Business Technology

What You Need to Understand About AI Chatbots In 2020

Most people use some type of messaging app, such as Facebook Messenger, WeChat, WhatsApp, etc. They use these to send text messages or engage in conversations with other people. Increasingly, they are also using voice assistants like Siri and Alexa for voice searches.

All this data from these platforms feeds and trains the machine learning algorithms that produce AI chatbots. It would be accurate to say that people are fueling the advances in artificial intelligence that make chatbots so easy to use.

Chatbots: The Definitive Guide (2020)

Artificial Intelligence Chatbots

Getting relevant recommendations on Netflix and finding eerily accurate pop-up ads on your web browser are just some ways in which AI chatbots are helping businesses reach their target audience.

What you need to understand about AI chatbots in 2020 is that these are critical for doing business today. Here are some reasons why AI chatbots are needed.

1] People Want 24/7 Service

Customer service is a major aspect of any business and often accounts for significant costs. AI chatbots are taking on that role with increased efficiency and cost-effectiveness. The best AI chatbots are customizable, to reflect the needs of a particular business.

This is important because people looking for service want an immediate response. It might be to complain about a product, ask about it, or request a demo.

AI chatbots provide that facility 24/7 and people like that, even if they just receive a promise of the earliest-possible resolution for issues that a chatbot cannot resolve.

Brands that provide 24/7 customer service are more likely to retain existing customers, acquire qualified leads, and get positive reviews.

2] Chatbots Can Handle Other Tasks

Experts predict that the chatbot market will grow to $9.4 billion by 2024 and for good reason. Aside from answering simple questions and filtering leads, AI chatbots have operational capabilities as well.

They can process orders and payments, book flights, make hotel reservations, provide troubleshooting guidance, assist people with banking and finance issues, do research, and even make medical diagnoses.

The cost savings are considerable, but the most important aspect of this is accessibility. People are willing to pay for the convenience of instant gratification in money and goodwill. So, businesses that deploy AI chatbots and virtual assistants have the edge.

The expected share of the chatbot market is highest in North America, closely followed by Europe. This means that you should invest most in chatbot technology if you are targeting the North American and European markets or you will fall behind your competitors.

3] They Can Provide Human-Like Conversational Experience

While automation is an important aspect of any type of chatbot technology, the most effective platforms are those that come as close to human behavior as possible. Chatbots that can carry a conversation naturally are more likely to be successful, especially in customer service.

Remember that chatbots are essentially a type of front-facing technology. They engage with users directly, so it is important that they can interact like humans.

Even if people on the other end of the connection know that they are talking to a machine, it helps to improve their overall experience. Let this aspect of AI chatbots guide you in your own efforts to automate this process.

The rising need for AI chatbots makes it necessary for any business owner to start using these. Check out this infographic, first published on my blog, for the complete list of advantages and disadvantages of chatbots.

AI Chatbots Challenges and Opportunities You Need to Understand

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About the author

Shane Barker

Shane Barker is a digital marketing consultant, named the #1 social media consultant in the nation by PROskore Power Rankings. He has expertise in business development, online marketing and is an SEO specialist who has consulted with Fortune 500 companies, government agencies, and a number of A-list celebrities.