Did you know chatbots were expected to generate over $8 billion in global savings by 2022?

That’s probably why 80% of enterprises will look to use chatbots in the near future. And if your organization isn’t among those, you are missing out. On a lot of efficiency, saving, and success. 

But if you are on the fence about implementing chatbots for your business, consider this blog as your cue to take the plunge.

This blog will walk you through:

What is a chatbot?
The top 10 benefits of implementing chatbots in your business
The simplest (and most effective!) way to get started with chatbot development for your business.

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A chatbot is a computer program designed to simulate conversation with human users.

Used especially over the Internet, chatbots leverage artificial intelligence to understand and then interpret human language. And then they use natural language processing to respond in a natural and conversational manner.

A great advantage of using chatbots for business is that they can be integrated with websites, mobile apps, social media platforms, and messaging applications like WhatsApp, Facebook Messenger, and Slack.

So basically, wherever you want to connect with your audience, you can place a chatbot and make them do the job.

Due to them being a technological marvel, chatbots are becoming increasingly popular in the business world. Businesses are leveraging their ability to automate routine tasks and provide instant customer support in more ways than you can imagine.

ChatGPT is one of the latest examples of a chatbot that has taken the world by storm.

Note: You can learn more about ChatGPT and other technology trends ruling the world in 2023 here. 

So then should you also start using a chatbot for your business, just because it is popular and cool?

Absolutely not.

You should base your decision to use chatbots or not on facts and data. And after considering all its pros and cons. 

<trCan provide support in multiple languages, 

The comparison makes it clear that the pros of using chatbots far outweigh their cons. Thus, investing in chatbots would be wise for your business in the long run. 

With that investment, you will be able to read a lot of benefits (the top 10 of which have been discussed below!)

Even your most hardworking employees will need time off. But chatbots are available round the clock. And that’s how they can provide instant customer support and assistance even outside of business hours. 

This is especially helpful for businesses that have a global customer base. No need to worry about time zones. Just let your chatbot keep customers engaged, no matter what time it is. 

Hiring hundreds of customer support executives vs. getting a chatbot built – you do the math. 

Chatbots are definitely cost-effective. In fact, Chatbots can handle multiple customers simultaneously, which ensures that you don’t miss customer queries. 

Chatbots can automate a lot of routine tasks. This could include stuff like answering FAQs, providing product recommendations, and processing orders. 

This not just increases efficiency and saves time but also frees up human employees to focus on tasks that require human expertise. 

An example of chatbot increasing efficiency is Sephora’s chatbot on Kik. Their chatbot helps customers find the right products for their needs and resulting in an 11% increase in conversion rate. Even H&M has a chatbot on Kik that guides customers through the buying process and due to some sources it has helped increase their conversions by up to 70%. 

Chatbots can also use customer data to personalize responses and create a more engaging and tailored experience. 

National Geographic used the personalization power of chatbots and saw:

• 65% of users coming back to answer their trivia questions
• 29% click-through rates to their additional content and the Almanac product page.
• 43% open rate for promotional broadcast messages

[Source]

Do you know about The Wall Street Journal’s chatbot on Facebook Messenger? Well, that bot provides users with news updates and personalized alerts directly in their Facebook inboxes.

And it has led to a 2.5x increase in daily usage.

Even Whole Foods uses a chatbot on Facebook Messenger to provide users with recipe ideas. The use of this chatbot resulted in a 60% increase in user engagement for Whole Foods.

That’s the power of chatbots for driving more engagement. Which will eventually lead to more conversions.

Chatbots can engage customers in conversation and provide them with a more interactive experience. This also results in increased customer satisfaction and loyalty over a period of time.

Chatbots can help businesses generate leads by engaging with potential customers and guiding them through the sales process. 

Further, chatbots can also collect customer information, such as email addresses and phone numbers, for follow-up marketing efforts. 

Chatbots can handle an unlimited number of conversations. Simultaneously. Thus, it makes them a scalable solution for businesses of all sizes. 

All it takes is expert programming to make chatbots handle a wide range of customer inquiries. From simple questions to complex queries and more. 

Chatbots can collect customer data, including preferences, behavior, and feedback. And then you can use this data to

• Improve business operations,
• Enhance customer experience,
• Identify loopholes, and
• Find scope for process enhancement.

Implementing a chatbot can give businesses a competitive advantage by providing customers with a more innovative and convenient service. With chatbots, you can easily differentiate your business from competitors and attract new customers.

Customers are king. And the entitled 21st-century audience loves instant support and attention. 

Ensuring that with a human-only workforce is hard. With chatbots, however, you can ensure each one of your customers has their queries solved and grievances addressed in real-time. 

This will eventually lead to better customer satisfaction rates.

Consider the example of Mastercard. 

They have a chatbot integrated with Facebook Messenger which lets customers check their account balances and recent transactions. 

And Mastercard is not alone. Most banks and financial services providers today have chatbots on WhatsApp, Facebook, or their own apps. 

This leads to a more convenient banking experience for the end users. 

Ultimately, such good experiences improve customer satisfaction and create a bonding between customers and the brand. 

Further, chatbots can handle complaints and issues in a professional and timely manner. This can reduce negative feedback and improve online reputation.

Now that you have understood the importance of chatbots for business, it is time to get started with chatbot development.

You can either build your own chatbot or work with a specialized chatbot development company like SynergyTop.

At SynergyTop we have worked on the development of the world’s first dynamic chatbot development platform that can be used to custom-create chatbots as per your specific needs and budgets.

In fact, we have also used our expertise in chatbot development for an industry-leading B2B/B2C lead generation platform that works entirely over WhatsApp. With technical and marketing support from SynergyTop, the lead generation company has been able to onboard industry leaders like Asian Paints, Nerolac, Schindler, Otis, and more as their clients. These clients are now using the WhatsApp chatbot-based platform for gaining high-quality leads with simplicity and ease.

If you too would like to go global with your chatbot and serve your customers right, don’t wait and schedule an initial consultation with our chatbot development experts.