Chatbots have evolved dramatically over the last few years. In 2019, it was reported by Invespcro that they reduced customer support and operation costs by 30%. Also, approximately 67% of the consumers used chatbots for customer support. While considering these statistics, there is no doubt that AI has truly transformed online businesses. More people now prefer chatbots because they can get answers to their queries almost immediately. This chatbot trend will continue to grow in the coming years.
Some Interesting Chatbot Statistics
Chatbots are now widely popular among different industries, including real estate, staffing agencies in Pittsburgh, healthcare, finance, and education. They are fully automating their business processes for the ease of both the consumers and for themselves. There is no question that the bot solutions will extend its horizon in the future. Here are some exciting chatbot statistics that will prove just why they have become significant for businesses.
- Over 50% of the customers expect a business to run 24/7. (Oracle)
- 80% of companies are likely to deploy chatbots by 2023. (BusinessInsider)
- There are more than 300,000 different active chatbots on Facebook alone. (Venture Beat)
- The market size of chatbot is expected to grow from $2.6 billion in 2019 to $9.4 billion in 2024 (BusinessInsider)
6 Chatbot Trends in 2023
The chatbot ecosystem is quickly expanding, and it won’t be long before every company starts to deploy them on their sites. Let’s look at some of the most happening chatbot trends.
1. Chatbots Will Be More Like Humans
The Global Market Insights have estimated that chatbots’ market size will be more than $1.3 billion by 2024. This number is a stunning quantity. Hence, one can safely say the chatbot industry will become the driving force of business communications.
The NLP or Natural Language Processing bots use predictive analytics and sentiment analysis to understand the customers’ conversations and queries intelligently. However, there are some mechanical challenges when it comes to implementing the best chatbot practices. They are as follows:
- Not understanding the requests clearly
- Executing wrong commands
- Doesn’t understand accents
While considering these drawbacks, businesses are now developing chatbots that will be indistinguishable from humans. They plan to achieve this feat with the help of natural language processing (NLP), artificial intelligence (AI), and machine learning (ML). Doing this will create a chatbot with a more conversational AI that will have the ability to build better customer relationships and improve their experience.
2. Chatbot to Improve User Experience
Chatbots can quickly improve user experience by communicating more effectively. These bots have programmed systems for sentiment analysis that enables them to respond in a more human-like manner. This feature will make them understand how the conversation went and will allow them to decipher customers’ emotions and respond accordingly. They can even collect, normalize, and aggregate customer feedback data, used for further analysis.
3. Chatbots Will Replace Manual Labor
As mentioned earlier, according to widespread speculations, chatbots can help businesses save more than 30% of their costs. Without manual labor and human involvement, bots can handle straightforward commands like changing passwords and scheduling appointments. However, when it comes to dealing with complex situations or managing insubordinate employees, human intervention and expertise are still crucial.
Apart from this, chatbots will hopefully improve the employee-attrition ratio, increase the rate of customer satisfaction, and reduce the chances of human error. Plus, bots can collect information and use predictive analysis before launching any new items and services. Since it helps predict the public’s needs and demands, such artificial intelligence helps make a product successful.
4. Messaging Platforms Help Chatbot Marketing Grow
The integration of popular and easy messaging platforms helps improve the chatbot trend and promises growth for the business. For example, if a company integrates with a popular messaging app like WhatsApp or Messenger, this will help them gain more audience attention and improve their customer services. Since the audiences are already familiar with these messaging apps, they find them easier to navigate. Thus, naturally, they lean towards businesses that offer such ease, helping them grow.
5. Social Media Will Be Conquered by Chatbots
Already, Facebook’s Messenger has more than a hundred thousand different active bots. Online businesses on these platforms use chatbots to understand their audiences, identify their needs, and provide adequate solutions to their problems. Artificial intelligence helps companies understand when their audiences are most active, what they’re looking for, and what your target population should be.
6. Chatbots Will Impact Everyday Lives
People have started using chatbots for their everyday tasks and chores. These activities include learning, parenting, fitness, cooking, etc. Even the health sector has improved its customer services by involving “digital doctors” in various parts of the world. Since more and more online brands are incorporating chatbots, the time is not far when all of our everyday online tasks will involve using these technological geniuses.
Chatbots are the modern way to communicate and run businesses. They help improve customer service, lowers your business costs, and helps predict your future products’ success rate. Moreover, chatbots can assist employees in different ways, allowing them to perform at maximum efficiency which might help them improve their performance appraisal. Thus, naturally, they’re going to be a significant part of the future. And looking at the statistics and trends above, the rise and peak of chatbot automation don’t seem afar!
I am Lucy Jack, and I have been working as Content Writer at Rananjay Exports for past 2 years. My expertise lies in researching and writing both technical and fashion content. I have written multiple articles on Gemstone Jewelry like designer gemstone jewelry and other stones over the past years and would love to explore more on the same in future. I hope my work keeps mesmerizing you and helps you in the future.