Chatbot Development: Growth & Rise In Enterprise

Published on August 4, 2021

“Customer service is the new marketing strategy.”

Customers’ expectations are always increasing. The development of ChatBot helps you to successfully respond to such expectations, despite their scale. Use AI to wow users, improve connections, and expand your business. Today, big brands and businesses are looking to launch chatbot development Australia projects to serve customers more efficiently and cost-effectively.

AI-powered chatbots, with their advanced analytics, are becoming an important component of the marketing strategy as businesses seek to personalise the way they interact with their users. Due to this demand, chatbots are increasing in demand among businesses and customers like.

e.g.Chatbots can now help you with anything from placing an order for pizza to navigating a lengthy B2B sales cycle.

The international Chatbot market is predicted to reach up to USD 1.25 billion by 2025, witnessing a growth of CAGR of 24.3%.

Many of them are used with chatbot platforms including Facebook Messenger, WhatsApp, WeChat, Slack, and SMS messaging. Businesses may better contact their target audience through multiple APIs thanks to Facebook’s expansion with Facebook Messenger, and chatbots are becoming a requirement in some sectors.

What are the best ways for modern businesses to approach chatbot development?

Chatbots should be widely available and accessible across a variety of channels for businesses, and they should be integrated with internal company systems such as Customer Relationship Management (CRM) and Supply Chain Management (SCM) systems.

Businesses have many alternatives when it comes to bot development strategies. For businesses that require an automated workflow, as well as the integration of internal and external ecosystems and the use of natural language processing, a single-task bot is not a valid option.

Chatbot frameworks provide programmers with the structures they need to develop individual chatbots. These frameworks, on the other hand, are simply a collection of tools and services. The frameworks are tailored to a set of use cases and may be used to build and deploy a single-task bot that lacks end-to-end development and administration capabilities. 

For that, there are some tools, but these are the chatbot development frameworks that we use – wit.ai, api.ai, textit.in, IBM’s Watson, and coverse.ai.

Frameworks are helpful when the use case is simple, but when the overall needs and scope are more demanding, a chatbot platform plays a big role.

The chatbot road map should be in alignment with the company’s overall futuristic strategic goals and should result in a complete road map that guides the bot’s activities through time. Along with a strategy, development, deployment, and use are all important factors in bot success.

How Chatbot Development is Shaping Business Growth :

1. Monitor and analyze consumer data 

Chatbots collect feedback from each interaction that can help businesses improve their services and products or optimize their website. They can also track consumer behaviors and purchasing patterns by recording user data. This information can provide companies with greater insight into how to better market their products and services, as well as common obstacles that customers face during the buying process.

2. Massive Range Of Possible Applications

One of the distinct advantages of chatbots for businesses is that they offer a wide range of applications and are not limited to the single-use case of answering customer questions.

Some of these everyday use cases of chatbots include –

• Marketing: Chatbots can be used for multiple marketing activities, including lead generation, data collection, increased custom interaction, and product consulting.
• Sales: Helps in the qualification of leads and supports throughout the sales funnel.
• Customer Service: Assists in answering FAQs and offers dedicated support in case of problems.
• IT Service Helpdesk: Offers support for internal or external service desk applications.

3. Improve Efficiency & Reduce Operational Cost:

According to Chatbots Magazine, implementing virtual agents or chatbots can help businesses save up to 30 percent by implementing conversational solutions like virtual agents and chatbots. Freeing up human agents at contact centers to address complex inquiries allows representatives to take their time and provide better service.

Chatbots are very efficient in helping customers find answers to queries, resulting in a lesser number of incoming calls, improved efficacy, and lesser operational 

4. Saves time 

 Chatbots can automate tasks that must be performed frequently and at specific times. This provides human employees with more time to focus on other important tasks. Furthermore, the ability of chatbots to provide fast answers prevents customers from waiting to receive responses.

5. Improves customer engagement 

 Most companies are already engaging their customers through social media. Chatbot Development Australia can be used to make this engagement more interactive. Furthermore, buyers rarely talk to the people within businesses. Chatbots open a channel of communication where customers can engage without the stress of interacting with another person.

6. Devise a Conversational Marketing Strategy 

Conversational marketing leverages the power of real-time conversations to help move buyers through the sales funnel. 

Devising a conversational marketing strategy has many benefits: 

• Engage more leads – Your business will engage with more leads and achieve more opportunities when it allows visitors to start conversations on the website rather than forcing them to fill out the forms. 
• Respond to customers individually –  When chatbots are used, brands find it easy to respond to customer questions individually and avoid the usual fixed lead funnel crammed with marketing activities.
• Improve customer experience – The purpose of conversational marketing is to cut back on frustrating experiences that customers encounter with the customer support line or IVR system.

Conclusion

Chatbots are becoming more popular as consumers want a digital experience that is available 24/7. The architecture of chatbots will progress to the point where interactive AI will become mainstream in customer support.

Point out communication trends and customer pain points with ChatBot reports and analytics. Provide your teams with tools to optimize your products and services for better customer satisfaction and ROI.

About Savvient:

Savvient focuses on providing technology solutions via Custom Application Development, Product Engineering, Enterprise Solutions, Business Intelligence, and Analytics along with Quality and Testing Services. Our HQ is located in the business hub of Sydney, if you’re searching for a successful technology service provider, call us on 0279113227 or email us at hello@savvient.com.au now.