Chatbots have dramatically changed the landscape of how businesses interact with their customers. Nowadays more than 80% of businesses are using chatbots to improve the customer experience. A Chatbot is an excellent technology with many opportunities to be explored in upcoming years.
According to Grand View Research, “The global market size of Chatbot technology is expected to reach $1.25 billion by 2025, growing at a CAGR of 24.3%”.
A Chatbot is a computer software program that makes use of artificial intelligence and natural language processing to understand specific user queries and produce automated responses to them, simulating human conversation.
Chatbots are helping users get the accurate and relevant information they need when they enter a particular website, messaging applications, mobile apps, and more.
Using natural language, Chatbot technology understands the user's questions or requests which may be text input or audio input even both, and responds to it without the involvement of humans. Chatbots are also called AI Chatbot, virtual assistants, conversational agents, etc.
Chatbots with the help of natural language processing capabilities understand specific user queries at first. Then using advanced artificial intelligence tools determines what the user needs to know.
Chatbots also make use of machine learning and deep learning to learn from user interactions and to respond to user queries more accurately.
Machine learning, which is algorithm-based programming, finds patterns in data and predicts the response with the help of pattern knowledge and with some human guidance. On the other hand, Deep Learning works similar to machine learning models but has an algorithm that finds on its own whether the prediction is accurate or not.
A good Chatbot should understand the full context of the conversation and should respond to the user appropriately in the natural human language. Machine learning is the one that helps chatbots to do it accurately.
Chatbots and Virtual Assistants are nowadays used often on almost every service to make it simple for the users and to respond quickly.
Some of the popular virtual assistants are Google's Google assistant, Apple's Siri, and Amazon's Alexa are widely used. Chatbots can be used on Brand's specific stand-alone mobile apps or websites and social media platforms for a variety of tasks.
Some of the tasks performed by chatbots are
Chatbots nowadays can manage customer interaction 24/7 answering questions and resolving queries engaging a user entering the specific applications. Instead of sending emails, calling customer service agents, and waiting for a long time to get the queries resolved, chatbots help them in a fraction of time by providing answers and interactions.
Instead of appointing a separate service agent to interact with customers, chatbots help businesses to cut down the costs by automated responses the whole time 24 hours a day, 7 days a week without getting tired reducing human efforts.
Chatbots help in increasing sales and generate more sales by responding to the user quickly to make decisions without skipping your services.
By providing efficient and positive responses to user queries without wasting a second, Chatbots helps to create brand loyalty among users and increases customer satisfaction.
Chatbots have been emerging as a powerful tool for businesses to attract customers and gain brand loyalty among peoples.
With chatbots becoming smarter, this helps businesses smarter than ever.
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