Get to Know Chatbots
A Chatbot is an artificial intelligence (AI) application that simulates human-like conversation. MIT Professor Joseph Weizenbaum developed the first Chatbot, ELIZA, in the 1960s. In the second half of the 20th century chatbots were developed even further. The main purpose of chatbots is to build a new lead generation channel and strengthen customer relations with the company. Chatbots offer personalization, scalability and advertiser interest due to the flexibility to generate and retain customer engagement.
Chatbots Market Growth
With an expected growth of $1.25 billion in 2025, the chatbot market is rapidly growing at a CAGR of 24.3%. In another study, over one-third of AI startup founders said chatbots and virtual agents would be the top consumer application for AI over the next five years. (Source:Cognizant)
Nowadays, Chatbots have become one of the most important tools driving business communications in retail, financial institutions, insurance, health care, and more.
Without human interaction Chatbots can serve your customers continuously throughout the entire year. Besides the obvious limitations, Chatbots present a huge opportunity for standardization and promptness.
Commonly used for FAQ, Directory, frequently used information or files, Chatbots nowadays can go beyond those purposes. Chatbots with integrated solutions can provide a larger scope of actions. An assisted payment gateway where the chatbot guides the customer throughout the whole process can be a dream solution for any online retailer. Data collection can be simplified with an OCR Integration for your customer’s convenience.
AI in Chatbots and Machine Learning.
Chatbots are certainly capable of many things but when boosted with machine learning capabilities they become a unique and powerful tool able to better understand requirements and avoid loops. Chatbots will be able to completely go through some of the most complicated interactions with the end customer without suffering the stress of dealing with angry customers or other similar situations.
No wonder chatbot will be growing exponentially in the upcoming years. Get a closer look at this technology by following this link. Chatbots-The sales point of the future.
by Arisa D.