How Can Bots Help Your Business to Skyrocket2018-09-11T11:20:28.000Z 2018-09-11T11:20:28.000Z Well review the causes of chatbots technology growing popularity and forecast some of its principal future trends.
Gone are the days of feeling uncertain about bots’ impact on businesses. In fact, in those days it was even hard to say whether chatbots will take roots and if yes, to which extent they will transform the digital environment on the whole. Nevertheless, today we are witnessing the true eruption of bot’s tech, more ventures and world-known companies are experiencing exclusive benefits of AI assistants’ employment. Hereby we’ll review the causes of chatbots technology growing popularity and forecast some of its principal future trends.
Until today pretty loud excitement was observed for the AI tech implementation and in particular, for the chatbots, yet there was a lack of practical integration experience to demonstrate. But now the situation has drastically changed. Nowadays it is possible to distinguish a range of business segments where the bots are high in use and each of them will be discussed below. After all, today we are gradually beginning to appreciate the true significance the bots may deliver, so we can also assess the potential of their use in the long run.
E-commerce & Chatbots
The online trading platforms were among the first clients for bots’ implementation as this technology allowed increasing benefits by intensifying communication activities with the customers, getting more sales and feedbacks that have literally skyrocketed the e-commerce businesses.
For instance, Asos has reported on the triple increase of inquiries amount thanks to the utilization of messenger bots that finally resulted in about 2.5 times revenue growth. This is a solid example of how using bots positively impacts financial achievements.
The diversity of bots’ application approaches in e-commerce:
- Use chatbots instead of email letters. The researches show that the potential customers, who visit the online stores, are more likely to respond to the chatbot’s message than to get more details about the product or to send the request by email. The reason is bot’s pop-up messages are easier to open and read as well as a chatbot is more pro-active and takes the initiative. Therefore, the probability that the client, after being involved in a conversation with a bot, will continue to progress via the sales channel is much higher.
- Chatbots helping with the purchase funnel. The work of AI bots is similar to email marketing specialists as both utilize customer funnels principle to classify the clients and to optimize the sales process. However, the difference is the customer funnel, employed by bots, is more live and fast-paced. For instance, if a bot gets a negative response from the client to the purchase offer, the bot can simply transfer him to another section of the funnel that will bring the desired sales results anyway in the future.
- Power of gamification. As long as the bots are highly conversational and flexible, there is a huge space to improve the communication approach by making it more individualized and entertaining. For instance, the chatbot can take you on tour across the factory where the products are manufactured and suggest a virtual lesson to upgrade your knowledge of Asian cuisine. Indeed, such innovative activities will definitely enhance the customer’s perception of the trademark.
- Personalized interaction. The chatbots are more human-like and personalized than the emails, messengers and social networks. The customers feel more confident when communicating with a bot as it resembles a live sales manager. Thus, such personalized contact is likely to induce a client’s feelings and emotions about the bot as well as about the company it represents. That’s an efficient way to establish strong trustworthy relationships with the client and stay in touch frequently.
Increasing Sales Due to Chatbots
Using bots can stimulate your company’s sales significantly. And there are more than two tricks how AI chatbot marketer can do this:
- Continued sales: when the client makes the first purchase, about 1/3 probability of next buying still exists. Yet, in practice, this statistics is ineffective because the client lacks reminding or suggestion from the seller. The chatbots are easily solving this problem by offering similar commodities group or related accessories to the client. For example, if the laptop was purchased, the buyer might be also interested in a memory storage unit or at least, in a mouse.
- Forgotten chart: marketing statistics shows that almost 70 percent of purchase carts, filled on the website, are left with no buying or, on the contrary, chosen items removal. Indeed, it can’t always mean that the client has simply forgotten to make a purchase due to some reasons, but he is still interested in the product or service. On the other hand, it doesn’t also mean that he absolutely lost interest. More often such behavior signifies the hesitation, in other words, the final decision wasn’t made, so the glass is rather half-full than half-empty. Earlier, the marketers were solving this trouble using email contact that resulted in half purchases made from the total abandoned number of carts. The chatbots are going to leave behind this achievement.
