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Is a Chatbot right for your business?

 

Chatbots, either it’s the one structured by hard coded questions/answers or the one that are able to learn through AI and Machine Learning, are like robot and use to provide excellent customer service but are also well known in marketing & sales.

With the integration of chatbot via website, Facebook messenger or via a voice assistant such as Amazon Alexa, Siri or Google Assistant, companies want to offer their customers a unique customer experience. Chatbots are having a significant impact on the way businesses connect with their customers, manage their marketing campaigns for lead generation, and automate payments. That is why more and more companies are trying to differentiate themselves from the competition with voice assistants and chatbots (so-called conversational interfaces). Multiple surveys also show that chatbots are well received by users.

 

The chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%. Worldwide, chatbots will generate over $8 billion in savings by 2022 and 80% of enterprises will use chatbots as they have the potential to transform businesses in two ways, by delivering radical efficiencies, and by helping businesses meet ever-increasing consumer demands. Nowadays, some of the advanced chatbots are powered by AI, that are able to solve problems, send personalized messages and improve interactions with customers.

 

According to a survey conducted in April 2019 by Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

Even though chatbot first appeared in 1950 by Alan Turing under the name of Turing test to check a machine’s ability to exhibit intelligent behaviour equivalent to, or indistinguishable from, that of a human, chatbot ecosystem is only expanding since few years in companies’ robust ecosystems that currently exists. Chatbots are on the rise thanks to increasing demand from consumers to have a 24/7 digital experience. Therefore, more and more major companies continue to deploy channels such as messaging apps, cloud networks, SMS, and email clients where chatbots live and interact with users.

 

Here below are some useful stats to know on chatbots for 2020:

 

Is a Chatbot right for your business

 

      • In 2019, chatbots became more AI-driven, capable of handling complex human interaction with ease and are now taking over traditional conversational services – Grand View Research report.

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    • 265 billion customer requests are recorded per year and businesses spent nearly $1.3 trillion to address them. Using chatbots could help save up to 30% of this cost – IBM

 

    • Around 40% of millennials say they chat with Chatbots on a daily basis – Mobile Marketer research

 

    • 53% of companies identify AI as a tool for creating ‘customer-first culture’ – CX Network

 

    • The top industries profiting from chatbots are real estate, travel, education, healthcare, and finance – Chatbots Life, 2019

 

    • Up to 73% of healthcare admin tasks could be automated by AI, and the adoption of chatbots could save the healthcare, banking, and retail sectors $11 billionannually by 2023 – Business Insider Intelligence

 

    • By using chatbots, businesses and consumers will save a combined 2.5 billion hours by 2023 – Juniper Research

 

    • 70% of chatbots accessed will be retail-based by 2023 – Juniper Research

 

    • 61% of executives say that conversational bots enhance employee productivity via automatic follow up of scheduled tasks – Accenture

 

    • 60% of executives say that chatbots improve their agents’ ability to handle client queries by networking with other bots – Accenture

 

    • 53% of companies use AI chatbots in their IT department. 23% use them for administrative tasks – Spiceworks

 

    • Top chatbot uses are for getting a quick answer in an emergency (37%) and resolving a complaint (35%) – Oracle

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

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2020: Year of Chatbots

chatbot artificial intelligence salesforce

 

Artificial Intelligence (AI) is all around us and we are taking advantages of it continuously via our smartphones, wearables, Internet of things, cars, home appliances, in our offices, in public services, in our retail experiences throughout media and beyond. AI has fulfilled its promises to fundamentally change our everyday living. Artificial intelligence (AI) has the potential to transform industries and the way organisations and professionals used to work. With the ability to learn and adapt, AI is capable to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that works perform manually today.

 

According to an April 2019 survey from Ada and Forrester Consulting, 89% of customer service decision-makers in Canada, the UK and the US believe chatbots and virtual agents are useful technologies for personalizing customer interactions. Another study from Juniper Research has found that the operational cost savings from using chatbots in banking will reach $7.3 billion globally by 2023, up from an estimated $209 million in 2019. This represents time saved for banks in 2023 of 862 million hours, equivalent to nearly half a million working years.

 

While there had initially been fears that AI would replace human workforce and take over jobs, the emerging consensus is that is proving to be a bonus for enterprises and human workforce because it will allow machines to execute repetitive, routine tasks while freeing human up to perform higher level activities that will increase their overall productivity. In addition to that, As AI has been identified as one of the biggest technologies for the economic growth. More and more business and governments are launching programmes designed for developing deep learning capabilities in AI in order to build an AI ecosystem.

According to PwC’s 22nd Annual Global CEO Survey, AI will add US$15.7 trillion to global GDP by 2030, which is more than the current output of China and India combined. Gartner predicts that 70% of organizations will integrate Artificial Intelligence to assist employees’ productivity by 2021. Business leaders know that those who take the lead now will get the biggest share of this prize. according to the latest Global CEO Survey, nearly 3 out of 5 Global CEOs believe AI will have a larger impact on the world than the internet revolution.

