AI has been revamping the ways of communication ways for businesses both with customers and internally. AI is vital for enabling machine learning and the flexible interpretation of automated business communications.
The role of chatbots is going to be bigger and better. With the emerging chatbots trends and market outlook, it is crucial for businesses to adopt innovative ways to deliver continuous customer engagement.
Chatbots: Trends, statistics and future outlook in 2020
The chatbot ecosystem is quickly expanding despite the relatively robust ecosystem that currently exists. Companies from Fortune 500 to the startups are implementing the chatbot benefits to gain pace and efficiency.
Let’s review some of the most happening chatbot trends and their future use cases.
1. Chatbots will be more human alike
As per Global Market Insights, “The overall market size for chatbots worldwide would be over $1.3 billion by 2024.” Hence, it is inevitable that the chatbot industry will become the driving force of business communications.
2. Deep customer insights to drive chatbot behavior
Chatbots are becoming more conversational to communicate effectively and the next step is to improve user experience. Sentiment analysis is important to train chatbots with more human alike capabilities.
3. Use of AI in contact centers
According to Chatbots Magazine, “Businesses can reduce customer service costs by up to 30% by deploying a conversational chatbot”.
AI chatbot trends aim at saving costs significantly when businesses upgrade from inefficient IVR technology to AI. Bots without human involvement can handle simple requests such as changing a password, requesting a balance, scheduling an appointment, etc.
Here are some common use cases are
- Bots can greatly reduce the number of human agents required and also improve on employee attrition ratio which is due to the repetitive nature of routine calls.
- Employing staff 24×7 in your contact center can be costly. Adding resources to support multiple lines of business hikes the headcount to handle customer queries.
AI future trends in omni channel contact center:
Chatbots are poised to go through transformational changes to implement AI across their core business processes. Some of these are
- Business automation: Automating the business with chatbots helps to handle simple queries promptly and deliver a better customer experience.
- Customer behavioral prediction: Contact centers can use predictive analysis, for launching a product, AI helps to predict the intent of the customers’ reach out in order to adjust the agents.
- Streamlined experience: Bots can collect information to understand the context of interaction to offer faster resolution by identifying the purpose and improving customer experience (CX).
4. Voice bots are becoming mainstream
Voice is the next big thing!
Users are already used to starting their days with “Ok Google, what’s in my calendar today?”. According to Forbes, more than 50% of all searches by 2020 will be voice-driven.
5. The customer experience (CX) will drive chatbots adoption
AI chatbots help to redefine the way businesses interact with customers. In the current time, where social messaging applications are gaining popularity, following the chatbot industry trends will connect you with your customers in a great way.
6. Messaging platforms as a growth driver for chatbots
The concept of conversational commerce is more preferred as it encourages buyers to shop online with chatbots. Messaging platforms allow businesses to revive their approach from improving branding to deliver the best customer service.
Going ahead, more and more brands will adopt messaging platforms to boost customer engagement and increase customer loyalty as these platforms will have strong bot capabilities along with an integrated approach with various business functions.
7. Chatbots will automate payments
Chatbots are drastically changing the way businesses interact with customers, manage campaigns for lead generation, and automate payments. Chatbots Magazine found out 67% of US millennials said they are likely to purchase products and services from brands using a chatbot.
The future of chatbots is that businesses will automate simple payments and allow users to pay directly over live chat or Facebook Messenger apps. The instant process makes the customer happy and improves customer satisfaction.
8. Social media will dominate the adoption of AI
Social media is no more for just making friends. With time, it is used for voicing opinions, ordering products and services, offering reviews, and even getting in touch with businesses. Hence, it becomes a necessity for businesses to use chatbots to facilitate interaction on these platforms.
9. Bots for internal use for enterprises
Apart from handling customer requests seamlessly, chatbots deliver incredible business value by streamlining the internal workflows from small businesses to enterprises.
There are many use cases for AI chatbots with each variant application striving towards one common goal – to improve the experience and efficiency of the user.
Here is how chatbot trends can be used across enterprise functions:
- Human Resource (HR): Chatbots can be used to keep the pulse of your employees, answer basic HR-related questions, and complete transactional HR services.
- Employee onboarding: Onboarding is considered to be a tedious and time-consuming task. Chatbots can initiate the interview process by fielding screening questions and capturing the answers. It also helps in guiding new hires through company policies.
- Internal help desk: Chatbot can handle the common queries and allow IT service desk agents to work on complex queries. The bot learns the answers to repetitive queries and improves the response time.
10. Chatbots will become an integral part of daily lives
More and more brands are going to build applications in the future. Bots can collect data and analyze to take important actions.
Bots are used in streamlining personal tasks or day-to-day activities such as fitness, parenting, kids, e-learning, etc.