How Chatbots are Augmenting Customer Experience

By Apac CIO Outlook | Thursday, December 10, 2020

FREMONT, CA: According to Global Market Insights, the overall market size for chatbots worldwide will be more than $1.3 billion by 2024. Gartner states that AI will be a mainstream customer experience investment in the next couple of years. Forty-seven percent of organizations will utilize chatbots for customer care, and 40 percent will deploy virtual assistants. In 2020, AI is predicted to continue to transform the customer experience.

Chatbots already play a crucial role in providing quick, convenient resolution to common customer queries. From speeding up response times to enhancing conversion rates and adding personality to products, chatbots can positively impact every business department. Indeed, all kinds of brands are catching on and beginning to implement AI in new and creative ways, such as Lidl’s Winebot Margot, which empowers its customers through education on the products they are about to purchase. Users can get guidance on which wine to buy, tips on food pairing, and even learn about how wine is made. It can recommend over 220 food pairings and answer questions based on 640 different types of grapes.

In 2020, chatbots are predicted to shift from simple customer-based queries to a much advanced real-time interaction based on computational modeling. Chatbots have been growing dynamically in the past few years and have managed to take over many sectors and internal roles in the organizations.

Chatbots will Transform Core Business Processes

In 2020, chatbots are poised to go through transformational changes to implement AI across core business processes. As chatbots increasingly use AI to automate customer engagement, they will learn more about the customer without human involvement. Chatbots will share products with customers based on their personal preferences, even becoming a personal shopper, assisting customers in finding the perfect gift, with just a few basic questions.

Chatbots will provide an organization with large quantities of data, which, with the help of AI, can be used to predict customer behavior so businesses can offer a more proactive customer experience. With AI, information can be collected to gain the context of interaction to provide faster resolution by identifying the call’s purpose, providing a streamlined customer experience.

In 2020, chatbots can help businesses become more efficient – while enhancing the customer experience. It doesn’t matter whether a company is just starting up or already at an enterprise level – or whether it’s in retail, logistics, finance, or another industry. To gain a competitive advantage and future-proof an organization, investment in chatbot technology is vital. Moving forward, automation will make its roots extra stronger and overcome all the chatbot challenges faced by businesses.