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Chatbots will rise alongside online businesses

26th Oct 2017
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Online businesses have had an impressive rise in the last decade and chatbots have rapidly become an integrated component of this emerging sector. Customer service is essential to the successful evolution of any business endeavor and once AI and machine learning have been added to it, it has reached a new level of efficiency.

While the technology of chatbots may be complex, the reasons behind its immense success are quite simple. A significant component of customer service issues is related to FAQs and standard situations, which means that allowing AI to sort out these issues would make the entire process far more efficient.

Furthermore, it has been statistically proven that customers actually prefer typing their questions in a chatbox rather than talking on the phone with a customer service assistant. Its potential for augmenting the efficiency and its compatibility with customer preferences have laid the foundation for the impressive rise of chatbots for business.

Chatbots are no longer optional

Chatbots have proven to be so efficient for businesses that they are now imperative to their development. Having an integrated chatbot for business is not only expected of any online company on the market, but it has become an essential element of customer reach and retention.

If chatbots started out as an applied tool for customer service only, they have proven to be highly efficient for the customer reach process. Communicating with a company via a messaging service has actually managed to create a special bond for the customers.

Chatbot use has translated into a direct increase in long-term and steady customer retention. As such, personalizing chatbots for business to relate to the customers ever closer will undoubtedly be an important step in the future of business development.

Chatbots for business applied for customer retention

Personalized direct communication with a company via chatbots is far more efficient financially and technologically than via customer service representatives. This level of customer reach has made the customers' confidence levels in companies soar and the secret is making the interaction comfortable.

By providing customers with the undivided attention that a chatbot can offer, and by making interactions simple and fun, they will be confident and comfortable to come back with any following issues that they may have.

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Moreover, correlating the AI approach with the human approach will consolidate the relationship that the customer establishes with the company. While chatting with a virtual assistant is ideal for simple issues, having a living breathing customer care specialist to take care of more complex issues will make customers feel even more connected to the company.

The simultaneous use of an AI and a human element in customer service has revolutionized customer relations. This type of approach has raised the stakes for the entire business market because once a new standard of customer care has been established, the entire market must rise to it to keep their customer base.

Potential issues with the rapid development of chatbots

The main issue that has risen from introducing an AI component to customer service was rendering a significant part of the human component obsolete. Not only has this happened abruptly, but as more and more companies introduced chatbots and AI assistants, more and more customer service assistants were laid off.

This has put a lot of stress on steady employment in this sector, as more and more positions were replaced by chatbots. However, the human component of customer service will remain fundamental regardless of the level of development that chatbots will reach in the future.

This type of employment issue is expected to continue as AI is integrated closer and closer into other business sectors as well. However, in the age of speed and technological development, the range of newly created jobs has the potential to compensate those that are rendered obsolete. The key element remains to correlate these two processes so that employment gaps can be avoided.

As you can see, chatbots have a far deeper reach into business development and customer relations than they were ever expected to. They have become an essential part of the future of business development, which means that we will be seeing so much more of chatbots in the years to come.

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