Are you losing money by not using chatbots?

The future is largely unpredictable, but analyzing technological trends can offer insight into the direction of emerging technologies. Among these exciting technological means is the use of chatbots, which have gained significant popularity in recent times.

As a business owner, it's important to consider the potential financial benefits of implementing chatbots, which can help minimize costs and increase profits. In this blog, we'll explore how chatbots are transforming the business landscape and discuss the financial implications of using them.

With the right strategies in place, chatbot automation can be a powerful tool for generating income, funding research, and driving new ventures. To help you understand the potential impact on your organization, here are a few key statistics to consider.

What are chatbots used for?

Chatbots are employed for a number of tasks, including processing orders, giving personalised recommendations, and automating customer support interactions. They can also be used to generate leads, gather data, and disseminate information about goods and services. As they can handle several customer enquiries at once without requiring human assistance, chatbots are very helpful for companies with large customer service volumes.

‍

How do chatbots improve customer service?

Chatbots enhance customer service by giving prompt solutions to frequent consumer questions around-the-clock. This enables companies to offer quicker and more effective customer service, which may increase customer satisfaction levels. By utilising consumer data to offer specialised advice and solutions, chatbots can also personalise interactions with clients. To offer a seamless customer experience, chatbots can also be connected with traditional customer support channels like phone and email.

Are you losing money by not using bots?

Messaging apps like WhatsApp have over 5 million active users, imagine how helpful a WhatsApp chatbot can be if your business was to reach out to all the potential customers. Engaging such a big audience otherwise would require a huge marketing budget and your business development time slogging full time.
One in every 4 millennials interacts with a chatbot on a daily basis. Given that the number of millennials in the workforce is increasing globally, you are losing potential profit not using a chatbot to engage with them.
28% of top tier companies already use AI for marketing while another 31% are planning to start using AI by the end of this year. All those companies cannot be wrong, the chatbot ecosystem is developing fast and early adopters already have an advantage.
64% of internet users say that customer service which is accessible throughout the day is the best feature that a chatbot can have. As more people start converting to the service-on-demand mindset, a chatbot can earn you extra income and build brand visibility.
In the past year, two-thirds of consumers worldwide claim they have interacted with a chatbot. With a channel so impressive and wholly accepted, you could reach a huge consumer base and improve your business the Engati way.
Chatbots cut down customer service costs by one-third. This could very easily translate into a profit boost for your business when you employ chatbots to supplement your human workforce.

Chatbot future statistics

Banks are expected to automate about 90% of their interactions by 2020. When chatbot technology is good for the banks, most businesses can be ensured of its safety, convenience and impact on consumers. Chatbots in banking are engaging consumers from all walks of life. This can be seen as an example that all sectors will follow in the future.
By 2022, chatbot conversations are pegged to accumulate around $8 billion in cost savings. You can start saving as well by integrating a chatbot into your business.

All these statistics show a great deal of interest forming around the chatbot industry with time. Chatbots can do amazing things for your business when integrated the right way. As new sectors are warming up for chatbot integration, new avenues of income are also opening-up. Let us discuss more, the financial implications of chatbots below.

‍

Financial implications

The chatbot industry is booming with a whole ecosystem developing around them. We have discussed the chatbot ecosystem in more detail in one of our previous blogs. Many industry leaders are taking a keen interest in developing the ecosystem by investing in research and development of the core technologies that will help chatbots to take up and complete an extensive variety of tasks.

‍

Catalysts

Developments in the fields of Natural Language Processing (NLP), Machine Learning (ML), and AI act as catalysts for innovative implementation of chatbot technology. Engati chatbots are finding new applications every day across different sectors. With more people accepting and using chatbots across different sectors, chatbots are crossing boundaries.

‍

Historical context

To provide some historical context, let's look at the first industrial revolution. A general decline in the handloom industry was observed initially. But, after a small adjustment period, great revenue started flowing as a result of the industrial revolution. Similarly, the chatbot revolution has already begun and we are just about done with the adjustment period. It is time to start reaping the benefits of chatbots.

So, if you are not using chatbots, you are losing money!

‍

Wrapping up

Chatbot technology took hold using the existing messaging platforms which exposed them to a huge user-base. Eventually, chatbots technology will be integrated into proprietary apps as the chatbot ecosystem develops. AI is critical in determining context, machine learning and conversational design are essential in forging long-term trust. With the world coming to terms with chatbots, they are set to stay. Chatbots have an incredible potential to generate your business lots of profits. However, how you use the potential offered by chatbots is up to you. So, to answer our initial question, yes, you are losing money if you are not using a chatbot.

Engati is one of the best free chatbot platforms to build your own bot. You can build your own in 10 minutes, you don't even have to know how to code. Try it out today.

Don’t let potential earnings slip through your fingers! Register with Engati today and deploy your very own AI chatbot and combat this issue head-on!

Are you losing money by not using chatbots?

What are chatbots used for?