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What is Chatbot and Why It’s Essential For Modern-Day Businesses?

Updated: May 3

Every business strives to increase its sales. We have to agree that one of the most significant factors behind the conversion is effective communication with customers. That's why most businesses have dedicated support agents to engage with the customers and answer their queries. Now, imagine having a computer program that’s specialized in communicating with people. It sounds pretty futuristic and compelling, right? Well, that’s what chatbot development offers.

The demand for chatbots has been on a continuous rise for the past couple of years. Today, more and more businesses are attaining chatbot development services to elevate their user experience. In fact, recent stats indicate that around 1.4 billion people are using chatbots on a daily basis! These numbers clearly highlight the demand for chatbots in modern-day business. In this article, we are going to discuss what chatbot is and why it has become a necessity. So, without further ado, let’s dive into it!

What is a Chatbot, and how does it work?

A chatbot is basically a computer program developed specifically to interact with people. In simple terms, a chatbot is software that communicates with you just like a real person. It's also known as an intelligent computerized conversational agent. These bots offer their service via web-based applications as well as standalone apps. You may have already used it on a website like Amazon.

On paper, the working of a chatbot looks pretty simple. After all, you simply type in your query, and it fetches an answer. However, what you see at the front is actually the result of hard work put into the backend. Chatbot uses NLP (Natural Language Processing) in combination with the latest AI algorithms to understand the message of the user and reply accordingly.

The combination of these 2 technologies gives you a remarkably authentic conversational experience. In fact, some advanced companies have started integrating Machine Learning (ML) into chatbot development. This enables the bot to learn and grow just like a human. Furthermore, it allows the chatbot to come up with a natural communication rather than a pre-defined answer. So, with smart chatbots, you don’t even get the feeling like you are talking to a bot. Now that you have a basic understanding of what chatbot is and how it works, let’s discuss why chatbot development is essential for modern-day businesses!

Why are Chatbots essential for modern-day business?

You must be wondering why Chatbots are becoming so popular? Why are all the businesses inclining towards this innovative idea? Well, the answer is pretty simple. People need a fast response, and that’s what chatbot offers. Moreover, using chatbots improve customer experience and offers you a competitive advantage. Most importantly, they fetch you actionable data to increase your conversions. Here are some of the most prominent reasons why having a chatbot is essential for modern-day businesses:

1- Automated Customer Support For Similar Queries

Most of the users contact customer support for somewhat similar questions. This wastes a lot of time simply because support agents have to answer each user individually. Chatbots use your existing information and resources to answer and resolve the customers' queries within seconds. This makes them fast, reliable, and actionable.

The best thing about chatbots is that they can manage thousands of queries simultaneously. Meanwhile, human support agents are limited to one query at a time. Understandably, engaged customers are more likely to proceed to the bottom of your sales funnel. It’s because consumers require a timely and accurate response. Your business can offer that for not just one but thousands of customers simply by deploying an open-source chatbot development framework!

2- Save Human Resources for Qualitative Tasks

Having a chatbot is truly a blessing, especially when it comes to minimizing human resources. As we discussed earlier, chatbots can tackle thousands of customers with generic quires simultaneously. They can eliminate the repetition from the workflow by resolving simple queries quickly. This allows your human resources to focus more on complex queries.

Chatbots take up repetitive, simpler tasks, allowing humans to handle customers with more complicated purchases. Having a chatbot also allows you to cut your customer representative team short. All in all, a chatbot development framework saves you quality time on top of saving costs.

3- Improves Business Branding With Minimum Effort

Humans have to deal with a lot of problems in their daily life. Sometimes, these problems get the better of us, making us lose our composure during work hours. For instance, a frustrated customer support agent may not be able to tackle the customer in an effective way. It’s because our tone naturally depends on our mood. So, no matter how professional a person may be, he/she may not be able to keep up a consistent tone while talking to the customers.

AI-based chatbots can help you establish a consistent on-brand experience. They allow you to set your business’s tone, language, and voice and maintain it consistently. This ensures that all your customers are treated equally in the exact way you want. So. with chatbot development, your business can improve its branding and build a deeper rapport with customers.

4- More Success Chance as Early Adopter

Early adoption of powerful tools is what brings your business one step ahead! Chatbots are one such tool for your business development. By deploying an AI-based chatbot for your business, you can actually gain a competitive edge in the industry. Most importantly, chatbots bring you automation, accuracy, cost-saving, and better conversion!

5- Better User Interaction

Unlike humans, chatbots have no need for sleep. This means that they can offer conversational support 24/7. Speaking of user interaction, intelligent chatbots continuously learn and improve. That's the power of AI. So, you can actually train your bots to provide better answers using Machine Learning.

Besides, customers expect a seamless experience and you have to provide it! With an AI-powered chatbot in place, you can offer automated interaction to customers. Most importantly, customers want a quick response, and chatbots can bring the information they require much faster than a human customer support agent!

6- Accelerate Operations

Enhancing the customer experience is not the only purpose of a chatbot. It also adds efficiency to your internal firm's operations. With AI-based chatbots, you can get a seamless customer service feature. But that's not all. You can also use chatbots to automate routine tasks and streamline business processes. Moreover, chatbots can assist humans in delivering invaluable results!

7- Cost-effective and Time-efficient

Consumers expect immediate replies, and that’s exactly what chatbots offer. Typically, a chatbot replies within 30 seconds, which is much faster than humans. Moreover, they reduce your operational cost considerably. Let's be honest; chatbots cannot fully replace customer service agents. However, they can considerably reduce the human resources required in the support department by managing recurring tasks. Recent research suggests that chatbots are saving businesses $8 billion+ per year around the globe!

Which Is The Best Chatbot Development Company In the USA?

Now that you understand how chatbots can boost your user experience and sales, you must be thinking of getting one for your business. For this purpose, you need to hire a specialized chatbot development company. Thankfully, you don’t need to get into the hassle of finding a trustworthy company because we are here to help you.

Here at IIInigence, we pride ourselves on being the best chatbot development company in the USA. We understand consumers want quick solutions & 24/7 support. So, we build intelligent bots that let you connect with your customers in real-time. Whether you need chatbot development services for your website, mobile apps, Facebook messenger, or a standalone application, we do it all!

What’s more, we program our chatbots to handle different responsibilities such as sales, customer support, and even marketing! At IIInigence, we integrate Machine Learning in our smart bots that allow them to learn, grow, and evolve with your business.

We believe in creating simple yet powerful solutions to meet your business needs. Most importantly, our chatbots are not limited to one platform. You can also build widgets for your website or integrate them with third-party apps.

Final Thoughts:

The future is here, and it's all about interactive smart chatbots. Don’t believe us? Well, stats show that the chatbot market industry is projected to grow from $2.6 billion (2021) to $9.4 billion (2024)! Chatbots are definitely here to stay, and the future of chatbot development will impact both businesses as well as consumers. Therefore, you should get a chatbot for your business unless you want to stay behind your competitors.

You can contact us for custom chatbot development services that are tailor-made for your business. We are the best chatbot development company in the USA, offering services that well above the industry standards. Our first and foremost priority is the 100% satisfaction of our clients, which is why we offer them something that rejuvenates their business.

That’s precisely why all our customers always rave about our services and recommend us to their loved ones. Don’t believe us? Check out our reviews and testimonials to get a better idea of the value we offer.