Business in 2020
Growing your business is hard in 2020 and for sure it won’t get any easier with all the hound-like competitors to grab the piece of cake from the market. Technological advancement has given consumers a wide approach towards accessing information and analytical power towards their beneficial decision. These vulnerabilities may cause your customers to drift from you. You as a business owner must address all these customer side development by letting your business step into a technological era where the survival can be assured by having all kinds of digital commercial advancement to outgrow your revenue.
Why is chatbot gaining popularity?
Among all business domains, chatbot technology is trending for valuing the importance of great customer support. Initially, it was believed as a trend with a deadline but due to its usefulness, it became a bottom-line criteria in this modern business world to efficiently handle your customer around the clock. The reason behind chatbot’s success is its affordability and accessibility with respect to posting implementation benefits. E-Commerce business is growing so outrageously that it is predicted to cross $6.5 Trillion by the end of 2023.
This will only be possible if businesses are self-determined to indulge themselves in aggressively providing utmost customer satisfaction through leveraging technological disruptions like chatbot assistance. With such huge traffic to shop online, it becomes unfeasible to leave all those administrative work on human shoulders and all monotonous work must be drifted towards AI tech. This will leave only crucial & logically challenged work to humans. Moreover, your e-commerce entity will be globally available, and serving through all GMT is far more affordable with chatbots.
Your competitors and Chatbot market in 2020
Business Insider has forecasted the chatbot market to be growing at a rate of 29.7 percent which would be more than $9.4 Billion will the end of 2024. That’s amazing, isn’t it? World’s biggest organizations have implemented this technology by considering the amount of potential business it brings to the organization. It's just a matter for middle and bottom tier business to implement and leverage this important aspect of automating customer support and service experience.
There is an online e-commerce organization that is implementing chat functionality but the handlers are still humans which is an inefficient way of handling potential leads as the administrative cost will be still comparatively high. With the trend going among e-commerce website for conversational-AI it is most probable that a company must implement improvisation which are favoring their competitors in outgrowing their business.
Why do you need to use Chatbot?
Time and availability are the driving force for any business to opt for conversational-AI where the visitors are treated with instant and 24 X 7 assistance. More than 50 percent of business owners agree that if they want to adopt chatbot technology the main motive behind it will be the desire to get problem resolution for their audience as quickly as possible.
Business survival depends on its monetary blood veins which need a constant flow for growing in their specific domain. This is handled with much efficiency by a chatbot as they improvise the number of lead conversions to meet business goals.
The improvement observed in response time
The devastating limitation with human-oriented customer support is that the end-user might not get served on time and as mentioned by experts an average visitor gives only a 20 second time window before it will jump to any other solution provider for satisfactory results. When dealing in such a highly competitive world every positive lead conversion count as you never know what could be your next big break. Every visitor is important and needs to be addressed on time with the utmost efficiency which is not achievable with a human-based support system. This makes chatbot implementation a voluntarily mandatory thing for the 21st-century business world.
The business dilemma in implementation of Conversational-AI
Every company or organization gives a multiple thought and a thorough analysis before the implementation of new technology to their sales channel. When we talk about chatbots, business is always in a dilemma whether to go for it or not, as it is more of a complex technology not everyone understands its long-term benefits and the required constant effort to improvise your bots.
It’s a human tendency to be afraid of things which they don’t understand which implies in our case also. Organizations like Kevit, are on momentum in a revolution where they are determined to make the business world aware of chatbot implementation, uses, and benefits. Companies must step to the technological stage where it could give a tough competition to their rivals by having tools and extraordinary efforts behind crafting their tools for more efficiency.
Roles and responsibilities of a chatbot.
A chatbot is a very underestimated piece of technology which are determined as a window providing answers to only frequently asked questions which is just a part of the big picture. They are way bigger and complex tech than a mere FAQ handler. You can consider it is a sensible element which mimics the human support and that involves proper greeting, sentiment analysis, leads handling, and knowing all possible way to convert the visitor into a successful transaction. It also helps in pooling vital data for the company to analyze metrics which can be of much benefit in making the company’s online entity way more magnetic.
When it comes to adopting chatbot it is always beneficial to have a reliable guidance provider. Kevit with its most important transparency ethics will guide your business towards the integration of Conversational-AI with your digital portal and automate all administrative tasks to be serviceable around the clock. Discover more by contacting us on email@example.com OR visiting our web entity www.kevit.io.