 

ARTIFICIAL INTELLIGENC LARGER IMPACT THAN THE INTERNET REVOLOUTION

 

These figures show that AI is increasingly making its way into any workplace with the help of virtual personal assistants (VPAs) and other forms of chatbots and expanding human performance in many organizations. For enterprises, AI chatbots offer a way to build a more personalized and engaging customer experience, which in return delivers a wealth of customer information that is highly valuable in better understanding their customers and growing their business.

US market researcher expected that 85% of consumer-business interactions would be through intelligent bots. The new online study from USU confirms a high potential for the customer service of the future. Here below are few key areas where businesses can derive value from chatbots:

 

    • Business are creating value through transforming customer journeys by providing immediate response to consumer’s queries or issues. According to McKinney’s study, 75% of customer demand NOW service within 5 minutes of online contact. If business can beat this time, they can convert a ‘visitor’ into a ‘paying’ customer.

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    • Staffing a 24x7x365 contact center mainly with human agents can be costly. According Human Resource Institute, it costs companies $10-$15k to replace one frontline employee. Therefore, it’s easier for Business to avail a 24/7 customer service via their chatbots ecosystem that are able to resolve customer queries related to i.e. complaints, product returns, refunds, tracking & tracing of orders etc in no time. According to a survey by Oracle, 80% of brands are planning to integrate Chatbots in their customer service by 2020.

 

    • Chatbots help to reduce costs by enabling enterprises to serve more customers without hiring extra staff as Chatbots are able of speeding up response times, freeing up agents for more challenging work, and answering up to 80% of routine question.

 

    • Chatbots not only help to reduce cost but they also drive more revenue by upselling as they can remember customer’s preferences, they are able to provide advice, tips and recommendations. All of this is possible if the chatbot is intelligent enough to know the customer’s buying journey.

 

 

Sources:

 

Chatbots – Trends and Opportunities in E-Commerce

Evolutions of #Ecommerce is nothing without #Chatbots, #ArtificialIntelligence and #MachineLearning. These notions represent the new technologies trends that increase the competitiveness of an e-commerce. By 2016, 9 out of 10 customers globally were using messaging to interact with companies. To remain competitive, e-commerce must adapt to the rapid evolution of digital technologies and the behavior of Internet users.

 

 

Statistics shows that average time saving per chatbot inquiry when compared with traditional call centers is 4+ minutes in chatbots for the banking & healthcare sectors. By 2022 $8 billion in cost savings is expected. Therefore, application leaders need to include bots in their mobile app strategies to get ahead of this trend.

 

The phenomenon of Chatbots should transform the relationship between companies and their customers and evolve it towards a personalized one-to-one relationship. Indeed, Chatbots technology comes at a time when with the rise of messaging apps, the way many of us use social media to share and interact is fundamentally changing. According to Business Insider report, 80% of businesses want chatbots by 2020.

 

Fact: statistics shows the number of global messaging apps users in the first Q1 of 2017 is increased of 17% compared to Q4 of 2016. Messenger, WhatsApp and WeChat are leading with 1.2 Billion monthly active users fallowing by Viber which has 889 million monthly active users. On next spot, we have Skype with 260 million users. Click here to know more stats.

 

The evolution of e-commerce applications (on-line ordering, on-demand service) is based mainly on the responsiveness and dynamism of Chatbots that adapt to the user-friendly environment. The integration of Chatbots to mobile applications will bring more user-friendliness and ergonomics. The companies will be able to respond to the user’s needs directly via the conversation without having them to change the application. According to Gartner chatbots will power 85% of all customer service interactions by the year 2020.

 

The Chatbots are positioning more and more in the lives of individuals. For e-commerce companies, chat bot presents these advantages:

  • Enhance the user experience: Virtual assistants are committed to improve the user experience on smartphones by providing them with practical information and by offering them the possibility to interact with their apps.
  • Set up a new chat channel: chatbots, mostly on messaging platforms, allows customers to place orders and follow them via a conversational interface.
  • Inform and facilitate access to information: The most intuitive feature is to use Chatbots as an enhanced search engine by helping the user to search and access the right information.
  • Guide: Chatbots accompany customers in their product choices by giving them personalized advice and responding to their questions.
  • Sell differently: Chatbots are able to search, plan, reserve and place orders from a single conversation.
  • Assisting and retaining Chatbots by using messaging platforms as an additional channel for customer relations, is an effective tool for keeping customers loyal to their orders.

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Chatbots, a phenomenon to follow closely

Chatbot services have enormous potential. But, as with any new technology, companies need to carefully consider what implementation challenges might come across. For example, they must not forget that with the use of Chatbots, they won’t have entire control over their client’s experience, so developing great services will be hard. As the number of chatbots is set to explode, how do they plan to ensure their stands out? What makes their service essential compared with their competitors?

There is also the challenge of to the point communication with a client. Customers will quickly turn away from chatbots that can’t comprehend straightforward questions. So companies must think how quickly can you shift customers to a human interaction?

