This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
AI Chatbots to Redefine Your Customer Service & Retention Rate
This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.
Do you have a retail store? Do your customers leave? Have you evaluated your customer retention rate? Do you have a plan to have your customers back on your website?
If you’re looking for a solution to improve your customer retention rate, then ask yourself do you still prefer to speak to a live person, rather than a chatbot.
If yes, then I would like to tell you, everybody in the industry talks about building Best AI chatbot and they’re increasingly getting popular and part of our daily lives like Pizza Hut is using ai chatbot to make their purchase easier and to give answers to customers queries instantly via bot messaging.
Uber is also using a messaging app to target their customers. More and more businesses are incorporating and using Best AI chatbot in their operations.
In this article, we will see how could AI chatbot replace live agents? And, why is it important for your business? How to build an intuitive chatbot for your business with AI capabilities?
Before you get into the world of creating Best AI chatbot for your business, there are a number of possibilities for you to consider such as -
- Decide how do you want to automate and develop your AI chatbot for users frequently asked questions.
- Make your AI chatbot ready for product status tracking.
- Also, make your AI chatbot ready to learn how to engage visitors on your website and convert them into a deal.
Stats on AI Chatbot Market Size
According to Grand View Research, AI Chatbot market size is estimated to hit $1.25 Billion by 2025 and increasing at a rate of 24.3%.
By 2020, 30% of the online searches will be directed through voice directions.
In a survey, reports revealed that 64% of people said 24-hour service of best AI chatbot is a huge benefit of their business.
Oracle surveyed major companies and found that 80% of brands planning to use AI chatbot in the near future.
So, our first query is, How Could AI Chatbot Replace Live Agents?
Although AI chatbot is a hot topic these days among enterprises, SMEs, and Startups, the fact is most users want more from chatbots. That’s why there is always a lot of hype around them in the business sphere.
Benefits of AI Chatbot for Enterprises
It’s fairly easy to tell you the benefits of building AI chatbot. However, today businesses are seeing the evolution of chatbots and their future is not difficult to predict. Below, we’ll dig into the nuances of how to build AI chatbot and how could chatbots replace the live agents.
At present, there are different kinds of chatbots — normal chatbots and AI chatbot that are also known as Cleverbots.
To fully understand it, we need to place a comparison of AI chatbot with live agents.
First of all, chatbots with AI capabilities can work without any human help and can consistently chat for several hours without taking a break. This way it helps you save your time, money, and efforts.
A recent study on AI chatbot revealed approx. 80% of customer’s queries have been resolved by Chatbots.
Also, with multitasking abilities, AI chatbot can handle number of chats simultaneously. Suppose you have a retail website and need to attend 100 customers at the same time and you’ve just one live chat agent on hand. What will you do?
Maybe, you’ll have angry and unsatisfied customers at the end of the day because they are probably being on hold and looking to switch to your competitor.
The key to Cleverbot success is a human-like behavior that studies the queries of members on your website and “learns” from these conversations and stores them all in a huge database. It learns from the past responses to questions and comments accordingly to those similar type of questions and queries.
Also Read - Eleven Trending AI Chatbot Platforms
Why AI Chatbot Important for your Business?
AI Chatbot and Cleverbots are most used in the arena of e-commerce and online marketing success stories, it is all because of the bot’s ability to engage customers that give you a better conversion rate than any other form of marketing or email. Here is the reference of brands using AI chatbot in their business operations and become winners in the space:
- Online retail brand ASOS increased its number of orders by 300% with AI chatbot by reaching 3.5x more people.
- Tec inStore received more than 1000’s of “Thank You” messages in just one month of incorporating AI chatbot to their website and also had an 80% success rate.
- Snap Travel has made 1,000,000 bookings using AI chatbot services.
- KLM increased its customer interaction rate by 40 percent using AI chatbot messenger.
- Sun’s Soccer gets 50% of its customers back through AI chatbot conversation.
How AI Chatbot Contributing to the Success of your Business?
Basically, there are three main difficulties that your customers face during a traditional online shopping experience:
- Customers don’t get the right answers to simple queries.
- Not getting a quick response in an emergency situation.
- They don’t get the specific output to their specific queries.
There are so many situations a consumer predict, and AI chatbot would be most useful for your business by giving your consumers:
- Getting a quick answer in an emergency.
