Businesses are slowly changing how they communicate with consumers to offer exceptional experiences. They want to offer online experiences that match what today’s consumer expects. 

Today’s consumer expects to find the information or products they are looking for fast. They want to get fast responses and detailed answers to their questions.

That’s where AI chatbots can help. With them, you can offer your consumers all that and more.  AI chatbots are convenient and intuitive. They help your brand build engaging and personalized experiences with consumers. According to Capgemini, they are helping businesses become more efficient while saving on time and cost.

Your business needs to get on the AI chatbot bandwagon if you want to compete with others in your industry. Becoming part of this revolution will help you provide exceptional customer experiences. 

Image Source: Capgemini

This post looks at areas your business can use AI chatbots to derive value.

Deriving Business Value with AI Chatbots

Discover how you can use AI chatbots to meet customer demands and improve business efficiency.

1. Offer Consumers Speed and Convenience

Consumers experience numerous frustrations when dealing with online services. These frustrations include navigating websites (34%) and failure to get answers to simple questions (31%).

Image Source: Drift

To ensure you provide consumers with the online experience they expect, you can use AI chatbots. Integrating interactive and intelligent chatbots into your customer service strategy can help you provide convenience and speed. You can meet audience demands by providing immediate and correct responses to consumer queries.

2. Drive More Revenue

AI chatbots can remember customer preferences based on purchase histories and browsing behaviors. They can help you upsell and cross-sell products based on previous purchases by the consumer.

AI chatbots can also help you follow-up on abandoned carts. They can remind consumers of products left in their shopping cart and urge them to complete the purchase. Chatbots can guide customers through the purchase funnel, increase conversions, and revenue.

3. Cost Reduction

Research by Jupiter forecasts that chatbots will help enterprises save over $8 billion by 2022. Some of these cost savings will stem from the ability of a business to reduce operational costs.

By automating customer service using AI chatbots, the business can handle many customer interactions simultaneously. A chatbot can improve efficiency and this reduces the number of incoming calls to the call center. They can also help call agents make better use of their time.

Chatbots reduce wait time for customers leading to elevated levels of customer satisfaction. They also handle customer queries 24/7 and cost less than an annual employee salary.

4. Build Loyal Customer Relationships

Using AI chatbots helps increase engagement with the connected and highly empowered consumer. Each consumer is unique, and your business needs different tactics to delight them.

AI chatbots collect valuable data that can help you understand and interpret a customer’s needs. You can then use those insights to individualize your marketing messages.  The insights also help you provide personalized experiences that make loyal customers. Great customer experiences lead to great rewards with 66% of consumers willing to pay for them.

Image Source: Salesforce