- LedGen strategy: The integration of chatbots in messenger is a productive solution to expand your product information. For example, introducing questions or requests to comment in a message to the client via messenger will be a good catch to generate a lead within the customer journey course.
- Individualization and expectation analysis: bots are high of use when you need to categorize the eyeballs and to put each individual client into a separate niche. The recent Accenture’s study proves that the amount of purchases made is growing for about ¾ when the seller, or the chatbot representing the seller, is able to distinguish the client by personal features like name, occupation, important life milestone or previous buying experience. The most successfully used patterns are reminders such as “you can be also interested in” or “the perfect choice for your celebration”. Some retailers believe that approximately 30 percent of all online purchases are made thanks to such communication models.
- Improved client hold time: the ability to keep the client as long as necessary is definitely bots’ strong side comparing to the manually navigated digital marketing tools. In fact, the chatbots are easily permeative, so the customer starts interacting with them without logging in, filling in personal data or synchronization in any other way. The bots are always on the top of the surface, that’s why the effort to communicate with the AI robot is minimal. Logically, customers are willing to spend more time involved in contact when it feels more like a fan than a commercial routine.
How to make your bot-based strategy viable
In order to get maximum benefits from using chatbots, it is required to distinguish the key feature which in our case is Cutting-Edge Mind Message. In simple terms, it means that the messages, generated and released by the chatbots, have to possess few characteristics:
- Worthy: the value of bot’s message has to be extremely high, so the client won’t let a chance to skip it. For example, receiving a message like “Recently we’ve noticed you are keen about stock exchange investment. We prepared a unique set of proposals for you” won’t leave you indifferent.
- Preclusive: clients can’t stipulate everything and sometimes they may forget. The bots will remind about the important stuff. For instance, in the case of regular purchases, like a feed for the pets, it is critical to buy it in time. The message like “The end of month approaches, you might be out of supplies. Buy it now” will enable the customers to keep this issue in mind.
You might also be interested: Millenials, FinTech, and the Power of AI Bots
Client Services & Chatbots
According to the recent study, conducted by McKinsey, the businesses are able to cut the operational expenditures for approximately 30 percent by the integration of bot technology. About the same share as a percentage can be robotized to substitute human employees in the sales industry. Obviously, there is no need to specify how much in terms of money will be saved by various firms since the chatbots don’t need to be paid for their job.
What is more important, this tendency is expected to grow only. More young clients declare their preference to receive sales consultation online than offline, so undoubtedly, the popularity of bot support will be dynamically growing. Again, deploying chatbots leads also to the quality improvement of customer services, for example, Globe Telecom has reported more than twenty percent appraisal of the company’s client communication activities by the clients. In calculating the average employee’s efficiency, it has unbelievably skyrocketed.
The ways businesses utilize client service bots
- Segmented responding: in a nutshell, about 80 percent of the questions received by the chatbot from clients are typical and easy to answer if the robot is properly prepared, so in this case, no human involvement is required. At the same time, rest 20 percent are more complex and extraordinary requests that can bog down the bot, that’s why these questions have to be transferred immediately to the live employee. Here it is important to teach the chatbots classifying the requests into simple and complicated avoiding machines being stuck on one more or less difficult task instead of solving a hundred simpler ones.
- In-house support menu: it is a pretty common situation that client support executives can’t provide sufficient information on the client’s inquiry. So, there is a turn of the in-house help desk to find the proper answer as it regularly receives typical questions. Fortunately, the bots can do the job both of the client support manager as-as well as of the internal support desk.
- Frequently asked questions robotization: usually the FAQ website section is interesting for most clients as it contains really standard information and recommendation. But what would you say about the bot that is searching the necessary data all over the Internet?
- Masterfulness check: when the bot receives the answer from the client, the first thing it has to do is to measure the masterfulness level of the ability to give reply as well as the degree of precision, compliance, quality of the provided information. If the robot’s confidence is less than 80%, it transfers the question to the human agent. If it is higher, the bot will reply on its own.
