Chatbots are here now, they are permanent and are evolving to such and extent that you probably have already have had a conversation with one without even knowing it.
It has been projected that in 2022, 80% of businesses are expected to integrate some form of Chatbot into their system. The Covid-19 pandemic has only accelerated this process, as businesses seek new ways to achieve their goals with reduced costs & manpower. According to an article by Invesp in 2017, chatbots can help businesses save up to 30% in customer support costs. The ever rising demand for on demand messaging has transposed consumer preference for better communication. Chatbots are essential for improving CX and providing exceptional customer service.
Oracle has stated that more than 50% of consumers expect that businesses to be open 24 hours. This shows that chatbots can be a phenomenal tool to help customers throughout the globe with their queries any given point of time. Chatbots easily store data which can be easily retrieved for further deciphering. With AI, chatbots are expected to become more human and hence be capable to perform both predictive and descriptive analysis to deliver more accurate and personalized services to customers. With a projected market worth in excess of USD 1.3 billion, chatbots will be the key driving force for businesses come 2024.