AI Chatbot Trends and Statistics Small Business Should Follow in 2020

The use of chatbots in business is growing at a fast pace; it clearly reflects that the future of chatbot is bright.
  • BY Venkatesh C R

    CEO, Dot Com Infoway

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  • Jul 16,2020
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  • 16 Mins Read

There are several factors that determine the success of your business. Customer service is one of those. As the name suggests, your customer service reflects how customers are important for your business, how you care about their needs, how their concerns matter for you, etc.

Your customer service plays a crucial role when it comes to winning the trust of your customers and thus, creates your brand credibility in the market. If you own a small business, you have every reason to improve the quality of your customer service. It helps you increase your audience, which is necessary for small businesses to increase sales of their products and services as well as earn revenue.

So, all you need to do is to focus on your customer support services. You should make it fast and expeditious to match the expectation of your customers. Meanwhile, it is immensely tough to maintain the quality of your customer services, especially if you handle a large customer base.

It is a good idea to harness the advantages of the latest technology, which not only helps you make your customer service robust but also lets you enjoy a competitive edge. The latest one is AI chatbot that is blessed with the unmatched potential to make your customer service world-class. Before discussing the trends and statistics, let's delve into the basics.

What is a Chatbot?

Chatbot is basically a computer program powered by Artificial Intelligence (AI), which comes with the ability to communicate directly with an individual through the messaging interface. With the capability of handling a large number of customer queries at once, the chatbot revolutionized the customer support services.

This prompts many small businesses to integrate a chatbot into their websites and mobile apps to improve their customer service. The use of chatbots in business is growing at a fast pace. It clearly reflects that the future of chatbot is bright.

Key Stats About Chatbot

  • According to Business Insider data, the market size of the chatbot is projected to reach up to $9.4 billion by 2024, which was $2.6 billion in the year 2019
  • Facebook and its messenger platform accommodate overall 3,00,000 chatbots
  • 58 per cent of B2B companies are using the chatbot
  • It is expected that 80 per cent of businesses can adopt chatbot automation by the current year
  • 70 per cent of companies that use chatbots are blessed with 1 to 50 employees
  • Chatbot tends to minimize customer service expenses of business by up to 30 per cent

Chatbot Trends that will Gain Ground in 2020

Let’s discuss here some emerging chatbot trends in the current year that small businesses should always follow.

AI-powered Chatbot

Artificial Intelligence is an emerging language that developers leverage for chatbot application development, which is able to deliver a completely personalized experience to customers. There are many AI-powered chatbots that include the ability to handle a variety of customer queries by offering the most satisfactory solutions.

The AI chatbot benefits include features like predictive analytics and can easily predict the core requirements of customers and provides them a complete guide. This is the reason why many banking, insurance, and other companies nowadays frequently adopt chatbot to foster the growth of their business.

Chatbot Behaves More like Human

The AI-powered chatbot is smart enough to grasp the human conversation and reply accordingly. It can deliver a fully personalized experience to customers while ensuring to match their personal needs. It further helps improve customer loyalty, which aids small businesses in gaining a better position in the market to discover multiple opportunities to prosper.

Customer Insight

The AI-driven chatbot is able to store important data related to customers and provides business a complete and real customer insight. It is another reason why the adoption of chatbot witnessed its major growth. Thanks to the AI technology that gives the capability of a chatbot to store the customer data automatically.

Businesses can go through these data in-depth to spot the major areas of improvements, reduce errors, optimize the overall process, etc.

Ability to grasp Natural Language

The major USP (Universal Selling Proposition) of the chatbot is its great capability of processing natural language. It brings the possibility for interaction between both machines and humans. This prompts brands like Facebook and others to use their own chatbots with the same capability to understand and solve users’ queries in a better way.

Emerging Trend of Voice Bot

The fast-paced popularity of voice recognition technology is the reason why voice bot came into existence. And this prompted many established market players like Google, Amazon, and others to introduce its product based on this technology. Google Assistant, Amazon Alexa, and others are the right examples in this arena.

The chatbot gives small businesses a wonderful opportunity to become an established brand by expanding its customer base. So, above are some emerging chatbot trends that developers implement while developing an AI-driven chatbot to business.   

 

Author Bio:

Venkatesh is a serial entrepreneur with a distinct passion for taking nascent businesses to great heights. An early entrant in the mobile application technology, Venkatesh grew his flagship company, Dot Com Infoway (DCI) to be recognized as one of the world’s leading digital marketing, web, and mobile app development & marketing company.

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