5 Reasons to Leverage Chatbots in 2021
In this article, we'll take a closer look at the customer-friendly AI-driven chatbots that support smooth communication.
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In this article, we'll take a closer look at the customer-friendly AI-driven chatbots that support smooth communication. Although some concepts need more profound consideration, this article will be a good piece to start with.
With that being said, the key notions that open up the Chatbots topic are the following:
- What are chatbots?
- Are chatbots still popular in 2021?
- How can chatbots help businesses, namely real estate?
What Technologies Underlie Chatbots? AI, NLG, ML
Chatbots can be defined as software programs built to ensure meaningful interactions between human users and computers via messaging, texts, live voice, or video conversation. Interestingly, the GoodFirms Chatbot Usage survey revealed that nearly 95% of respondents from the US, the UK, Canada, Germany, and other countries have used chatbots at least once in the past 12 months.
Chatbots, being one of the tech megatrends for 2021, is powered by the strengths of Artificial Intelligence.
AI technology allows bots to understand human-aided communication and provide users with relevant responses based on vast knowledge databases. When some human-initiated speech or textual data is input, it further involves the processing of data-driven by Machine Learning and Deep Learning. ML and DL algorithms help analyze the input information.
The next big tech that helps chatbots to be effective communication tools is Natural Language Generation or NLG. This one is for making computer-processed responses sound more human-like to users while they are interacting with chatbots.
Finally, it is Predictive Analytics that provides the in-depth analysis of massive historical data assets to gain insights for building proactive communication models. Based on customer behavioral patterns generated with PA, chatbots can provide a much wider range of options for interaction.
Chatbots in 2021: What’s With the Popularity?
Does investing in chatbots make any sense in 2021? Surely, it does. The explanation is pure and simple, as the current and predicted numbers speak for themselves.
Market experts are sure that chatbots will handle up to 90% of user queries by 2022. The widespread chatbot adoption is projected to help businesses reduce their operational costs by over $8 billion annually.
At the same time, findings from a new report show that consumer retail spending via chatbots will be around $142 billion by 2024. Compared to 2019, this shows great 400% YoY revenue growth.
There is no doubt that these facts prove the promising horizon for chatbot adoption across industries.
What Industries Can Benefit From Chatbots?
Used mainly for service industries, now chatbots can streamline communication with customers for nearly every B2C or B2B sector. Providing multiple website visitors or app users with quick and reasonable answers, chatbots is one of Gartner's top tech trends aimed to add much value to the improvement of customer experience (CX).
The potential of use cases for utilizing chatbots is truly immense. From Finance to Healthcare to Education and Real Estate, companies leverage chatbots to attract and engage customers with their brand. Here’s a list of the top 5 industries that supercharge customer activities with smart AI-drive bots.
Chatbot Implementation: Are There Any Sticking Points?
The proliferation of virtual assistants for business, however, can be restricted due to the lack of practical knowledge of how to implement chatbot technology. According to Accenture, this is the main reason that stops businesses from introducing chatbots across their customer touchpoints.
With surefire benefits for business, the idea behind chatbot implementation is quite clear – some professional assistance is badly needed to build and integrate conversational bots for your organization. Here’s what we at Adimen usually do for our clients:
What’s there for enterprises you may wonder? Truth be told, real estate is a great example of how to harness the power of chatbots in business.
While going to buy or rent a decent house, many people just don’t have enough time to look through all the variants available in the property market. What’s more, real estate agents and managers usually have way too many questions from customers to answer and concerns to alloy. On top of this, increasing the support services staff means additional expenses for your business that seem quite unwelcome in pandemic times.
Our experience in building chatbots for US real estate agencies let us break down five key benefits they receive after bot integration. The chatbots developed are mostly for client support purposes. As recent facts show, however, the following advantages can be also achieved for marketing and sales departments, payments, server offerings, and others alike.
Automation of Open-Source Customer Data
Data collection with chatbots is a great asset for any real estate business. The bots gather customer non-personal data for further analytics of user buying intents. It also helps get well-trained ML models for returning more accurate search results for website visitors or smartphone users.
Around-the-Clock Customer Assistance
To commit errors is human, especially when it comes to 24/7 client support services. Today, customer demands are evolving, so they won’t wait for years for their inquiry any longer. Here, chatbots ensure greater services than any human ever can.
Lower Operational Costs
Trimming business costs by minimizing the number of your real estate agents and chat operators is surely what every business is looking for in 2021. Your chatbots require neither annual bonuses nor sick leaves. Cost-efficiency is what gives a competitive edge for your business.
Self-Service Tools Provision
Next-generation customers are tech-savvy and don't look for time-consuming support services driven by human operators. With chatbots on board, your website or app enables users to personally search for and get any information on property objects they want to buy or rent.
Customer Engagement and Retention
All in all, chatbots in 2021 are a highly effective tool for businesses in terms of cost and resource optimization, lead generation, customer engagement, and a greater omnichannel strategy.
Here at Adimen, we are downright ready for robust collaboration to help you make time and cost-effective chatbots for your real estate business. Have you got another business, say, in fintech? If so, no problem, we have you covered on that too!
Published at DZone with permission of Victoria Kuleshova. See the original article here.
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