Have you ever wondered about the future of Chatbots? Conversational Artificial Intelligence solutions are revolutionizing the way we communicate. As a result, more and more companies decide to invest in Chatbots with Artificial Intelligence, seeking to improve the customer experience and business growth.
We have identified some statistics related to the sector on adopting these solutions and the future of Chatbots. With all this data, you will have no doubts about the importance of investing in your company’s customer experience.
What do companies think about conversational chatbots?
- Business leaders say the Chatbots have increased sales by 67% on average. (Forbes)
- 57% of companies said that Chatbots offer a great return on investment with minimal investment. (Accenture Digital)
- Nearly 90% say they have seen measurable improvements in query resolution speed. (MIT)
- More than 80% of companies have noticed an improvement in call volume management using AI (MIT)
- 80% have identified measurable improvements in customer satisfaction and Contact Center performance. (MIT Technology Review)
- 64% of companies believe that Chatbots will allow them to offer a more personalized Customer Service experience. (Statista)
- AI Chatbots can help businesses save up to 30% on Customer Service costs by reducing response times, freeing agents from repetitive tasks, and answering up to 80% of frequent inquiries. (IBM)
- Thanks to AI, consumers and businesses will save more than 2.5 billion customer service hours by 2023. (Juniper Research)
- Interest in Chatbots will continue to grow! The market will be expected to grow by more than $ 1 billion by 2025. (Business Insider)
- The value of e-commerce transactions made through Chatbots is estimated to be 112 billion by 2023. (Juniper)
- Google Trends data shows that interest in Chatbots has increased almost five times over the five years.
- A recent study by Accenture has found that 56% of companies believe that AI Chatbots are driving transformation in their industry.
- 43% of these companies assure that their competitors are already implementing this type of technology. (Accenture)
- By the end of this year, more than 50% of companies will invest more in creating Chatbots than developing traditional mobile applications. (Gartner)
- By 2022, it’s estimated that up to 90% of total queries would be handled by Chatbots (CNBC)
- The virtual assistants are driven solutions IA most significant impact on businesses, according to a survey by PwC. Analysis, automated communications like emails are other solutions mentioned.
- 53% of organizations use Chatbots within their IT department, 23% use them to support their administrative department, and 20% use them to empower the Customer Service department. 16% of organizations also use Chatbots and AI assistants in their sales and marketing departments. (Spiceworks)
What do users think about Chatbots?
- More than 50% of users expect a business to be available 24 hours a day, seven days a week. (VentureBeat)
- 40% of shoppers don’t care if they get help from an AI tool or an agent, as long as their question is answered. (HubSpot)
- 69% of users said they would prefer Chatbots for instant responses, and the same percentage said they are more likely to use Chatbots for support-related inquiries. (Competent)
- 86% of users expect Chatbots always to have the option to transfer to a live agent. (Aspect)
- 47% of consumers would buy items through a Chatbot. (HubSpot)
- 69% of consumers prefer to use Chatbots because of the speed at which they can communicate with a brand. (Salesforce)
- 54% of customers say that companies have to work on transforming the way they interact with their customers (SalesForce)
- Only 38% prefer to speak with a human operator when connecting with a company (Drift)
- 84% of consumers use supports processing of the language naturally at home and 44% in the car. (HubSpot)
- 80% of consumers who have interacted with a Chatbot say they have had a positive experience. (Uberall)
- 27% of consumers weren’t sure if the last customer service interaction was with a real person or a chatbot (PwC).
- An Aspect survey, where customers were asked how they would rate their experiences with Smart Assistants or Chatbots, yielded the following results: Friendliness (65%), Ease of use (65%), Speed (62%), Success of interaction (55%), Accuracy (55%)
The importance of Customer Experience in the future of Chatbots
- 91% of customers say that excellent service makes them more likely to buy from a company again (Salesforce)
- A third of customers have abandoned a brand because their experience was not personalized enough. (Accenture)
- 89% of companies also compete for the Customer Service they offer to their customers and not only for their products or services. (Gartner)
- Businesses can lose $ 1.6 trillion due to poor customer service. (Accenture)
- Companies that provide a better customer experience earn 4-8% more revenue than their competition. (Bain & Company)
- A company can increase revenue by 30%, optimizing 10% of customer retention levels. (Salesforce)
- Almost 82% of users have abandoned a purchase process due to their poor customer experience. (Zendesk)
- It is between 5 and 25 times more expensive to acquire new clients than to retain existing clients. (Harvard Business Review)
- Only 12% of customers felt that brands took action to improve their Customer Experience. (CCW)
- A one-second delay in e-commerce transactions reduces CSAT scores by 16%. (Cisco)
- A 5% increase in customer retention can increase a company’s profits by between 25% and 95%. (Bain & Company)
- 57% of customers stopped buying from a company due to a competitor offering them a better experience. (Salesforce)
The future of Chatbots and Artificial Intelligence in Customer Service
What can we conclude from all these statistics? First, taking time to improve the customer experience will be the best way to bet on growth.
The Chatbots and user experience are increasingly integrated concepts and offer solutions that allow return on investment.
This is because users do not want standard answers or long waits, so companies are obliged to offer personalized, immediate attention through different digital channels.
Statistics show that companies that manage to adapt to these user needs and offer personalized experiences can see results in revenue and customer loyalty.
The Chatbots Conversational are automation tools and facilitate customer loyalty. The future of Chatbots is very promising; this is the true importance of investing in a Conversational AI solution.
Ruchir Kakkad one of the Director at WebOccult Technologies. He is founder of vision and mission of WebOccult Technologies and constructed work ethics @WebOccult to achieve that vision and mission. He oversees Business development, day to day execution of strategic planning and also looks after customer service & delivery.