Do you ever visit a website and see a chat box pop up in the corner that says its name and asks you how can they help or assist you? That’s known as a Chatbot. It is a tool or let’s say a form of Artificial Intelligence.
What is Chatbot? It is a software application (Web Application) that is used to conduct an online conversation using text or text-to-speech to provide direct contact with a human agent. It adds to the convenience of the customers
One of the prime examples of a Chatbot is Apple’s Siri. It is more like Virtual Assistance and is not purely AI.
Another example is Amazon’s Alexa. Amazon had recently released a new feature in iOS that enables users to type their requests and Alexa responds to them on screen.
It is believed that the chatbot market will grow exponentially up to $6 billion USD by 2023. The expected annual growth rate is to be 37% from 2016 – 2023
You may be wondering how chatbots are beneficial and what real-life CEOs have to say about chatbots.
“We’ve seen our online ordering increase by 300% after customizing Chatbot software for our restaurant and it was seamless to get started. We are now implementing it for our other restaurants and hotels.”
– Chris Wilson (CEO of Next-Door Burger Bar)
“The Chatbot platform has become a key part of our proposition. It’s fully flexible and has allowed us to drive 30% more leads while dramatically reducing our cost to serve.”
– Joe Bush (Co-founder of The Chat Shop)
Benefits of Chatbot
You may wonder why should I use Chatbot in my business website? Here are some benefits that will help you understand more about Chatbot.
The face of your company
Chatbots represent your company after being in continuous contact with customers. In most of the cases, it is the first point of contact for business. It’s like a personal conversation. It has a very big influence on user experience and users’ interaction with businesses. You could design your bot in any manner you like such as giving it a name, adding a profile picture, or personality. The bot represents the brand identity (Visual Identity) of the company.
Reduction of Cost
Companies need to incur heavy expenditure on the customer service department. With the use of Artificial Intelligence, which uses deep learning, will make bots capable to carry out more and more complex queries of users. However, some costs of incurred in the implementation of bots. This is much lower than the cost incurred on setting up a customer service department. Juniper Research claimed that the cost savings of using a bot in the Banking sector was estimated at $209M in 2019 and global cost savings will reach up to $7.3B by 2023.
Availability of 24/7
Nearly 50% of the customers expect businesses to be available 24/7. Bots are most suitable tools that can provide response and solve queries in instantly and can be available 24/7. However, in this case what is important is that bot should be able to solve simple queries of the customers otherwise it would be of no use.
Rise in Sales
Business leaders have claimed that bots have increased their sales by more than 67% on average. These are providing a wide range of recommendations which can introduce products and services of their company. Chatbots can boost sales since their available 24×7 and give fast responses.
They support multiple languages and this is helpful for most of global brands. Bots usually ask which languages user prefer and communicate in the selected language, this will further improve customer experience.
Finding new customers
Bot platforms are tools to build and deploy interactive chatbots. Platforms such as Kik and Facebook Messenger are very popular. Companies stay continuously active on this platform this will help them search for and find new customers. Nearly 38% of millennials tend to give feedback once a week on various social media platforms (LinkedIn, Instagram, Youtube). Facebook nearly has 300k chatbots which seems to be a new technique to reach new customers.
Personalized Customer Experiences
Chatbots tend to deliver more personalized experiences to their customers. Chatbots are developed in such a way that they can access hithe story of interactions with the company to deliver a personalized customer experience.
Despite chatbots being very beneficial to business it is very important to know that Chatbot Technology has not been fully developed yet and still a lot of development and maturity is yet to be made in chatbots.
Best AI Chatbot Apps
- Mitsuku – Pandora Bot
Meant for creating AI-driven virtual agents, the Pandora Bot platform for advertising, e-learning, entertainment, education, and virtual learning.
- ProProfs Chatbot
This is meant for creating the human type of conversational experience. It also books an appointment and automates customer support. It transfers chats to the right department. It offers a 15-day trial and then offers a basic package of $10.
- Mobile Monkey
It is used to create bots to connect with customers via Facebook messenger, SMS, and Webchat.
This is mainly used for corporate and education settings. It also integrates with websites, Amazon, Facebook, and slack. Provides educational bots.
It helps in creating an AI-powered powered chat widget, live chat and messengers, and Mobile App. It supports more than 40 languages. It also helps in reporting and Data Analytics.
How to make Chatbot in Python
These are just small steps and rest detailed explanation on this website which also offers a course on creating Chatbot. How to Make a Chatbot in Python Step By Step [Python Chatterbox Guide]
- Prepare Dependencies.
- Import Classes
- Create and Train the bot
- Communicate with Python bot
- Train your Python bot with a Corpus of Data (Big Data)
How to make Money with Chatbots
- Using Bots as a medium of providing services.
There is a very high potential for conversational AI, and this is said to be the best user experience for customers. These bots need not be built from scratch. B2B companies using them more and more because the Bots have been advanced a lot from AI software. If you intend to start BaaS (Bots as a service) as a business, You must know which market you’re targeting and what are needs of your clients are. This will enable you to not only gain feedback about new SaaS products. These tools will enable you to input all your client’s needs and develop a customized bot.
- Research and Surveys
Chatbots can make surveys convincing and engaging so that individuals don’t find them a boring and monotonous or absolute waste of time. Let’s say for instance that your client is an event planner. So, a bot can be used here to talk about the kinds of events that people like to participate. This information can then be sold to event management companies.
- Native Advertising
Native Advertising is an excellent marketing strategy (Digital Agency, and Digital Marketing). Bot makers include links to product pages or sponsored links rather than showing ads on a landing page. A famous bot platform Eyelevel is very effective and strongly advocates that advertisements should be contextual. This software alone boasts a publisher network of 1700+ chat apps and 45 advertisers signed up.
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