Insights on Business
Want a Chat(bot)?
The rise of real-time, on demand services has led to a new generation of buyer expectations that no longer match with the way brands provide their online experience.
These days, buyers expect to be able to get what they want. Unfortunately for many businesses this is not always possible because there are still major gaps between buyer expectations and the reality of experiences that businesses provide (in most cases).
Whilst the good old fashioned customer conversation is still favoured by many (thankfully), when there's too much work and not enough time, it can be hard to make sure all requests are answered appropriately.
So, how to keep up with the inbound questions, keep overheads down and improve productivity?
It depends on your business model and your ability to envision how technology can help you prevail in the modern world.
It seems that many businesses are moving with the times as the latest data suggests that the future of ecommerce lies in voice assistants. By 2023, $19 billion worth transactions will be carried out using the technology and it is predicted that number will rise up to hit over 40% by 2030 if big platforms like Amazon roll out this technology further!
So whilst that may be ‘great’ for the Amazon’s of this world, how can that apply to you?
One solution could be a Chatbot.
Chatbots are one of the newest trends on social media, and it has become increasingly simple for people to reach out to brands through these channels. They provide a unique opportunity that no other platform allows-immediate contact with company representatives without having to wait days or weeks before getting in touch at all!
So what is a Chatbot?
A chatbot (or voice assistant) is a computer program that simulates human conversations. They allow for the communication of one entity with another, and can be done through messages or voice commands.
With AI as our future, early adopters of Chatbots are able to have conversations with customers and even resolve their issues. Chatbots powered by this technology can be found on Facebook Messenger where many brands use them for promoting products or providing customer service!
Whilst Chatbots are not yet ready to take over the world, AI is becoming the new customer service trend because it can help with answering common questions that may require no human intervention.
You may have already deployed a Chatbot within your business? You’ve more than likely used one (knowingly or otherwise…). Some can even engage you proactively. For example, Mastercard has a Chatbot that talks to you about your expenditures and finances.
But, like any emerging technology, it’s not all rainbows and unicorns…
The downside of chatbots is that they can be tempting for hackers as well. They offer a new opportunity, and people are getting more used to interacting with them which could lead to other problems such as phishing or hacking!
Also, whilst you can automate interactions with customers, Chatbots should not be used to handle their complaints. Every individual is unique; hence, you may lose some valuable clients or potential consumers if implemented wrongly. And Chatbots can’t (yet) cater for analysing and answering individualised questions such as we receive from our clients. There is still a need for human interaction.
So, no silver bullet but, ask yourself what it would take to achieve the following without one on your website…
Improved customer response times
Capture the interest points of a buyer while they’re on your site
Generate more sales leads
Help to build brand trust and loyalty
Personalize the customer experience ‘in the moment’
For some businesses, like with the internet and smartphones, it won’t be long before you’re left wondering how your company ever managed to function without one.
Note: This article was written using ai. Or was it???
If you have any questions about emerging technologies for your business. Contact us for professional business and accounting advise.