{"id":1593,"date":"2019-12-01T11:06:53","date_gmt":"2019-12-01T11:06:53","guid":{"rendered":"https:\/\/www.cloudnowtech.com\/blog\/?p=1593"},"modified":"2021-08-17T12:43:59","modified_gmt":"2021-08-17T12:43:59","slug":"advantages-of-implementing-chatbots-for-your-business","status":"publish","type":"post","link":"https:\/\/www.cloudnowtech.com\/blog\/advantages-of-implementing-chatbots-for-your-business\/","title":{"rendered":"Advantages of implementing chatbots for your business"},"content":{"rendered":"

Chatbots are everywhere today – many tech experts believe that we have merely scratched the surface in this field – in fact, some are convinced that by 2020, <\/span>85% of customer interaction will be handled by chatbots<\/span>.\u00a0<\/span><\/p>\n

According to <\/span>Statista.com<\/span>, the worldwide chatbot market size is poised to grow rapidly and is likely to generate US$ 1.25 billion in 2025. Just three years ago, this figure stood at only US$ 190.8 million.\u00a0<\/span><\/p>\n

But what\u2019s a Chatbot?<\/b>\u00a0<\/span><\/p>\n

The definition is in its name – a chatbot is a robot that chats or exchanges texts with you. In other words, a chatbot aims to give people information through a message application.\u00a0<\/span><\/p>\n

Chatbots make accessing information a lot easier for visitors to your website, as opposed to having them rummaging through the website and wasting precious time. Chatbots are typically of two types – Rule-based Chatbots and AI Chatbots. The former is more precise with preset answers, while the latter is more conversational with natural language processing abilities.<\/span><\/p>\n

Chatbots – Then & Now<\/b><\/p>\n

Just like the evolution of man, chatbots showcase an equally fascinating evolution. And there\u2019s still a lot to explore!\u00a0<\/span><\/p>\n

Long, long ago, way before Siri and Google Assistant came into our lives, we had \u2018ELIZA\u2019. Dating back to 1966, <\/span>ELIZA was a chatbot<\/span><\/a> developed by the Massachusetts Institute of Technology professor Joseph Weizenbaum and it was devised to simulate a psychotherapist.\u00a0<\/span><\/p>\n

Decades later, with several additions and breakthroughs in technology, chatbot applications have grown exponentially. In the 90s, ALICE came into the picture, followed by Jabberwacky. Most recently it was <\/span>Mitsuku<\/span><\/a> who, in 2015 alone, could converse over a quarter of a million times daily.<\/span><\/p>\n

Today, with customers on digital platforms growing exponentially, it\u2019s important to keep up with and maintain customer happiness. With chatbots, customer support strategy goes to the next level. So if you don\u2019t have a chatbot for your business, then you\u2019re missing out on a lot.\u00a0\u00a0<\/span><\/p>\n

\u00a0agents, chatbots are trained to deliver better engagement and therefore better customer experience. By understanding the user\u2019s intent, these conversational agents also help businesses analyze data.<\/span><\/p>\n

In spite of being around for a long time, most businesses are understanding the benefits of chatbots only now and incorporating such advancements to their sites and social media. According to the case study on five chatbots by <\/span>Venture Harbour<\/span><\/a>, when a well-optimized chatbot is integrated into a company\u2019s website, it affects the rate of conversion in a positive way.\u00a0<\/span><\/p>\n

How Chatbots Benefit Your Business\u00a0<\/b><\/p>\n

There are many benefits of chatbots, but here are some that really stand out:<\/span><\/p>\n