Now, this is enough to show the market size and opportunities available. Speaking of market size, it is valued at more than $20 billion in 2022. Furthermore, there is a lot of that come with this technology. After all, chatbots are one of the innovative technologies that we can see today.
Chatbots is relatively a new technology and one of the most innovative one. However, despite being young, this technology has been widely implemented and offers many benefits.
This is one of the reasons behind the recent popularity of custom chatbot software development. Now, if you think about it, there are several benefits and market opportunities.
Some of this is shown below:
- Industries that benefited most from Chatbots are finance, healthcare, education, travel, and real estate.
- By the end of this year, as much as 80% of businesses will be using chatbots.
- Customer support costs can be reduced by 30% with help of Chatbots.
- 70% of people prefer communicating with a chatbot.
- Last year, 65% of the whole customer support response was done by Chatbots.
Reasons To Consider Custom Chatbot Software Development
The chatbot market is huge and it brings a lot to the table when you talk about profit and productivity. Now, as we already saw there are major market opportunities.
In fact, it is so prominent that all the top website development companieshighly advocate for chatbot integration in business websites.
Moving on, there are various reasons to consider chatbot integration for your business and business website and we shall be discussing the same in this section of the blog.
Therefore, these are, as mentioned below:
1. Better Customer Experience
Every business works to satisfy its customer base and improve the customer experience. While this might sound simple, it is easier said than done.
The stats we saw above say it all. Chatbots provide a personalized experience to the customers and also provide an instant reply to the customers which aren’t seen in their human counterparts.
So this works well to improve the customer experience and drive customer engagement. This is highly beneficial for businesses, especially the ones dealing with the service industry.
Therefore, e-commerce businesses need to hire a mobile app development companyand ask them to develop a chatbot.
2. Customer Demand
While this might not sound quite right, it is true: customers prefer talking to chatbots rather than customer support. This makes Chatbots a necessity for businesses in 2022 rather than a luxury like it was a few years before.
In addition to this, the customers who engage with chatbots are more likely to buy something as compared to the one who doesn’t. This is yet another reason to include Chatbots in eCommerce.
3. Improved Data Monitoring
As we discussed in the previous point, chatbots are a good fit for conducting surveys and data monitoring. And there is no need to tell how important data is in the age of online technologies.
Data can be used for a lot of operations. It can take the data monitoring operations can while a new level.
The Simplicity of Development and Deployment
Technology while being highly beneficial for all kinds of businesses comes with a major problem. And this is the complexity and the cost related to this.
However, this is a trait that isn’t seen in chatbots. These chatbots are quite simple and developing them is also equally simple.
Moreover, one single chatbot that is being developed can be deployed over various different projects at the same time. This is one of the major reasons to consider including chatbots in your business and e-commerce website if relevant.
1. Tech Mega Trend
As most of you might already know, the current world industry has entered the fourth industrial revolution which goes by the name of Industry 4.0. Now, we won’t go too deep into it, but this revolution is all about technology like AI & ML, IoT, Chatbots, and so on.
These are the megatrends of our time and for a very good reason. Therefore, it is quite important to cope with the market and make the best out of all these technologies and opportunities.
2. Multi-purpose
Contrary to popular belief, chatbots aren’t just for “chatting”. While this might be one of its primary functions, one single chatbot can be used for a lot of other business operations.
This includes customer support, personalized suggestions, shopping assistance, and even data monitoring. Plus, there is also the possibility of adding AI to the same.
Hiring an AI development company to develop an AI-enabled Chatbot can really turn the tide for your business.
All in all, Chatbots are highly versatile and can be applied throughout the different sectors. This doesn’t only reduce the cost of the same operations but also improves productivity.
3. Market Relevancy
As we glanced upon before, it is important for businesses to cope with change and stay market relevant. And today’s market is all about technologies like Chatbot.
This is the reason why it is important to consider it for your business.
4. True 24/7 Support
Lastly, a lot of websites and businesses profile 24/7 customer support, and as we know the truth is far from it. Now, this can be easily changed with Chatbots.
These technologies work with little to no human intervention.
Therefore, they can facilitate truly 24/7 customer support. This is one of the top reasons why you should hire chatbot developers and get a chatbot that fits your business needs.
Conclusion
So, these are the various reasons to include chatbots in your business operations. And there are various technologies that can deliver chatbots.
So, you can choose to hire a PHP, JavaScript, or even Python Development company to deliver chatbot solutions that are tailor-made for your business. All in all, chatbots are something that are going to lead businesses into a new age of technology and something all businesses should consider.
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