Do you know that companies are incurring a $1.6 trillion loss due to customers switching brands in search of better customer service? Unequivocally, a good customer experience is a key to winning more loyal customers. A loyal customer buys five times more and refers the brand to their peer groups.
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How to define customer experience?
The experience that a customer receives from your brand during their buying journey is called customer experience. It is all about the perception they build about your brand reputation.
Why should organizations pay importance to customer experience?
Brand growth is directly proportionate to customer experience. A good customer experience wins customer loyalty and improves retention and brand loyalty. Organizations in the fight to win more customers should pay importance to improve customer experience. Therefore, several organizations are investing in technology, especially AI, to improve customer experience. Most organizations are now leveraging Chatbots through their customer service to improve interactions with customers.
Do customers prefer Chatbots?
Let’s understand chatbot preferences from the customers’ perspectives. Research highlights that customers have already accepted the chatbots, and they love to get their queries solved by the chatbots. However, when there are complex queries, customers prefer to connect with a real person over the chat, not the bots
- According to Adweek, 65% of customers feel comfortable connecting with bots to solve their issues. (Adweek)
- According to Salesforce, 69% of customers prefer to connect with chatbots because chatbots offer instant replies. (Salesforce)
Chatbot market statistics
Chatbots are rising in popularity in several industries to improve the customer experience. Moreover, chatbots are helping businesses to lower operational costs and improve the customer experience. Let’s understand how big the chatbots market is:
According to Statista, the chatbot market is projected to increase to $454.8 million in revenue by 2027,
up from $40.9 million in 2018. (Statista)
What are chatbots?
Chatbots are AI-powered applications that simulate a conversation with customers through websites and mobile apps. With the technology innovation, chatbots are transformed into more human-like bots solving the queries of the customers. Here are some interesting facts about chatbots that highlight their importance in the current market.
- According to a Tidio report, 62% of customers would love to connect with bots instead of waiting for human chat agents. (Tidio)
- According to Gartner, chatbots help companies to reduce email, chat and call inquiries by 70%. (Gartner)
How can you improve customer experience with Chatbots?
Chatbots can transform the customer experience drastically. Let’s discuss some of the ways through which organizations can improve overall customer experience with the chatbots:
Integrate Live Chat Options in your customer service planning
Enabling your customers to engage with your brand through chatbots will help them to solve their queries. Having a conversation with a chatbot is like having an online chat conversation with customer support. Advanced chatbots are loaded with NLP to analyze and respond accurately to queries.
Stay 24/7 For Your Customers
Artificial Intelligence chatbots are eliminating the human limitations regarding providing 24/7 customer support. Your customers will get assistance from your brand whenever they need it, even outside business hours. Customers find it annoying waiting for a response to their queries through email or voicemail.
According to a study, 60% of consumers responded that waiting for a reply to their queries is the most frustrating part of the customer service process.
Meet Customers’ Demands
Customers want their brands to know their expectations and needs. Most customers expect companies to know their unique needs and expectations. A chatbot loves to gather details of the customers to make some predictions. Most advanced chatbots can simulate human-like conversations and offer solutions to customers.
Chatbots can help eCommerce websites in their marketing and sales activities while personalizing the customer journey. They can offer product recommendations and advice to the customers in selecting the best products matching their requirements. Product recommendation is very helpful for both customers and sellers. Customers can easily find the products they were looking for while sellers will get more sales closure.
Improve the Customer Journey
According to a study, 50% of consumers responded to switching brands because of bad experiences with the brand. To ensure that our customers don’t leave you because of bad experiences, embed conversational AI and personalize the customer journey. Give your customers the option to connect with you whenever they want.
Stylebot is a chatbot designed by Nike to enable the users to create customer sneakers or choose from the available sneaker styles.
Eliminate Human Errors
If you have a chatbot programmed correctly, it will eliminate human errors. Brands can rely on chatbots to provide relevant and correct customer answers. Most advanced chatbots learn during the process and improve their performance.
Customer Engagement and Loyalty
Keeping your customers engaged is the biggest challenge for marketers. Chatbots can help them to keep the customers engaged and develop loyalty feeling toward the brand. Giving personalized tips and advice throughout the buying journey keeps the users engaged. Moreover, chatbots can build loyalty by sending freebies and discounts to customers.
Give your enterprises the most required boost by integrating AI-powered chatbots to improve the customer journey. Do you want to get customized chatbots for your business? Our Saxon team has in-depth experience in delivering chatbots for different enterprises across industries. Learn more to kick start your Chatbot in a week.