The advancement of machine learning and artificial learning has resulted in the emergence of chatbot technology. It has allowed businesses to ensure a positive customer experience and reduce delivery costs.
Chatbots provide human-like services to the customer, saving the company the cost of hiring a full-fledged team. AI algorithms and integrated machine learning enable chatbots to interact like real human beings and provide 24/7 customer support.
This, in turn, fuels a business’s success by cutting costs and increasing efficiency. You can develop chatbots for start-ups if you wish to enjoy these benefits. The blog will discuss how this technology contributes to start-ups and eventually benefits them.
What are Chatbots?
Chatbots are Artificial Intelligence-powered tool that tends to offer customer support service and simulate a human conversation.
In simple words, it is a computer program that processes and stimulates human conversations, allowing them to communicate with devices how they interact with a real person.
According to a study, 40% of users prefer to interact with chatbots over agents. These programs answer any question in a single-line way to deliver increasing levels of personalization while gathering and processing information.
These programs are gaining traction, and most companies use them to provide 24/7 service and save costs on customer support. Hence, learning how to create a chatbot has become essential for a business to harness its benefits.
Role of Chatbot application in different industries
Many industries today use the chatbot application for multiple purposes. Below is the description of the top 3 adopters of chatbots applications who use the technology to improve their sales and generate profits
The e-commerce industry is booming worldwide. Its retail revenues are expected to reach $7.39 by the end of 2025. With this exponential growth, the traditional customer support service and sales tools have collapsed over the years. The lack of salesman or support representatives may disrupt the profit generation in the future.
With this in mind, the e-commerce industry is adapting chatbot applications today. They help the industry make more money, increase cross-platform performance, boost conversion, and shorten the sales cycle. Furthermore, their language-agnostic feature allows the business to cater to an international audience.
Being a doctor is a hard job; the medical professional takes a toll on nurses, doctors, and employees. Like their all-day duties, the administrative work also takes their one-sixth of working hours.
It includes scheduling appointments and manual entries, which can also be done with the help of chatbots applications. The application of chatbot technology can help them streamline the admissions, discharge, send and receive referrals, transfer requests, and so on.
The notifications or alerts given by chatbots are an intrinsic function of the medical industry. They indicate to the staff when their patient needs assistance. They also inform the healthcare team to instantly change any patient’s status, saving thousands of working hours a year by taking the burden on their shoulders.
According to a report, the global healthcare chatbot market may reach US 967.7 million by the end of 2027, owing to the huge demand for the application in the medical industry.
The travel industry is also another major industry using chatbot applications at large. Today, travel and tourism companies experience huge international customers seeking business with them.
Although it’s good news, it also has working hours problems. As most customers are global citizens, communicating with them in the 1/3rd of the day may result in losing 2/3rd of leads. Also, collecting information such as money matters, travel tips, climate, visa information, and seasonal information seems difficult sometimes.
The travel chatbots can do it for you. As 87% of users share their details with travel chatbots today, it can collect the information from the customers and link it with the CRM software. In this way, you can use the data for personalization in the future, resulting in an improved customer experience.
How Chatbots Contribute to Startup Success
Chatbot technology helps you simplify the job of your team. Precisely, it is the next big thing to invest in. As we step into the digital world, firms that develop an app also want to save time and use Artificial Intelligence to interact with customers.
The customer service department is expensive for firms, contrasting with the value they offer to their business. Firms that develop chatbot for start-ups helps both customer and companies.
But before it, you have to create an application for your product and then begin with chatbot technology. Following are some factors describing how chatbots contribute to start-up success.
Time and money savings
Generating profits is the biggest hurdle for any start-up. If any start-up is profitable at the beginning, its success is assured. How can a small start-up generate profit when most of its time is spent on customer support service?
Well, the answer is very simple. Implementing a chatbot technology after you develop an app can solve all your business problems. It not only provides you 24/7 information support but also helps you reduce the amount while hiring a customer support team.
Today, most start-ups are tech-based, which generates the need for a customer support system for the success of a tech or SaaS start-up. Adapting chatbot technology will save time and money, contributing to your business’s success.
Avails round-the-clock service
Often the software start-up needs their business to deliver standardized customer service. The Chatbot technology can perform this service seamlessly and easily for you. And if you want your business to reach the international market, you should dedicate yourself to providing round-the-clock assistance to your customers.
You can save money by planning the resources efficiently
Learning how to create chatbots or adapting the technology can save you money by eliminating the need to hire customer support specialists. This way, you will be able to use the resources more efficiently and save money for other essential expenses.
You create a personal, intuitive customer experience
Usually, the customer support specialists have a genetic tone, and it is difficult for them to provide a personalized and intuitive experience to every customer. However, if you program the Chatbot technology correctly, it won’t get tired, resulting in a more customized experience for every customer.
Chatbot technology is a great alternative for the customer support specialist team. It attracts huge attention from companies who wish to provide high-quality services while their two important resources, i.e., time and money.
This amazing technology helps you automate many business-related tasks and focus on other important things essential for your business. It even offers more benefits to your business out of its implementation that attracts a tech-savvy audience and ensures business modernity.
Saurabh Sharma is a Digital Marketing Executive at Arka Softwares, a leading web & mobile app development company. He has 2 years of experience in the Information Technology industry. He spends his time reading about new trends in Digital Marketing and the latest app development technologies.