- Resolving a product issue or complaint quickly.
- By giving them detailed answers or explanations of an issue.
Today more and more technical support firms are deploying AI chatbot to their website to respond as quickly as possible to their clients’ tech queries. It is best for them to use AI chatbot rather than email or any other medium to respond to technical issues of their clients. It also opens ways for higher click-through rates and user engagement.
Also, AI chatbot are interactive, they can allow you to create a more interactive and personalized chat content. As a result, a lot of brands creating a story on chatbots to lead to a chat and give you an opportunity to develop a more personal relationship with users that helps in improving your customer loyalty standard.
In the above-mentioned points, we have argued over the reasons to use AI chatbot for your business over email and applications. Most significant among these reasons is that AI chatbot and cleverbots can help you grow your business in less time and efforts. And they’re also easier to develop than chatbots, see how?
AI Chatbot
To grasp the idea of building your AI chatbot, you need to understand about their types, how they work, and what their capabilities are.
There are two main types of chatbots:
- One that works on a fixed set of rules and responds to specified commands only and don’t understand human language.
- Second, chatbots that are based on artificial intelligence/machine learning and natural-language processing (NLP) and also have the ability to understand human language, and not just commands. They also have the capacity to learn live Cleverbots and can give you a better reply as they encounter more situations.
Machine learning is the main component of chatbot development algorithms and the software startups are using these algorithms in combined, sequenced, and in complex ways.
Natural-language processing (NLP) is the other main component of a chatbot’s development that improves its intelligence by using the synthesis of human languages, predictive analytics, statistical data mining, and data modelling techniques for generating information, without having to wait for human intervention.
See what it takes for AI chatbot development and what software development companies investing for their chatbots.
AI Chatbot Platforms
Chatfuel
Chatfuel bot is one of the most popular platforms to build AI chatbot that anyone can create on Facebook Messenger. Approximately 46% of messenger bots run on Chatfuel and it supports features like:
- Auto-responders
- Gathering information inside Messenger chats
- Interact with your bot with buttons
- Neuro-linguistic programming
- Analytics
- Tags & Keywords
- Communication management
- Social media integration
- Chat
- Event scheduling
- Third party integration
- Multi-admin accounts
Botsify
Create AI chatbot with Botsify which is another popular chatbot platform to create bots that chat like a human and analytics integration is also available. Botsify also provides you with the ability of a smooth transition from a bot to a human and support features like:
- Storing users’ data
- Setting up the multilingual chatbot
- Setting up keyword auto responses
- Sending attachments in bot messages
- Picking up the right answer using AI
- Creating automated and personalized messages
- Embedding chatbot on your website
Flow XO allows you to create AI chatbot with zero coding skills and support over 100 integrations with an easy to use visual editor. With two options to choose Flow XO workflow and Flow XO chat provides pre-built templates for a quick start that also helps you save a lot of time. It supports features such as:
- Information gathering
- Answering simple questions
- Live Chat
- Accept payments via chatbot
- Pre-filter leads with lead capturing potential
- Setting up keyword auto responses
- Creating a custom link to your chatbot
Motion.ai is also a chatbot platform to build chatbots on Facebook Messenger, Slack, Smooch or website. This platform also allows for the deployment of Node.js coding directly from its interface along with integrations with one chat, natural language user interface, and command language user interpreter.
Ready to Build Your AI Chatbot? Wait!
Also, Have a Look at the Cost and Duration of Crafting your AI Chatbot from Scratch
- The approximate cost to build a chatbot for your business can be somewhere around $6000 — $12240.
- The integration of chatbot with natural language takes around 120–160 hours and creation of command language user interpreter take around 40–56 hours.
- Creation and adaptation of business logic in your chatbot take around 120–160 hours, it also depends on the amount of logic you apply to your AI chatbot.
Top Chatbot Development Companies
End Note:
The market for AI chatbot is large, continuously growing, and evolving. With all the hype surrounding AI enabled chatbots, you need your chatbot to handle customer queries in an easy way. And, for that, you’ll need to decide where you want your chatbot to “work.” Or, where you want your AI chatbot to be integrated into? To Facebook Messenger? Or, Skype? Or, Slack? Or will it be part of your mobile app or website?
If you consider all these points before your AI chatbot gets “live.” It will also help software development companies to choose their chatbot design & development algorithms for specific channels.