You might have several head scratching questions like What is a Chatbot? Are Chatbots Better than Humans?
What are the best strategies for leveraging Chatbots to accomplish business goals?
Let’s read further to unravel the perplexity in our thoughts.
Firstly, in a layman’s term, a Chatbot is nothing but a computer software designed to mimic conversation with the humans especially, via online channels.
You’d be amazed to know the fact that we have already started taking its advantage without even cognizant about it. We encounter them in different ways whether, we say Hi to the voice assistants such as Alexa, Siri, Cortana, or else, while being stuck to the enticing social-media platforms viz, Whatsapp, Facebook, have employed this conversational interface in one way or other, within their apps & websites.
Actually, the significance of a chatbot knows no bounds because it’s not just confined to streamlining interactions between the folks & services. Additionally, this automated tool is enhancing sundry realms of the business world, especially impacting Customer Experience (CX) profoundly.
Thus, in order to get ahead of the curve, one ought to have at least a glance on the following fascinating statistics about the Chatbots.
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1. 70% of Consumers Say They Interact with a Virtual Assistant or a Chatbot at Least, Once a Month to Communicate with a Business or a Brand
Further, 40% of millennials say that they interact with chatbots on a daily basis (Acquire.io, 2018).
Industries that are profiting from chatbots are real estate, travel, education, healthcare, and finance (Chatbots Life, 2019). More than 300,000 chatbots are employed on Facebook, being used in 200 countries by millions of people.
2. 64% of Internet Users Are Contented with the 24×7 Service of the Chatbot
In order to meet the growing customer demands and to address the cut-throat competition in the business space, more brands & businesses are paying heed to build chatbots or virtual agents that can manage customer queries round the clock without any delay.
Moreover, 70% of consumers say they prefer messaging over calling for customer support. This is happening because customers are receiving faster response times & first call resolution.
According to The Watson Conversation platform enabled Autodesk, a virtual agent answers and resolves an average of 30,000+ customer support queries per month. It also recognizes 40+ distinct use cases to quickly resolve simple requests/queries.
3. Chatbots Can Save Up to 30% in Customer Support Expenses
265 billion customer support requests are made every year, and it costs businesses a whopping $1.3 trillion to service them. Chatbots can reduce these costs significantly when companies upgrade from inefficient IVR technology to AI-powered chatbots or, virtual assistants.
According to Chatbots Magazine, businesses can reduce customer service costs by up to 30% by implementing conversational solutions like virtual agents and chatbots.
Freeing up human agents at contact centers to address complex inquiries allows representatives to take their time and provide better service. It also reduces the number of agents required on the call center floor as well as employee attrition due to the repetitive nature of routine calls. All of these lead to significant cost savings.
4. By 2020, 30% of All B2B Companies Will Employ Artificial Intelligence (AI) to Augment at Least One of Their Primary Sales Processes
Gartner predicts that Bots will take over and by 2021 more than 50% of enterprises will spend more per annum on bots and chatbot creation than traditional mobile app development.
Gartner also foresees that the adaptability of chatbots will win out here. Of course, apps will remain one of many options for customers, alongside chatbots, websites and any other methods of customer communication.
5. In 2016, Gartner Predicted That the Chatbots Would Power 85% of All Customer Service Interactions by 2020
Businesses can’t afford to neglect the potency (so, rising popularity) of Chatbots, particularly AI-powered ones, whose addition will be a feather in the cap for companies, regardless of their sizes.
Evidently, the global Chatbot market was valued at 1.17 Billion USD in 2018 and is projected to reach 10.08 Billion USD by the year 2026, at a Compound Annual Growth Rate (CAGR) of 30.9%.