One of the newest technologies that is fast gaining traction across various industries is Chatbots. In fact, the Chatbot hackathon is also making its debut at Code Gladiators 2019, thereby reinforcing the popularity of this technology.
There has been a phenomenal response to the Chatbot hackathon at the ongoing TechGig Code Gladiators 2019. If you haven’t already, you must Register for Code Gladiators 2019 and take part in this exciting hackathon presented by Credit Suisse, a Swiss multinational investment bank and financial services company.
A chatbot is a program that provides highly conversational experiences through text and voice with predefined rules and is typically driven through the power of Artificial Intelligence (AI). The chatbot interface tries to simulate a real human-like interaction with customers through chatting. By doing so, it also helps in optimizing customer experiences through the process of sending pre-programmed responses in real-time and analysing it to improve on its own.
The technology has found mainstream uses in real estate, e-commerce, healthcare, retail, and many other industries. In fact, the AI-based chatbot market is growing at a CAGR of 53% currently and the overall market size of chatbots is expected to exceed USD 1.34 billion by 2024; according to a research report by Global Market Insights.
The benefits of chatbots for companies are there for the taking.
Improved C-Sat – Chatbots are the answer for providing better customer service to customers. One of the biggest grouses, from most customers is the wait time before their query is addressed by a brand. With the implementation of chatbots, customers can be attended to immediately through some standardized responses which can especially help irate customers and communicate a message to them that they are important to the business.
Always-on Customer Support – The fact that there are no humans involved therefore means that human factors such as leaves, work breaks, illness, emergencies, etc. become inconsequential as chatbot interfaces can handle customer support 24*7/365.
Personalised experience – A personalized experience can be created for the customers based on data analytics and which can help through the different stages of their buying journey, thereby benefitting the business.
Cost-savings – AI-driven chatbots are helping companies cut down operational costs to a great degree. Conversational AI programs like chatbots are one of the best examples of automation technologies which will see rising adoption in the future.
Companies investing in the chatbot technology will end up being Lean and Efficient and therefore the future is bright for techies who invest their time and effort around this technology.