Chatbot Trends to Help Grow your Business
The new year is seen as the beginning of new opportunities. This also implicates more potential for newer technologies, advancements within the existing technology tools and growth in the market.
With the rising chatbot trends and market outlook, it is very crucial for businesses to adopt the way they engage with customers.
Artificial Intelligence (AI) reorganizes how businesses interact internally as well as with consumers. To allow machine learning and dynamic analysis of automated business communications, AI is crucial.
It is predicted that chatbots will move from simple customer-based queries to more advanced real-time interactions based on computational modeling. Chatbots have been growing dynamically in the past few years, and have managed to take over many sectors and internal roles in the organization.
If you’re an entrepreneur, following the latest chatbot trends will help you scale faster and grow your brand visibility.
Chatbot Stats for 2020
Gartner says that in the next couple of years, Artificial Intelligence (AI) will be a major consumer experience income stream. Customer care chatbots will be used by 47% of organizations and virtual assistants will be deployed by 40%.
The growth in on-demand messaging has changed customer contact tastes. More companies integrate chatbots into their workflows. Bots are a critical resource to help improve customer experiences and deliver great customer service. The way businesses connect with current and prospective customers is transformed by chatbots.
These are statistics for the current chatbot trends in business:
- Industries like banking, healthcare, education, travel, and real estate benefit the most from chatbots. (Chatbots Life, 2018)
- By 2020, some type of chatbot system is estimated to be adopted by 80% of businesses. (Outgrow, 2018)
- Chatbots can help businesses save as much as 30% of customer support costs. (Invesp, 2017)
- Chatbot market value went up to $703 million in 2016. (Outgrow, 2018)
- More than 50% of customers anticipate that businesses are open 24/7. (Oracle, 2016)
- Both, the millennials and generation Xers are familiar with chatbots. (Chatbots Magazine, 2019)
- There are more than 300,000 active chatbots on Facebook. (Venture Beat, 2018)
Top chatbot trends that will transform your business in 2020
Implementing chatbot solutions in the near future will expand its knowledge base. The statistics of the chatbots indicate that bots are much more willing to match human behavior and offer additional services.
Here are the upcoming chatbot trends that will push your company towards the next scale.
1. Chatbots are getting more common.
Chatbots have successfully streamlined customer care, marketing, sales, HR and many other functions. Surprisingly, they’re being used to streamline individual or everyday activities as well, such as exercise, parenting, kids, e-learning, etc.
Exercise chatbots are being developed to discover user preferences and create a customized chatbot experience. While engaging the user with their weekly fitness routine, it won’t be time-consuming.
Chatbot technology is one of the most successful innovations in eLearning, that helps by simplifying the technique of coaching. Such smart bots are often used as virtual assistants.
It turns out that chatbots are the most revolutionary way to bridge the gap between technology and education. Implementing chatbots provides the student with the tutor with an interactive learning environment far similar to the one-to-one.
2. Use of AI in customer support
Chatbots, digital assistants, texting and other new technologies are already driving the development of call centers around the world. Businesses can reduce customer service costs by up to 30% by introducing conversational chatbot, according to Chatbots Magazine.
Chatbot Trends are aimed at significant cost savings when companies upgrade from inefficient IVR technology to AI. Bots without human involvement can handle simple requests such as changing a password, requesting a balance, scheduling an appointment, etc.
The call center depreciation rates are twice the average of all other industries combined. Bots can greatly reduce the number of human agents required and also improve on employee attrition ratio which is due to the repetitive nature of routine calls. It can be expensive to employ staff 24 hours a day in your contact center.
Adding resources to support multiple business lines and languages will increase the headcount to handle customer queries 24 hours a day.
- Business process automation — Automating the business with AI chatbots helps to rapidly reach customers and provide a better experience. Without human involvement, bots can handle first-level queries easily.
- Sentiment Analysis- AI is predicted to get so better by 2020 that it starts to detect customer emotions and compose responses accordingly. They can also predict the intent of the customers to reach out and agents can be adjusted accordingly.
- Streamline call center experience — By identifying the purpose of the call and improving customer experience, data can be collected with AI to gain the context of communication in order to offer faster solutions.
- Recommend Products and Services — Chatbots can help you manage the efficiency of your agent by scrutinizing them while interacting with customers and advocating them. They can also recommend products and services automatically to your customers and take off the task of manually sending in recommendations.
3. Chatbots will be more human
It is inevitable that the chatbot industry will become the driving force of business communications. As per Global Market Insights, the overall market size for chatbots worldwide would be over $1.3 billion by 2024.
Keeping this in mind and starting to catch up with consumer expectations, companies are now more focused on creating sentient-indicting chatbots with the support of machine learning, artificial intelligence (AI) and natural language processing (NLP).
Chatbots with a more conversational AI will,
- Develop better relationships with customers, providing customized and tailored customer experience.
- Boost the brand’s customer experience and enhance customer loyalty.
- The understanding of the customer to receive positive feedback and build a satisfied customer base is affected.
4. Voice bots are becoming mainstream
A research study says that online customers are gradually using communications channels which consist of both voice and text-based interfaces as their preferred method of communication. Voice recognition software is continuing to improve reliability and it is being applied to by specialized services.
