Chatbots started getting really popular in 2016, and they haven’t stopped growing since then It’s honestly no shocker; chatbots have an increasingly high potential that can boost any business to a new level.
It’s not just business loving chatbots; customers love the convenience often brought by chatbot so much that there will be using chatbots even more than you think.
While a lot of people may think chatbots are just a phase in technology, the chatbot market size is projected to grow from $2.6 billion in 2019 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%.
That’s a lot of growth that you would most certainly love to be a part of! Aside from the industry itself being an ever-growing industry, chatbots can help your business grow in endless ways.
Chatbots and Businesses
Chatbots are a huge help to businesses, they can take a business’ experience to a whole new level on their own.
You might wonder why a chatbot would be useful for your company, especially if you’ve never considered it. Here’s why:
Other than its availability, It is so easy to interact with a chatbot because it’s available right where you at. So if a customer wants to reach out to you, they would open your Facebook page and instantly interact with your chatbot from the comfort of their own Messenger app or site. It’s that convenience that makes chatbots a success.
To add to this beautiful mix of chatbot benefits, the flows inside chatbots are made to naturally flow in the conversation yet remain as organized as you want them to be. You can easily make sure the conversation goes the way you want it to.
With the why in mind, here’s the how it results in:
- Your customers will LOVE you, and there is only so much you can do when you give your customers a good customer experience: having a good relationship with your customers makes them remain your customers, makes them satisfied with your services, and even makes them loyal enough to promote your business for you.
- Your chatbots can enhance your sales in more ways than you can imagine. A chatbot can carry on the entire sales cycle on its own, it can promote your products, recommend relevant ones, and even sell them in the swiftest, easiest way possible. Your customers will love being able to buy from you at any time without having to go through phone calls and all.
Read more: The Complete Chatbot Take On Customer Relationship
Chatbots and Customers
We mentioned that chatbots can improve your relationship with your customers and how they can help you retain, entertain, and satisfy them, but how exactly does it do that?
Let’s dig deeper here. Through chatbots’ instant responses and conversational flows, they foster engagement between the customer and the chatbot. In fact, a lot of customers might come back just to engage with the chatbot because they find it fun. Other people get super curious and decide to converse with a chatbot for the sake of having tried it, but most of the time they do end up loving it.
Engagement is just the tip of the iceberg here. Chatbots can be configured to make every single customer feel heard and special; they can personalize every customer’s conversation like it’s tailor-made for them while responding to every other customer at the same time. We could never do that.
The best bit about chatbots is the improvement in the quality of the service provided to the customers. Let me ask, have you ever called your bank’s customer support, waited on hold for over 30 minutes, then gave up and hung up totally dissatisfied? Chatbots, they just… simply don’t do that. They respond instantly, work on your issue on the spot, and hand the conversation over when they need to. A chatbot experience is much more convenient and satisfying.
You can always depend on chatbots with customer support; in fact, chatbots can already solve 80% of customer queries, leaving only 20% of complex queries for human agents to focus on.
The thing about chatbots and customer service is that it’s not just a convenience to the customers; as a matter of fact, chatbots do help customer support agents.
Chatbots and Sales
Not only do chatbots help with the entire process of selling, but customers are actually more open to using chatbots than you think. 47% of people would buy through social media platforms, and 40% of people of all ages would actually prefer to use a chatbot online. According to surveys, people love how easy it is to use a chatbot to buy things!
Chatbots and Growth
There are several ways you can make your audience grow even bigger with an audience, such as several plugins that make your chatbot more reachable, and simple hacks that make your chatbot pop. You can check them out here!
The growth a chatbot is capable of: a case study
In 2016, The Wall Street Journal launched a chatbot on both Facebook Messenger and Amazon Alexa. The WSJ Messenger bot has acquired over 130k daily active users within the first 14 months of creation with 70% of those being daily users later on!
Chatbots can and will do wonders for your business. Just build one, sit back, and watch the results come to you.