Benefits of Chatbots For Business

Chatbots for business

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Chatbots since their inception has received massive adaptation & appreciation. They are providing innovative ways for businesses to engage with their customers and communicate with the world.

 

Chatbots are gaining popularity and their market size is expected to reach $ 9.4 billion by 2024 with a CAGR of 29.7 %.

 

Chatbots are just computer algorithms that use virtual memory to store data. They can work more efficiently without any break. Chatbots at their best assist in streamlining and optimizing user experience. which in turn will help your business to achieve desired goals.

Some Startling Facts About Customer Support Chatbots

 

  • Chatbots cut operation costs by 30%.
  • 50% of businesses want to invest more or chatbot than in the app itself.
  • Facebook has around 300,000  chatbots operating in 200 countries.
  • 37% of the people like to interact with a bot in case of emergencies.
  • By 2022, chatbots will handle around 85% of the customer interaction.
  • Chatbots can answer 80% of the basic queries.
  • Real Estate is the most profitable industry with chatbots
  • Chatbots Works Round the Clock

Chatbot works 24/7

 

Having round the clock customer support facility is among the major factors to run a successful business. So, whether you run a local or international business, it’s imperative for you to have a 24/7 customer support facility.

 

According to various studies around 64% of people believe that working 24/7 is the best feature of chatbots.

 

Unlike humans, chatbots don’t require frequent breaks or rest. As they can work all day without a pause unless there’s some technical issue.

  • To Build Trust with Customers

chatbot builfd trust

 

Customers these days expect instant response and quick solutions. It provides them with more confidence and trust in the product & services. Chatbots offers you exactly what your business needs to engage and retain a customer. Additionally, they represent your brand and offer more value to your customers by providing them instant replies.

 

Chatbots are smart enough to provide customers with information related to products, services, schemes, offers, etc.

  • Scale Business Operation

Chatbots for business

 

Along with providing 24/7 support chatbots are capable of handling multiple customers at a time. To boost efficiency every business must have chatbots customer support along with their executives.

 

Chatbots are fast, effective, and saves a huge amount of time. Moreover, it allows you to enter new markets and scale your business.

  • Cut Down Operation Cost

chatbots for business

 

Around 265 billion customer requests are made every year, costing a whopping $ 1.3 trillion to businesses. Using chatbots or virtual agents can help to reduce this cost by 30 percent.

 

Hiring agents to work 24/7 along with additional resources would require a huge amount of money. Whereas, chatbots are just one-time investments that would provide you best ROI (Return on Investment). Implementing a fully functional chatbot is much cheaper and requires less time than hiring employees.

  • Better Lead Generation & Profit

Chatbots for business

 

Most of the businesses these days work on omnichannel models. They sell through websites, social media platforms, and various other channels.

 

An automated chatbot allows you to communicate with your customers using social media channels or other platforms. These chatbots further engage users through personalized messaging & recommend them in making a better and faster decision.

 

How Chatbots Helps In Revenue Generation

  • Improved Lead generation

Chatbots help in improving & determining the quality of the generated leads. Chatbots do that by asking a series of questions. If the generated lead looks like a potential lead they direct it to the sales team for a possible sales conversion.

 

  • Better Lead Nurturing

Chatbots help to nurture the leads based on the journey of customers. For instance, the chatbot will engage leads with personalized recommendations, coupons, discounts, and other ways to improve the conversion rate.

 


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