With the continuous growth of technology, the businesses are trying the hardest in finding ways that cut costs and improve the customer engagement. Here, Chatbots provide a leverage point as some well-known companies like Facebook and WhatsApp acting as conversational agents. By using text as well as voice commands for answering the customer queries and guide them regarding the products and services. This is serving as an alternative solution for customer service representatives.
“Bots have been around for years but the real reason why they are trending now is that the advancement in the field of AI i.e. Artificial Intelligence. With products such as Siri and Google Assistant that turned out to be more than a useful product with real impact on the majority”.
The Market value of Chatbots is growing rapidly and is now estimated to reach the mark of $500 Million point. With a growth rate of 30% annually, a large number of chatbots are getting launched in the market but their real value is understood by a very few. The chatbots started to receive criticism after reports of them taking over 80% business within a span of 2-3 years emerged. The Customer Service alone in America worth $75+ Billion and with chatbots taking over the job of customer representatives billions of dollars can be saved. Yes, the chatbots are evolving for sure as discussed previously, but in exactly what sectors!
Let’s break down some of the popular types of chatbots and their functions. Every chatbot is not some it basically varies as per the purpose it serves, which are further explained in the following:
- Advertising Chatbot – A bot that builds a long-term relationship with a customer over time, will deliver a higher return on investment. These chatbots act as a conversational app that gives brands an ‘Always Present’ advantage without needing total attention as an advertiser. Messaging as a new marketing medium has endless advertising possibilities and giving them the name of the storyteller.
- Customer Service Chatbot – This type of chatbot known as a helper, aims to provide the best customer service experience by answering queries based on human thinking. Phone centers will soon become a thing of the past as customer service switches to digital interactions. Most important thing for users is for their expectations to be met, as long as that’s clear by the agent whether human or a bot: the end-user is satisfied by that.
- Utility Chatbot – The tasks of the utility bots are to solve issues, hence the name solver. Mainly digital assistants fall into this category who are used to set reminders, pay bills and other tasks like that. As they keep on adding more commands the AI allows them to interpret additional information. They can look at the phrases but also understand what specific word means in a certain context.
- Content Chatbot – The main goal of content chatbot of to provide information to the audience. An example of this type is Poncho, as it provides the weather information in a fun and visually appealing way which further increases the readability quotient. Known as the teacher because the whole purpose of the content bot is to deliver content rather than performing tasks or solving queries. A content bot never pushes over advertising and promotions instead they associate with a brand to reach a specific audience.
Selecting a chatbot greatly depends on your business type, its target audience or what industry you are in. With new efficient Mobile Application Development Services hitting the IT industry, it came as no surprise when the news about Facebook’s ‘Virtual Assistant M’ being ended came forward. With an opportunity to transform brands into something that act and talk like a real person.This doesn’t end here as bots will not just interact with customers i.e. the human agents but with other bots to get tasks done, in the future.