The rise of machine learning has given rise to Chatbot usage. The aim of writing the blog is to provide general information about Chatbot, its growing popularity, best practices to follow when investing in Chatbot services, how much Chatbot development costs, and much more.
Chatbots & Their Value Proposition
Chatbots impersonate human conversation in a natural format. Leveraging the potential of artificial intelligence, bots can communicate seamlessly through text or voice interfaces. With time and age, chatbots learn from previous interactions and become more intelligent.
It’s not surprising that the enterprise chatbot solution helps you reap out the maximum benefits of intelligent machines. However, it is significant to understand the chatbots are here to complement humans and to reduce their workload, not to replace them. Below are a few use cases that highlight the potential of chatbots that helps you to make up your mind about Chatbot development investment.
1. Chatbots Offer 24*7 Availability
As we are all aware, computer programs don’t sleep and even don’t mind working 24*7. Using a Chatbot in your web or mobile platform, you can answer your customer’s queries anytime, anywhere. Customers can explore thousands of products within minutes, and brands can deliver exceptional customer service through automation while minimizing operational costs.
2. Delivers Personalized Customer Experiences
Having a conversation with someone that already knows your name, product preferences, and browsing history is always better than someone who isn’t aware enough. Chatbots can integrate with CRM and inventory management systems to provide a high-end customer experience. Using machine intelligence, bots can recommend you or lets you browse similar products that make shopping easier and more convenient for customers.
3. Generates Enormous Data For Seamless Communication
Without a doubt, the more data you make, the better you can make decisions. Capturing the sentiments and needs of a business’s customer base is challenging. Chatbots can provide you deeper transactional insights and a complete 360-degree view of the customer. Every conversation is analyzed and focused on pain points that help you evolve faster to attain customer engagement and retention.
4. Decrease Bounce Rate and Increase Engagement
If users are not likely to get the desired information right when they need it, they will probably bounce away. But with a Chatbot, you can provide and help users finding information that will decrease the bounce rate and increase traffic gradually. Chatbots have the capabilities to learn about the choices and preferences of every customer. Thus, it helps businesses to understand the customers in a better way that increases customer engagement and retention rates.
Recent Chatbot Market Stats & Size Data
- The chatbot market size is projected to grow from $2.6 billion in 2021 to $9.4 billion by 2024 at a compound annual growth rate (CAGR) of 29.7%. (Source: Business Insider)
- A report by Microsoft estimates that up to 73% of healthcare admin tasks could be automated by AI, and the adoption of chatbots could save the healthcare, banking, and retail sectors $11 billion annually by 2023.
The Best Practices For Chatbot Development
If you are focusing on future development, chatbots must be a common word. Since its introduction, it is growing in popularity in the marketplace. However, not everyone enjoys success. Therefore, many businesses ask, what are the best strategies you follow for successful bot development?
Here are some of the best practices that you can follow to reap maximum benefits from Chatbot development.
- Know Your Target Audience
Before making up your mind for investment, it is necessary to have a deep understanding of your user base. Answer a few questions like, will implementing Chatbot can help your business grow? Which business operations you should automate? Will bot add convenience to the everyday lives of users?
Your first goal is to understand the utility of the bot. Talk to Chatbot development firm so that they can guide you and offer the best solutions in a specific timeline.
- Identify Reliable Use Cases
As bot technology is improving performance and boosting productivity, many businesses are looking forward to using chatbots in their industry. The use cases are classified in two ways automation and augmentation. Automation bots can improve overall performance and productivity, whereas Augmentation bots are powered by artificial intelligence and natural language processing.
Using bots, you can listen to every customer’s needs and filter smartly through a long list of choices to perform a more accurate search. Moreover, a bot can seamlessly accumulate targeted feedback during a regular conversation.
- Choose the Right Bot Development Framework
Businesses can build from scratch or use comprehensive frameworks with specialized offerings. The most trends frameworks that are used for building bots are Facebook bot engine, Microsoft bot framework, Kik, ChatScript, and much more. Custom bots are also popular, however, it demands high initial investment.
How to Hire Top AI & Chatbot Developers
A reliable chatbot development company helps other enterprises to increase revenue and decrease costs. So, to make the most of your investment in chatbots, choose the most experienced Chatbot developers that can make the most of it.
- Go through their Portfolio
It is one of the best ways to find out whether they can develop a Chatbot for your business or not. Also, check for which industries they’ve worked before that saves time if you belong to one of the industry. They can also guide you through the process and help you choose the right Chatbot type for your business.
- Must-Have Knowledge About Superior Chatbot Design
You don’t just invest in bots, you invest in digital employees for your companies. Thus, you should hire experienced AI & Chatbot developers who have expertise in developing high-tech chatbots using the latest technologies. There are different types of chatbots like Customer Service Chatbots, Marketing & Lead Generation Bots, and Internal Bots, so choose wisely depending upon the requirements of your business.
Now the question arises, how much Chatbot development costs? Seeing the work that goes into building a Chatbot, it approximately goes $25,000 to $30,000. The cost is dependent on different factors, including Chatbot type, design, development, and integration with the platform. It generally takes 6 months and approx 1000 man-hours for successful completion.
To make it worth the investment, you need to hire a reliable Chatbot development company that can bring the best possible outcomes at affordable prices. Even most of the companies also provide the Chatbot cost calculator tool that enables you to calculate the cost within minutes. All you need to answer a few questions based on your requirements and request quotes from experts.
Author Name: Alex Hales
Author URL: https://medium.com/digital-