With the recent technology advancements in Artificial intelligence (AI), neuro-linguistic programming, machine learning, the internet of things (IoT), and web speech APIs, it is now possible to streamline interactions between computer and human languages more effectively. Every day practically we see Google Home or Alexa ads on social media and on television.
We dig deeper into the world of chatbots in this interesting series on
Conversation AI: Chatbot Series- understanding chatbot -part 1 of 2
What is a chatbot?
A chatbot is a service that people interact with via a chat interface. You can ask questions using your voice or by typing in the same way you would ask a person. The chatbot will usually respond in a conversational style, and it may carry out actions in response to your conversation. It answers your question, rather than directing you to a website.
Chatbots are great conversational assistants for businesses. From simple conversation to complex transactions, a chatbot can perform everything. AI technologies like Machine learning, RPA, and NLP can take chatbots to the next level with intuitive capabilities.
Chatbot Adoption
Chatbot adoption is happening across all industries and functions because of its scalability and assistance capabilities. Chatbots live inside instant messaging apps such as website chatbots, dashboard chatbots, and integrated into third-party applications, with which users interact daily. This enables businesses to leverage the digital spaces that are already growing.
These messaging platforms which support AI chatbots are a more socially acceptable form of personal interactions than social networks. While social networks still connect users with brands, messaging platforms via personalized offers, photos, videos, GIFs, memes, links, and documents create one-on-one interaction between brands and users.
AI chatbot solutions have the transformative power to provide end-to-end services ensuring the business objectives of different industry sectors. Whether it is retail, customer service, or hospitality, AI-powered chatbots are building a vast channel ecosystem. Today’s chatbots are powerful personal assistants. They can call a Cab, place a lunch order, make a hotel reservation, order office supplies when you get low, and even help manage your calendar.
Broadly Chatbots powered with AI can be used for two purposes:
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For Enterprise – In the last few years, the e-commerce market has grown a lot, so does the chatbot market. Businesses are inclining towards bots for jobs like order tracking, delivery confirmation, customer support, feedback & reviews, and surveys.
Undoubtedly, the applications of chatbots are also benefiting the education sector. Enterprises can automate their admission registration system, provide virtual assistants to their staff for decreasing their workload, and enable parents to connect with teachers in real-time with chatbots
Quick Response time – Compared to a human being, a smart computer program will answer queries much quicker. This, coupled with an AI chatbot’s machine learning and multitasking abilities makes it a highly efficient virtual assistant that can revolutionize customer interaction metrics.
Improved Conversions – Chatbots can study past search data and offer more personalized shopping options via retargeting. The AI is constantly learning, and it can pull up multiple options that will be more appealing to the user based on their search history and captured data points. This can lead to increased conversions for you in the long term.
The demand for chatbots is increasing at a tremendous pace across verticals. In a recent survey, Gartner predicted that 85% of their engagement with businesses will be done without interacting with another human by 2020. Instead, we’ll be using self-service options and chatbots.
Chatbots are being adopted to automate processes like voice-driven assistants, sales, marketing, lead generation, and customer service. During this survey, 42% of participants responded that automation technologies in these areas will improve the customer experience. 48% said that they already use automation technology for various business functions, and the other 40% said they are planning to implement some form of automated technology by 2020.
The shift towards intelligent assistants
The massive adoption of AI in the user’s everyday lives and businesses is fuelling the shift towards voice applications and conversational agents.
Powered by Conversational AI platforms, chatbots are becoming smarter and more human-like in engaging customers with smooth, conversational messages. Conversational interfaces are not limited to chatbots. With the rapid developments in voice technology that converts speech to text capabilities, businesses can build applications that can engage in voice-based conversations. Voice-enabled assistants will be the drivers for improving customer engagement for organizations and value to customers. Voice-enabled applications can not only accurately understand the requirements, but can also understand the intent or the context in which they are said.
There are a lot of opportunities for much deeper conversational experiences with customers with the evolving technology space.
We uncover advanced AI-powered chatbot applications in part 2 of this series. So watch this space for our next article on chatbots.
If you are willing to score in on the opportunities in the world of conversational businesses, connect with us for a chatbot or voice-enabled assistant experience at info@genisights.com.
