Chatbots have been around for a while. They are simulations that can process and interact with human language while carrying out specific tasks. Numerous chatbots have shown to be more technologically and naturally knowledgeable than their predecessors. These developments have brought us to a time where having a conversation with a chatbot is as common and natural as having one with a human.
More businesses have started incorporating chatbots into their consumer engagement strategies over the past couple of years. They are giving their chatbots more artificial intelligence skills so they can address the unique problems that clients bring up and comprehend more difficult inquiries. There have been more beneficial interactions as chatbots develop to converse with customers more effectively. Because of this, 80% of customers found chatbots to be helpful.
Juniper Research predicts that by the end of 2023, chatbots will help the retail, banking, and healthcare sectors save $11 billion on customer support questions alone, with over 2.5 billion hours saved. Out of these industries, the retail sector will be able to deploy chatbots 70% more effectively to help with consumer enquiries. By developing their ability to respond more quickly to common customer queries, they may support the IT help desk and customer service staff.
By 2024, retail consumers will pay $140 billion through chatbots globally, according to Insider Intelligence. Chatbots can be useful by making product recommendations and simplifying the shopping process. Chatbots can help ecommerce organizations increase sales by up to 25% when they are used to convey messages to customers who have abandoned carts. Additionally, marketers can communicate with two to five times more consumers using chatbots than through email exchanges.
Is there a future for chatbots? Fortunately, it appears that chatbots will continue to exist for the foreseeable future. They will be able to provide a more individualized client experience with the help of AI. Through customer service, internal processes, and marketing initiatives, it also helps businesses save money. Chatbot integration across a company's website, app, and social media platforms has a lot of possibilities. The way businesses engage with and comprehend their customers is changing thanks to chatbots and AI.
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