Customers hate to wait, and long “on-hold times” might cause them to lose interest in the purchase. 24/7 availabilityīots can also boost sales, because of their 24/7 availability and fast responses rate. One reason is that bots can be a frictionless platform for presenting users with algorithm-driven, personalized recommendations of a company’s new products and services. There are a couple of reasons for that: Personalized recommendations Increased salesīusiness leaders claim that sales chatbots have increased their companies’ sales by 67%, on average. Moreover, and except for the initial implementation outlay, security maintenance, performance updates, and bug fixes, chatbots do not usually incur anything more. Research has found out that the cost savings from using chatbots in the banking industry was estimated to be at $209M in 2019, and will reach $7.3B globally by 2023. Taken as a whole, chatbots’ cost saving potential make them an alluring addition to any enterprise. However, in the long run, this cost can be lower when compared to a customer service’s representative salary, training costs, and so on. The implementation of chatbots will incur a certain amount of initial investment costs. Cost savingsĬompanies’ need for growing the customer service department can be managed by rolling out increasingly capable bots that can handle more and more complex queries. Chatbots can also speed up and streamline internal communications for simple queries, such as asking for a WiFi password, whether the company offers paid vacation or continuity protocol in case a laptop crashes. A chatbot could be useful in answering employee questions about task prioritization, for instance. IBM reports that 72% of employees don’t really understand the company’s operational strategy. Chatbots could be used in the onboarding process, for example, where the new employee asks the chatbot and gets an answer immediately, rather than having to contact various departments. Faster internal processesĬhatbots can be used to improve internal communication and processes within the company. ![]() If you are new to chatbots, feel free to read our article answering all your questions on chatbots. We reviewed all surveys and reports on chatbot benefits, for companies and customers alike, from various chatbot vendors, agencies, and consultancies to build the most comprehensive list of chatbots’ benefits below. The benefits of chatbots are not only limited to their 24/7 availability.
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