Being adopted both by small companies and enterprises, artificial intelligence is playing a crucial role in modernizing the way we do business.
One of its most widespread usages has taken a form of an AI chatbot – a virtual assistant that engages your customers, boosts their satisfaction, and impacts the growth of your business in numerous ways.
Read on to learn about the benefits AI chatbots can bring to your business.
Be Available, Always
It can be frustrating for your customers to wait for your work hours to begin to get a simple answer to their query. It’s even more annoying when they have a problem they need to solve, or a complaint to make, and need to wait for the response of customer service rep.
With an AI chatbot around, your business will be available to your customers 24/7/365, and able to solve up to 80% of their queries without any need for human intervention. For example, using an AI chatbot, you’re now able to close sales, confirm orders, and provide shipment tracking updates.
Waiting times will be reduced, as unlike its human counterpart, your AI bot doesn’t have an upper limit for queries they can handle at once.
Offer Unique Experience
Furthermore, your AI-powered chatbot is now able to provide your customers with a highly-personalized user experience.
As AI chatbots can monitor your customer’s behavior, keep track of it and collect data, it can also process this data and use it to create personalized journeys for each one of your customers. For example, an AI-chatbot knows if your website visitor is checking out the same pair of shoes for the third time, and can offer them a discount thus boosting your sales and improving your customer satisfaction.
It can also give recommendations based on your customers’ style or interests, taking into account all data from their previous history.
Save Your Time and Money
Automating certain tasks with the use of a chatbot helps your company significantly save time, and free it up for engaging with more complex issues.
Besides, by hiring an AI chatbot, you can save significant amounts of money you would otherwise spend on hiring more employees to meet the demands of your customers, up to 30 percent of your operational costs. A study has found that chatbots will help businesses save up to 8 billion by 2020.
A financial assistant chatbot named Erica can help users find their transactions and help them with everyday banking, bill paying and sending and receiving money. In addition, Erica provides useful insights and helps with their spending and budgeting.
In less than a year, Erica has helped more than 7 million users and completed more than 50 million requests. Just imagine the number of human employees and the hours they would spend on completing this workload!
Higher Customer Satisfaction
It is essential for any business to increase their customer satisfaction level and prevent churn.
Besides being able to instantly respond to customers’ requests and solve their issues, chatbots don’t have mood swings and emotional responses to customers’ complaints, so they always act in a calm manner, focused on achieving a solution. As they can solve most of the customers’ issues, without making any mistakes, chatbots can do wonders for your customers’ satisfaction.
According to ServisBot, chatbots don’t have to focus solely on answering inbound requests, as they can take a more active approach too. Chatbots can also play an important role in retaining your customers, and engaging them in various loyalty programs. They can also automate the processes which require more frequent communication with customers, such as subscription renewals or collections.
Better Lead Generation
AI chatbots collect all sorts of data from your prospects. They can collect information such as names, professions, gender, location, etc. and help you create a customer profile that you can later use in your marketing campaigns.
A great example of a Facebook chatbot that contributes to better lead generation is Madi, Madison Reed’s hair color bot. Madi is determined to help users find their best hair color shade, she speaks the language the customers use, gives flattering comments and asks relevant questions. She also asks users for a selfie, so that she can make the right suggestion, and can book them an appointment with a colorist. Data says that Madi had a 21% click-through rate to the company’s website, and has boosted the engagement rate by 400%.
Your business can only benefit from having an AI chatbot around to help with your business processes. It will pick up the slack from your employees and provide your customers with a truly relevant personalized experience when interacting with your company. With all the resources it can save to your business, what more can you ask for?
