Published On: August 21st, 20233.5 min read

Imagine having a digital assistant who handles all your client complaints around-the-clock without raising a fuss, going on strike, or requesting a pay raise. Yes, this is how a contemporary chatbot or digital assistant appears.

What is a chatbot and why does it matter?

Chatbots are essentially computer-programmed virtual assistants made to communicate with people. Businesses may minimize labor expenses, automate tedious manual operations, and improve customer service with chatbots. We will thoroughly discuss the numerous benefits of using a chatbot below.

 

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1: Streamlining customer service and improving customer satisfaction

The changing nature of customer expectations is an essential factor behind the growth of chatbots. Traditional customer service methods like phone calls or emails take a while to respond. But businesses have to cope with the fast-paced world where everything can be different in a second. Chatbot comes here like a game changer that offers instant responses and eliminates the pain of a human agent.  

2: Cost-efficient and scalable

Another key aspect that makes a chatbot special is its remarkable cost efficiency and scalability. Powered by AI, It can automate customer interaction and minimize the efforts to hire additional employees as your business grows. Renowned consulting firm Accenture published a report where they discussed “Amtrak”, a transportation company, was able to save $1 million in customer services using a chatbot. 

 

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3: Increases sales and enhances user experience: 

Coming to the third point, A chatbot helps improve user experience by not only giving information about old products but also recommending new products. Research done by an Indian university found that Domino’s let their customers order pizza just by sending a pizza emoji which resulted in a big increase in their total sales figure.

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4: Have real patience unlike humans:

The most unconventional yet important part is that since an AI-powered bot has no feelings and emotions, it is impossible for them to get frustrated even if a question comes a hundred times. On the other hand, bots are programmed and designed in such a way that enables them to reply in predefined patterns making customer communication more efficient. One of the most important aspects here is that they do not make judgments over emotions or biases which helps them to continue conversation with an attractive personality.  

5: Analyze consumer data to gain real-time insights and collect new data: 

Fifth, analyzing consumer data to track users’ purchasing behavior is a great plus point of chatbots. Through this analysis, businesses can understand customer satisfaction levels, detect potential issues, and scope for improvement. This also aids in customer journey mapping. Through these arrays of interaction, businesses can identify opportunities to enhance customer experiences. Bots can also be used to gather product-centric data for further improvement. This can impact the business decision ability of a company positively. A research found that around 80% of the businesses agreed that with chatbots they can get valuable insights into their businesses. 

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6: Chatbots can be multilingual:

On top of all these, chatbots are multilingual. How realistic is it for someone to hire employees knowing every language in order to deal with customers from any corner of the world? I guess you have already figured out the answer. But the probability of having customers from worldwide is pretty high and this is where chatbots enter into the show for their ability to communicate in any given language in the world. 

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7: Impacts on marketing and branding: 

Last but not least social media-integrated chatbots can streamline marketing efforts. This feature allows the AI chatbot to develop a deep understanding of customer behavior and patterns on social media. Leveraging this knowledge they can offer product recommendations, targeted ads, and relevant content. A study conducted by smart insights suggested that 63% of the customers expect to get customer service via social media which suggested that it is a high potential for chatbots to be used here.

Contributors: Joydip Barua

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