What Enterprises can expect from an AI Chatbot in Year 2020?
As per Gartner Artificial Intelligence (AI) will be a conventional customer experience investment in the coming years. As per the reports, the number of organizations that are willing to use AI chatbot for customer care and deploying virtual assistants is 47% and 40% respectively.
With the advent of Technology, Chatbots have completely streamlined the interactions between the users & services (organizations). Nowadays, chatbots are gaining much more popularity & recognition than ever and have become a part of the organizations to communicate and ease the workup.
Bots are presently being actualized in various business verticals to convey prevalent client assistance and improve client experience. AI Chatbot will change the way how businesses perceive and the way to communicate with their clients and prospects.
Some of the common use cases are customer service, lead generation, customer engagement, messaging apps, human resources, etc.
According to Oracle, by 2020, 80% of business respondents were at that point utilizing or intended to utilize chatbots and, 85% of business communications will be done through AI chatbot that offer various benefits such as round-the-clock availability on email, SMS, live chat, and apps.
Top trends for AI Chatbot in 2020
Here’s a look at which AI chatbot trends will dominate in the ongoing year:
1. Chatbots will be more human
As per the statistics, Global Market Insights, by 2024, the overall market size for chatbots would be over $1.3 billion, globally. So, it is expected that the AI chatbot industry will become the driving force of business communications.
With the advent of technology, it would be easier for bots to comprehend the discussions and the purpose of the queries. Alongside, Considering the chatbot details about how organizations are embracing AI innovation, there are still a few difficulties to execute chatbots effectively.
2. Use of AI in contact centers
Due to technological advancements, Chatbots, virtual assistants, and messaging are already helping transform call centers across the world. Artificial Intelligence will be important to the contact centers in the coming years.
AI chatbot trends aim at saving costs significantly when businesses upgrade from inefficient IVR technology to AI. According to Chatbots Magazine, businesses can reduce customer service costs by up to 30% by implementing a conversational chatbot.
3. More refined conversations
The primary purpose of chatbots is not only to provide support and services but to do so like a human. With the increased popularity of AI chatbots, the technologies powering them – namely NLP, AI, and machine learning- are being refined.
Due to this, now, chatbots will increasingly be able to communicate & hold conversations like humans instead of providing bland cardboard responses
4. Data-driven customer insights
The great thing about AI chatbot is that they can make notes, a.k.a, collect data while they are holding conversations or immediately after it. This means that instead of relying on guessed customer personas, you can know what your customers are actually like, what their most common pain points are, what they expect of you, and so on. Using this information, you can further refine your chatbot service to provide greater personalization.
List of best AI chatbots for 2020
- Watson Assistant
5. Automated support
This trend will be most apparent in call centers where the employees’ main job is to provide customer support and address customer requests 24*7. AI Chatbots can also reduce the cost up to 30% if bots are bringing in to provide customer service at the initial level.
You’ll need to hire lesser people to attend calls and respond to emails. With the help of this feature, Requests and problems can be scaled up to the specialist (human) support team.
6. Messenger bots
As per the statistics, 68% of consumers prefer messaging as the go-to way to communicate. The concept of conversational commerce is more preferred as it encourages buyers to shop online with chatbots. Messaging platforms help businesses to improve their branding & to deliver the best customer service.
With time, more and more brands will adopt messaging platforms to boost customer engagement and strengthen customer loyalty as these platforms will have strong bot capabilities and an integrated approach with various business functions.
Messaging platforms with the capabilities of chatbots can help to scale up the businesses by:
- Marketing engagement
- Brand awareness
- Customer support
- Sales & lead generation
7. Bots for internal use for enterprises
Apart from handling customer requests seamlessly, chatbots deliver incredible business value by streamlining the internal workflows from small businesses to enterprises.
There are many use cases for AI chatbot with each variant application striving towards one common goal – to improve the experience and efficiency of the user such as:
- Human Resource (HR): Chatbots can be used to keep the pulse of your employees, answer basic HR-related questions, and complete transactional HR services.
- Employee onboarding: Onboarding is considered to be a tedious and time-consuming task. With the help of chatbots, organizations can initiate the interview process by fielding screening questions and capturing the answers. It also helps in guiding new hires through company policies.
- Internal help desk: Chatbot can handle the common queries and allow IT service desk agents to work on complex queries. The bot learns the answers to repetitive queries and improves the response time.
8. Bots for payment
There are billions of businesses that use social media platforms as a part of their selling process. One of the most popular social media platforms is Facebook that has over 300,000 chatbots having the potential to make the payment method smooth and seamless.
Overall, chatbots promise to improve and increase the efficiency of every business process that leverages them. Chatbots are drastically changing the way businesses interact with customers, manage campaigns for lead generation, and automate payments. As per the Chatbots Magazine, 67% of US millennials are likely to purchase products and services from brands using a chatbot.
Here are some main benefits to use bots for payment:
- Customers can buy directly from Messenger – Customers do not have to leave their app to make the final payment.
- A good way of conversational selling – Allows your customers to ask questions and you can recommend the best product as per their need.
- Trust is a strong word – Many people rely on Facebook Messenger so no issues with credit or debit card security.
- Easy scalability – It is easily scalable – it means you can sell products directly inside your automated Messenger sequences by 24×7 bot.
AI Chatbots are going to be simply too diverse for mainstream business functions and consumer applications. Moving forward, automation will be more stronger time to time and overcome all the chatbot challenges faced by the businesses. If you are going to implement chatbots as per your business requirements, I am very much sure that AI chatbots will impact greatly on your customer journey and experience.
3 thoughts on “What Enterprises can expect from an AI Chatbot in Year 2020?”
Thanks for this wonderful information.
God bless you.
Great work Vibhu! I totally love this.
Hi Admin – great article thanks!
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