimately benefits your brand’s growth.
If you want to integrate Chatbot into your company, you need to employ Top Chatbot Development Company as Fusion Informatics and more automate your business.