Blogs, Chatbots

Are you losing money by not using chatbots?

Are you losing money by not using chatbots?
Are you losing money by not using chatbots?

Our future, to the most part, is unpredictable. But, technology trends surely help us to predict the future of technology. The means one might use to interact with the technology of the future are exciting and endless. Chatbots are one such means and a rather trending one at that. So, it begs the question, are you losing money by not using chatbots?

In our blog today, we will discuss how chatbots are all set to influence business and how you are you losing are money in the present and will continue to do so the near future.

Every business wants to minimize costs and increase their profit margin. This helps provide better care for employees and generates income for investments for research and new ventures. When it comes to increasing profits, automation with chatbots is the most logical choice.

Here are a few statistics that might help you understand the financial implications of using chatbots at an organisation.

Statistics showing you might be losing money by not using chatbots

  • Messaging apps have over 5 million active users, imagine how helpful a chatbot can be if your business was to reach out to all the potential customers. Engaging such a big audience otherwise would require a huge marketing budget and your business development time slogging full time.
  • One in every 4 millennials interacts with a chatbot on a daily basis. Given that the number of millennials in the workforce is increasing globally, you are losing potential profit by not engaging them using a chatbot.
  • 28% of top tier companies already use AI for marketing while another 31% are planning to start using AI by the end of this year. All those companies cannot be wrong, the chatbot ecosystem is developing fast and early adopters already have an advantage.
  • 64% of internet users say that customer service which is accessible throughout the day is the best feature that a chatbot can have. As more people start converting to the service-on-demand mindset, a chatbot can earn you extra income and build brand visibility.
  • In the past year, two-thirds of consumers worldwide claim they have interacted with a chatbot. With a channel so impressive and wholly accepted, you could reach a huge consumer base and improve your business the Engati way.
  • Chatbots cut down customer service costs by one-third. This could very easily translate into a profit boost for your business when you employ chatbots to supplement your human workforce.

Chatbot Future statistics

  • Banks are expected to automate about 90% of their interactions by 2020. When chatbot technology is good for the banks, most businesses can be ensured of its safety, convenience and impact on consumers. Chatbots are engaging consumers from all walks of life through the banking sector. This can be seen as an example that all sectors will follow in the future.
  • By 2022, chatbot conversations are pegged to accumulate around $8 billion in cost savings. You can start saving as well by integrating a chatbot into your business.

All these statistics show a great deal of interest forming around the chatbot industry with time. Chatbots can do amazing things for your business when integrated the right way. As new sectors are warming up for chatbot integration, new avenues of income are also opening-up. Let us discuss more, the financial implications of chatbots below.

Financial Implications

The chatbot industry is booming with a whole ecosystem developing around them. We have discussed the chatbot ecosystem in more detail in one of our previous blogs. Many industry leaders are taking a keen interest in developing the ecosystem by investing in research and development of the core technologies that will help chatbots to take up and complete an extensive variety of tasks. 

Catalysts

Developments in the fields of natural language processing(NLP), Machine Learning(ML) and Artificial Intelligence(AI) act as catalysts for innovative implementation of chatbot technology. Engati chatbots are finding new applications every day across different sectors. With more people accepting and using chatbots across different sectors, chatbots are crossing boundaries.

Historical Context

To provide some historical context, let’s look at the first industrial revolution. A general decline in the handloom industry was observed initially. But, after a small adjustment period, great revenue started flowing as a result of the industrial revolution. Similarly, the chatbot revolution has already begun and we are just about done with the adjustment period. It is time to start reaping the benefits of chatbots.

So, if you are not using chatbots, you are losing money!

Wrapping Up

Chatbot technology took hold using the existing messaging platforms which exposed them to a huge user-base. Eventually, chatbots technology will be integrated into proprietary apps as the chatbot ecosystem develops. AI is critical in determining context, machine learning and conversational design are essential in forging long-term trust. With the world coming to terms with chatbots, they are set to stay. Chatbots have an incredible potential to generate your business lots of profits. However, how you use the potential offered by chatbots is up to you. So, to answer our initial question, yes, you are losing money if you are not using a chatbot

If you are looking to understand more about chatbots, it’s use-cases or how and where you can implement them in your business, go through our blog. If you are looking to build a chatbot of your own, do visit our platform.
Engati is one of the best free chatbot platforms to build your own bot. You can build your own in 10 minutes, you don’t even have to know how to code. Try it out today.

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