Both voice-based and text-based conversational user interface (CUI) becomes a preferred way to access digital services across industries. They provide clients and employees with the best solutions in different areas.
It can help in different sectors, such as education, insurance, travel, and financial services. Voice bots are gaining more popularity by the day and are predicted to be the future chatbot trend, the reason why?
- Texting can be time-consuming.
- Text can sometimes be monotonous when voice bots require automated, intelligence-based interaction with customers.
- Voice-enabled bot, you can provide your customers with reliable data insights. It also helps to provide the correct information in real-time.
- Voice bots offer new customization opportunities that reduce the problems faced while addressing customer needs.
Voice bots are indeed a great way for businesses to use automation and connect with a humanized level.
5. Messaging platforms as a growth driver for chatbots
More preferred is the concept of conversational trade as it encourages buyers to shop with chatbots online. Messaging platforms enable companies to revive their approach from branding improvements to deliver the best customer service.
Over time, more and more companies will embrace messaging systems to improve customer engagement and deepen customer loyalty as these platforms will have strong bot capabilities and an integrated approach over different business functions.
With chatbot capabilities on messaging sites, companies can push-
- Brand awareness — Market strategists recommend using bots as it increases brand exposure and retention of buyers. The quick response to customer queries is one of the most impressive facts behind the increasing chatbots.
- Customer support — The majority of chatbots can engage customers in the odd hours by responding to their simple queries. As AI improves, bots can become more intelligent in tailoring their individual responses.
- Engagement and marketing — Customers prefer businesses that have chatbot support. 47% of users are open to buying products via chatbot. The chatbot stats show that chatbot is the easiest way to interact with businesses that most consumers trust.
- Sales & Lead Generation — Chatbots can be the best channel for automating your sales and leading the production process by nominating your prospects to lead in your website and social channels
6. More use-cases for customer demands
Chatbots are no longer restricted to companies and various business verticals, but they also have significant cases of use for consumers.
Ubisend report says that 1 in 5 customers will consider buying a chatbot from goods and services. Whether it is food, electronics or clothing, online orders are treated promptly by chatbots.
With the growing opportunities in the world, businesses and organizations are going to experiment with chatbot technology to create their own innovative chatbot use-cases and make space for automation in their business applications.
7. Chatbots will automate payments
Chatbots radically change the way businesses serve customers, handle lead generation projects, and automate transactions. Chatbots Magazine found out that 67 percent of U.S. millennials said they are likely to buy brand products and services using a chatbot.
Chatbots ‘ future is that companies will automate simple payments and allow users to pay directly through live chat or Facebook Messenger apps. The instant process makes the customer satisfied and increases the happiness of the company.
Here are some of the main benefits of accepting payments from Facebook Messenger:
- A good way to sell conversationally–helps the clients to ask questions and recommend the best option according to their needs.
- Trust is a powerful word– so many people rely on Facebook Messenger to prevent credit or debit card security issues.
- Customers can buy directly from Messenger–to make the final transaction, the customers don’t have to leave their phone.
- Cost-effective — Compared to traditional channels such as live chat and call centers, it is cost-effective.
- Effective scalability — it is simple to scale — this ensures you can sell products directly through your 247 bots automated Messenger series.
8. Chatbots for HR and internal enterprise use
In addition to managing customer requests effortlessly, chatbots have tremendous business value by streamlining internal business processes from small business to big organizations.
There are many use cases for AI chatbots with each model implementation following a common goal–to enhance the user’s experience and performance.
Here’s how company-wide chatbot patterns can be used:
- Human Resource (HR): Chatbots can be used to manage your employees ‘ momentum, address essential HR-related questions, and complete transactional HR services.
- Internal help desk: Chatbot can handle common queries and work on complex queries by IT help desk workers. The bot is acquiring the responses to repetitive queries and increasing responsiveness.
- Onboarding employee: Onboarding is a tedious and time-consuming task. By answering screening questions and documenting the responses, chatbots will begin the interview process. It also goes by company policies to guide new hires.
9. More chatbot apps
The global chatbot market is expected to hit $1.23 billion by 2025, an annual growth rate of 24.3 million, according to a study by Grand View Research.
AI chatbots are just one of those trending technologies that have recognized and eased the common problems that businesses have encountered these days, and to scale and support business teams in their customer relationships.
In the future, more and more brands will be building applications. Bots are able to gather information and assess appropriate actions to take. The communication level has risen with the easy integration of bots within mobile apps. For example, an app like Instagram uses AI to provide its users with meaningful content.
10. Better Sentiment Analysis to understand chatbot behavior
Chatbots are intended to imitating human-based support and providing the right answers based on queries. However, bots can’t really get the exact picture into the user behavior and their journey without a deeper integration with your user data.
Analysis of sentiment is important to train more human-like chatbots.
When chatbots become more communicative and users who don’t always know they’re talking with a bot continue to extend and express their feelings in their replies.
Just like a well-trained team of customer care to conduct an evaluation of feelings. For all the customer insights, chatbots can collect, normalize and aggregate customer feedback data for further analysis.
Keep up in the market by staying up-par with the chatbot trends. Grow your business in 2020 by following these future smart AI tech-chatbot trends!
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