As with all customer-facing technologies, privacy and security are critical. Security issues should be considered strictly while integrating a chatbot strategy. Customers won’t use services they don’t trust with their data.

 

While AI is gaining momentum and investment, chatbots are getting better with natural language and learning. This increasing facility has enabled better customer experiences, cost efficiencies and potential revenue increases within the e-commerce sphere. Chatbots are therefore a phenomenon to continue to follow closely. And Organizations wanting to deploy messenger chatbots, marketers and chatbot developers should consider compatibility, the consumers’ lifestyle and shopping preferences, for a successful implementation. Similarly, the consumers’ privacy concerns and resistance to intrusive mobile advertisement are important topics to be considered.

Everything You Should Know About #Chatbots

Innovation is everyone’s business … The growth of any organization is based on the innovations that they are able to bring to the industry. For now Bot’s revolution is on the march: Gartner predicts that by 2019, ¼ of households in developed countries will use a bot as a privileged interface for access to services at home (personal service, Food delivery …).

Everyone talks about chatbots … but what is a bot? Before explaining a bot, let’s begin by emphasizing the difference between bots and Artificial Intelligence which are two separate subjects. If they work well together, they are nevertheless two distinct things.

 

A bot is a program that automatically interacts with a user: the coffee machine is one, for example. When a button is pressed, it produces coffee mechanically. During a conversation, chat, messaging, in a community, anywhere … you can have bots that respond to a human in the place of a human. This concept that generates all the current buzz is now an essential force of the Customer Experience.  A multitude of learning and research technologies have been in existence for decades, enabling the bot to continue to learn and develop through the huge number of databases.

The idea of ​​today is that a bot can be inserted in a conversation in such way that one can no longer distinguish the bot from a human, by responding in the same way, for example, or by allowing the bot find relevant content in the sense that it will have drawn from the user’s sentences.

 

Artificial Intelligence affects everything that comes close to human behavior. Understanding language, being able to formulate sentences, to disseminate meaning and emotions through written and oral language are at the heart of Artificial Intelligence.

It also deals with the recognition of images and their interpretation: knowing how to recognize shapes, colors … In all fields of Artificial Intelligence’s application, the most useful for the bots are those that revolve around the Language: NLP (Natural Language Processing), which allows the bot to understand the user’s language and the NLG (Natural Language Generation), allowing the bot to express itself.

Very important for the bot too, machine learning ensures its learning from a knowledge base, upgraded from various sources, and allows it to optimize itself. In short, Artificial Intelligence is a tool in the service of a bot so that it becomes more and more efficient.

 

The integration of chatbots today is one of the key to the success of the digital client relationship

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At present, 55% of Internet users use instant messaging on a daily basis. For the thirties generation, webchat and social media are the first channels of contacts. Within five years, it is expected that up to 80% of our uses will be via conversational services.

Today, among the 5 applications most downloaded 4 are applications of instant messaging … The messaging is thus about to anticipate all the other channels of communication and the Chatbots open immense opportunities to enrich or reinvent the Customer experience: they are the natural extension of virtual assistants. In a context where developments are only accelerating, Chatbots are a new and more modern form of assistance to consumers.

The Virtual Assistant or Dynamic Frequently Asked Questions has appeared many years ago on websites. Some virtual assistants are very popular and part of the natural landscape: before Siri, Cortana and Google Now, there was already Lea at the SNCF, Laura at EDF, Lucie at SFR … and the Chatbot is none other than the deployment of this same assistance on every new platforms in which one should no longer hesitate to invest. Flexibility and experimentation are the only means to stay at the forefront of the digital market and to move ahead in a market that is constantly changing.

 

 

The chatbots: the next step in the evolution of our habits

 

It is necessary to design the bots not as a function in vogue to test but as a next step in the evolution of our habits of research and relationship. To do this, we must first understand our habits in order to develop bots adapted to them.

The robot must above all be relevant by all the high-performing tasks it can perform. Companies must think of the bot always according to the client’s journey: to identify when to involve the bot and to define its objective. The introduction of a bot involves first a study of the client’s problem: an examination of the context and the typology of the contact. Then, there are several essential steps when designing the bot itself: studying the point of contact, identifying what is inducing flux and analyzing the origin of the audience, and then working on the “design” of the bot. The development of bots opens up real opportunities to better serve the customer.

Conducted tests showed that 80% of users accepted a first level of automated responses. What matters is that the relay is established “without friction”. The bot simplifies the first level of contact for the agent by precisely qualifying and routing the request. The agent who will follow the conversation will be able to devote his expertise and his time to deal with more complex situations, to trigger specialized interfaces that will enrich the client’s journey, and to live a relationship around interest or passion client. Thanks to Artificial Intelligence and bots, which will be able to group the clients into thematic clusters, the agent will be able to offer advice tailored to several people at the same time, optimizing his time while organizing communities of customers. Our navigation habits and our uses are continually evolving. The bot and the messaging create a considerable added value in the quality of our future conversations .

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