Chatbots are Essential to Enterprises in 2018; Here’s Why!

Author: Pradeep Patel | Categories: Customer Engagement, CMS, Sitecore CMS

Are chatbots only relevant to customer support?

Well, to start off, that’s just a typical myth. Quick reality check reveals that Chatbots can be used for collecting information about users, organizing meetings, and reducing overhead costs. In fact, chatbots can aid your marketing team to study, analyze, and offer personalized customer service to prospects, so they are promptly converted to customers with minimal efforts.

With a plethora of functions for digital marketers, the chatbots industry is no wonder growing exponentially. According to Gartner, by 2020, over 50% of medium to large enterprises will have deployed product chatbots!

A comprehensive study on chatbots and its growth by Grand View Research reveals that the global chatbots market is expected to grow significantly in 2025, compared to USD 190.8 million in 2016. Would you not want to be a part of this revolution of sorts? If you do, you’ve got to start prepping for the same. I am coming up with a multi-blog series giving you an insight into how chatbots work and how you can leverage this technology to drive business and boost revenue.

Keep watching this space.

Chatbots: A quick introduction

The dictionary definition of a chatbot states that it is – “A computer program designed to simulate a conversation with human users, especially over the Internet.”

To put it simply, Chatbots are an automated system to communicate with users. It is a virtual assistant integrated into websites, applications, or instant messengers, which communicates with users through text messages and helps organizations to connect with customers better.

Chatbots can be segmented into standalone, web-based, messenger-based/third party chatbots, which can further be categorized into artificial intelligence, marketing, and human intelligence. The artificial intelligence (using machine learning) segment is presently growing at a rapid pace and is expected to register a CAGR of 25.2% by 2025.

Let’s take a look at how different industries have (or, will) used chatbots over the years.

Emerging Marketing Technologies

The image above clearly states that chatbots are widely being used across industries – healthcare, retail, travel & tourism and so on, and the growth over the years has been phenomenal.

Artificial Intelligence (AI) assistants are replacing chat windows that annoyed web users earlier; they not only help in answering queries in real time but are also engaging and retain customers better. Chatbots have so much to offer that it becomes imperative for smart business leaders to incorporate them into their marketing strategies – the use of chatbots not only enables organizations to deliver timely services but at reduced costs as well.

The growing need for enterprises to use chatbots

Additionally to the above, a few other reasons why enterprises need to invest in chatbots are:

  • To get rid of routine tasks and simplify the simultaneous processing of multiple requests from users. Besides the tremendous speed of processing users’ requests, chatbots help gain customers’ loyalty too.

  • Chatbots help to personalize the experience for customers. It allows businesses to interact with prospects and customers and capture their preferences to use in latter marketing campaigns.

  • Chatbots facilitate reaching out to customers directly. This allows marketers to update their existing customers about the latest services and product launches.

  • AI-powered chatbots not only help personalize the experience for customers, but they also help offer customized messages to users to impress them further.

  • Chatbots also help in reducing costs by using automated scripts to replace support teams. The fact that they can be available round the clock, 365 days a year would be costly if support teams replaced these.

In a nutshell, we can say that the inspiration to use chatbots in regular marketing activities is both social as well as scientific!

The current scenario

Due to the overwhelming demand for chatbots, developers are coming up with chatbots with pre-configured tasks that can be customized to suit the needs. Drift and Intercom are two chatbots to name that are easily available. However, if you have specific requirements, a custom-developed chatbot is what you’d need.

Sitecore CMS, with an integrated chatbot, can serve as a potent combo of an automated, lead generation tool and a virtual assistant for customer care support.

By utilizing the power of Microsoft Cognitive services and Google AI services, you can get the AI-powered chatbot integrated into your Sitecore CMS almost instantly.

Conclusively, the chatbots industry is on the rise like never before, and enterprises that are looking for improved customer loyalty, engagement, and direct reach at a faster pace and reduced cost should start investing in AI. AI-powered chatbots can be the first step towards embracing the AI into your organization.

Stay tuned for my next blog where I will share our experiences on creating our first bot using standard AI practices, and how we tested it across verticals to ensure success.

If you’re interested in a getting a chatbot for your organization, don’t miss to drop us a message at sales@edynamic.net