Companies used to spend millions of dollars on human intervention for customer support and inquiry management. However, corporations are developing, and so are customer service departments.

Companies are investing in creating Chatbots equipped with Artificial Intelligence (AI) to comprehend client inquiries and auto-respond accordingly, rather than engaging customer care specialists.

Use of Chatbots

According to statistics, AI Chatbots are used in approximately 59 percent of total conversations across sectors, and 70 percent of users have a favorable experience after engaging with these bots. By 2020, these intelligent algorithms would manage around 85 percent of consumer contacts.

You are incorrect if you assume AI Chatbots are exclusively employed on corporate websites and social media platforms. Have you ever asked Google Assistant or Alexa a question? These are just a few examples of the most often used AI-enabled Chatbots.

What exactly are Chatbots?

Chatbots, also known as Smart bots, are computer programs that use machine learning and AI to mimic human interaction and reply by text or speech. These are designed to provide a realistic experience and are typically written in the user’s preferred language.
Its origins may be traced back to the 1950s, when it was only a notion. Many robots, such as Eliza, Parry, and Jabberwacky, were built in the meantime to imitate human interaction and reply. However, Apple Inc. developed the first AI-based personal assistant in 2010. Yes, we’re talking about Siri, which employs natural language to answer questions and do tasks.

Since then, several firms, including Google, Amazon, and Microsoft, have developed their own versions of AI bots.

How do these bots function?

These Chatbots employ NLP techniques powered by Machine Learning (ML) to break down inquiries into comprehensible human languages and reply accordingly. (NLP is an abbreviation for Neuro-Linguistic Programming.)

It implies that when you ask or place a query, the bot will either show or respond with an answer or ask a follow-up question about your query.

For instance, if you ask Alexa:

“How much is a Kindle Paperwhite?”

Alexa will respond with the e-Book reader’s pricing but will also question you:

“Would you like to buy this gadget right now, or should I put it in your cart?”

Alexa is a smart gadget with artificial intelligence that understands your purpose and urges you to buy the goods right now or later.

Current Challenges

A few statistics indicate opportunities for improvement in the ML utilized to drive these bots.

Currently, bots are used to resolve just 27% of requests. When bots are unable to handle inquiries, over 86 percent of consumers feel that human intervention should be used. Aside from these figures, almost 56 percent of firms believe that the usage of bots has caused an interruption in their operations.

Chatbots’ Future

Most AI-based bots are now deployed on websites or social media platforms to answer in text. However, it is projected that by 2020, voice-enabled devices would contribute 50% of internet searches, with bots such as Alexa, Siri, and Cortana playing a significant role.

Contrary to popular opinion and statistics indicating areas for improvement, over 88 percent of customer experience professionals believe AI will enhance rather than replace CX specialists.

Chatbots are expected to save $8 billion in company costs and increase business value by $3.9 trillion by 2022.

57 percent of businesses feel these bots provide a high return on investment (ROI) with little effort.

Nobody can doubt that chatbots represent the customer service industry’s future. Everything from reserving a trip to purchasing items online would be handled by just speaking to these bots.

Teqmint Innovations’ bot will automate the majority of your day-to-day marketing tasks, such as campaign creation, ad posting, engaging with clients and consumers, arranging events, ordering orders, and so on.