What You Need to Know to Successfully Use Chatbots in Your Business
The popularity of chatbots has been on the rise in the last two years. It’s a trend that has had a lot of influence this year, last year, and will continue to do so in 2018 and the following years. It’s upon entrepreneurs, business leaders, and the managers to find ways they can use chatbot technology to their advantage.
Growth of Chatbot Technology
Let us analyze the background that drives this trend to help you understand this new technology. It will also help you find use cases that fit your business and client needs. Here are some of the factors that have led to the rise of chatbots:
- The proliferation of analytics and data science, all kinds of wearables and sensors, and other predictive assistance technologies such as virtual communication. The personalization of all these innovations has led to the rise in popularity of chatbot technology.
- The rise of AI technology has brought chatbots to a new level. Artificial Intelligence increases machines capability to understand complex requests and natural language processing. In addition to that, some AI devices can contextualize conversations further bringing the sophistication in chatbot technology a notch higher.
- The exploding technology of chatbot technology is also attributable to the increase in the number of messengers. The link between chatbots and messaging apps is hard to deny you need messengers to deploy chatbot technology in your business effectively.
Another factor that has also, in part, fueled the growth of chatbot technology is third-party payment integration through APIs. APIs add further options and functionality to chatbots leading to wide adoption. The popularity of chatbot technology will keep growing in years to come as different innovations are integrated with chatbots.
Chatbots For Business
There are hundreds of thousands of applications in app stores across all smartphone platforms. On average, we use about 24 apps per year and 80 percent; we are using only five of these applications (Forrester Survey). Among these five most used apps are Snapchat, WhatsApp, and Facebook.
That means you have a better chance of improving your business by integrating a chatbot in these platforms instead of developing your own company app that nobody will use. Click here for more insights on this. Here are some of the situations where chatbot technology in business makes a lot of sense:
- Your business operates in a highly competitive niche. In highly competitive markets, products are largely homogenous. Consumers will buy where they are likely to spend the least effort to get a product.
- Your clients need information that is easy to avail. The more info you provide for free, the more you increase loyalty in your customer base.
- You specialize in low involvement products which don’t need a lot of consideration to make a purchase. Purchases are dictated by emotions.
- You get many similar requests. Gather all the questions that your staff answers over and over again and put them in a chatbot for easy access.
Chatbots use artificial intelligence to simulate real conversations. It could be your customers, employees, or even your back-office software interacting with a bot at any given moment. Chatbot technology provides businesses with a real opportunity to improve delivery.