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How can Chatbots Transform your Business?

How can Chatbots Transform your Business?

Every industry has recently been chanting in unison, one word “chatbots” to help reform their marketing strategies and transform their businesses. No, it is not just another fad. This is a revolutionary concept, a new found interest of businesses big and small. But the concept itself is pretty old. Conversational AI has always been sought after, not to replace human interactions but to improve the quality of the interactions.

If your business doesn’t fall in the IT sector do you still need a chatbot?

One possible misconception is that unless it is an IT firm the latest technological advancements need not be adopted till it takes a proper shape. Unlike other developments, chatbots have nothing to do with the type of business. No matter which industry your business belongs to, no matter the size of the business, whether it is a B2B or B2C business, you would definitely find a plethora of perks by using chatbots.

Did you know that there are several types of chatbots? Yes, the classification is based on the backend details, based on what drives the chatbots and a lot of other factors. The most common types known are:

  • Script-based chatbots– these are the basic ones which are backed up by very basic algorithms. These contain certain inbuilt scripts on the basis of which the conversation occurs.
  • AI powered chatbots-these are smarter than script-based bots and can intelligently learn from the conversations and improve in the long run.
  • Blending the benefits of both we also have hybrid bots which several businesses prefer.

So the question is not “Does your business need a chatbot?” it is, “What type of chatbot does your business require?” Weigh the benefits of each type and invest on one before your competitors move ahead in the race.

If you still have your doubts, here are some questions to ask yourself:

1. Does your business involve international transactions?
2. Do you have plans of expanding in the future?
3. Do you directly interact with your customers about your products and services?
4. Do you want to enhance the customer engagement?

If you had an affirmative answer to any of the above questions then start preparing for the implementation of a chatbot for your business today!

Customers love chatbots:

Then why would businesses not love them? Customers like it when their answers are instantaneously answered. No matter how many active customer care lines a business has there tends to be a waiting time for the call to get connected. Then the customer would have to wait for the customer care executive to listen to the problem, comprehend it and then provide a resolution.

The whole process takes time and patience and if the question happens to be a very basic one, like perhaps some doubts with ordering or tracking the consignment, then the whole deal would be a waste of time. Chatbots can quickly address this issue and save time for the customer and for the customer service team as well. So customers love chatbots and this gives businesses another reason to consider using them the right way.

Chatbots help customer data acquisition:

Data acquisition is the key to delivering personalized customer experience. By recording and processing the conversation data chatbots help businesses understand their customers better. This helps understand the finer details of the customer segment and thus helps improve the marketing campaigns.

Chatbots make financial transactions quicker and simpler:

Automation of financial transactions is made easier with the use of chatbots. Making payments, tracking the payments, filing taxes, paying the bills and several such activities that actually take a lot of time can all be hastened when there is a chatbot. It can sit there as a virtual accountant and handle your finances like a pro while you can be assured that no payment deadlines are missed.

One concept, many benefits:

When we say that chatbots can transform your business the change happens in a lot of ways. Handling customer queries and automation of the process is possible with chatbots. And the best part is that the chatbots can stay live all-round the clock. You do not have to invest a big sum to station a team that would work different shifts and on holidays to be online all the time. Chatbots would be able to improve the conversations by collecting relevant data and furnishing relevant data. Another noticeable benefit is the ability of the chatbots to handle multiple queries simultaneously. You would not have to worry about the load to be handled at a given time to determine the team size required accordingly. This is particularly useful for small businesses with small teams. Chatbots give better returns on the investment and are observed to be economical choices. Again, making these favorable for small businesses. And the best part is that natural language processing is now improving the quality of the chats with the bots making them sound more human like. So your businesses would benefit from them in every aspect while also ensuring customer satisfaction.

You might not understand the nuances of AI or chatbots. Your investors might not always understand the technology behind chatbots. But they sure understand the importance of having chatbots and the business benefits of it. So to earn the trust of potential investors and to make sure that your business is future ready chatbots go a long way.

To know more about ChatBots in details, please visit www.mobinius.ai – exploring the world of intelligent bots, making conversations more automated with intelligence!

Mobinius Admin