Chatbots & FinTech
FinTech is a recent digitization phenomenon that has drastically transformed the financial industry and using bots is one of the constituents of this innovative era. The numbers speak for themselves: as Gartner predicts, the financial companies’ clients will navigate more than 80 percent of their operations via chatbots communication channels in two years.
Another study states that in four years the financial ventures will save about eight billion dollars by the integration of chatbot tech. These days, lots of world-known banks and payment companies such as Barclays, Visa, PayPal are using chatbots to improve their business yield. Another example is Swedbank that has launched a chatbot processing more than 40 thousand conversations per month and successfully solving 80 percent of requested inquiries.
How exactly the FinTech industry is applying the bots
- Meaningful texting: although chatbots may share some fun with the client and create a friendly atmosphere, the main task is to be helpful and thoughtful. In order to be taken seriously, the chatbot has to deliver useful information and to be preventive, so the client will appreciate its work. For example, the message “Suspicious activity has been noticed on your accounts” will be an important notice to the customer and it may save him a fortune.
- Individualized communication: when the bot can guarantee the client’s feeling being served as a valuable individual customer, not as a regular audience representative, it is a good sign. For instance, the bot can analyze the status of the client’s assets and to provide him with a piece of recommendation were to make a smart investment based on the current market conditions and client’s wishes. One more situation is when the bot advises the client on how to save more money through payment optimization or by informing about the retail discounts. It important is to get a home run by targeting customer’s most refined personal needs and interests.
- Continued service: FinTech bots have to be available round the clock. Moreover, the access to the bot has to be equally convenient using different digital devices – from the office computer to smartphone, and this is where the chatbots and Internet of Things merge.
- In-house chatbots: since using chatbots in FinTech is called to increase benefits from more efficient operability and to cut the expenditures for human staff employment, the bots can perform this task not only by serving the outside clients but also helping the in-house employees. This maintenance can include financial markets data insights update, informing on sudden events that may impact the business or simply providing with the reference data to navigate office equipment.
In general sense, the aforementioned list of fields of bots application is non-exhaustive. The chatbot tech can be similarly utilized in more segments such as:
Chatbots for Hospitality & Travel Business
Tourism and hotel business where it provides quality communication with the guests at cut cost rate excludes negative emotional tension under tough circumstances and serves more clients than a human employee can do.
Marriott and KLM have already experienced using bots in the leisure and passenger transportation industry: using Marriot’s chatbot services grew for about 80 percent monthly after launching Facebook messenger-based bot, and it turns, KLM has raised the amount of communication with customers for 40 percent using a messenger-integrated bot.
This became possible thanks to the specifics of the chatbot tech utilization such as client-cortege approach, deep individualization, prospective analytics, cost-saving advisory, comfort-care principle, voice communication.
Human Resources Management & Chatbots
Human resources management was also considered as a part of corporative life that requires exclusively human involvement. Yet, the increasing number of cases of using chatbots in this area seems to prove the opposite. Indeed, corporative introductory training of the personnel, as well as motivation lessons and team spirit events, tend to become boring measures eventually, especially if the human HR officers perceive it as a routine work.
The HR chatbot can be a perfect assistant in this task being capable of providing the corporative human resources navigation with a high diversity degree and impeccable partiality of treating all personnel equally. On the whole, HR bots can be involved in the entire human resources management tasks such as selection, interviewing and testing, hiring, training, and motivation, etc. thanks to the wide assortment of features and tools to be deployed: advanced analytical capabilities, high processing performance, big data storage and so on.
Certainly, you can find the bots working also as personal assistants, voice helpers, and IoT chatbots, and this list is going to expand. The truth is human was dreaming to design robotic associates for ages and it seems we live the time when dreams came true. Although the bots can’t replace humans completely, the scale of functions to be provided by AI solutions is impressive. Increasing benefits, cutting expenditures, process optimization and enhancement – are the integral components of the chatbots integration in business.