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Whether you’re running finance, education, travel, healthcare, retail or real estate business, a chatbot can help you gain a competitive advantage in the market.

According to Statistics, chatbot adoption in the market is expected to reach around $1.25 billion by 2025. Many businesses across different verticals are already taking advantage of AI-powered chatbots to save costs, time and take customer service to the next level.

If you’re still in doubt about how your business can benefit from leveraging a chatbot, here are 10 reasons that elucidate why your business needs a chatbot.

The Top 10 Chatbot Benefits for Business

Here is a list of 10 reasons why your business must use a chatbot.

1. Around the Clock Service to Your Customers

A chatbot supports your customers 24/7 – no employee or even you as a business owner can do. That’s one of the biggest reasons why more and more businesses across varied industries are using AI-powered chatbots.

Your customers want answers to their queries instantly.

With AI-powered chatbots, you can do more than just addressing your customer’s concerns, queries or doubts. A chatbot can place online orders, make reservations and other similar functions. So, your business will always be open and catering to your customers’ needs.

2. Increase Lead Generation

Through a chatbot, you can present preset questions with the appropriate answers to your customers. If the questions are in the right order that provides the right answer to the customer for their concerns or queries, it can lead to meaningful leads and conversions.

3. Save Cost

Are you thinking of hiring more customer support agents to support your customers? Hiring more support agents means training costs, infrastructure costs and salaries.  Rather than adding more agents, you can implement chatbots that will help you save to a great extent.

Chatbots available 24/7 to your customers can help retain customers, improve customer satisfaction, and boost your returns on investment.

4. Boost Customer Engagement

Using chatbots, you can gather customer data such as name, contact details, intent to use the bot, and other things. That information can come in handy to understand the user’s pain points. With this, you can come up with the right solution to serve your customers better.

What’s more? AI-powered chatbots can scrutinize the gathered information and present the necessary answers to the users, enhancing user engagement.

5. Automate Your Customer Support Process

No matter your industry type, there are some very basic questions that customers generally ask. For these specific queries, you can use a chatbot to provide customers with the same specific answers. In this way, you will be able to automate your customer support for basic questions without impacting the customer experience. 

6. Build Trust with Customers

If you can address a customer’s concerns or queries before your competitors, you’ll be a way ahead. By incorporating frequently asked questions in a chatbot, you can build trust with target customers by quickly providing answers to all of their common questions and essential information about your product/service they’re interested in.

7. Scale Your Business

A human customer support agent can handle two or three customers simultaneously.

On the other hand, chatbots can address more customer queries than a human agent can ever manage. Therefore, using chatbots along with your human agents, your business can scale its operations with ease even if the number of customer queries and calls escalate day by day.

Also Read: Top 5 Best Chatbot Development Tools for Your Business

8. Target Millennials

There are many studies and surveys that suggest millennials prefer to get their queries solved using a chatbot rather than speaking to customer service agents. Therefore, with the help of AI-powered chatbots, you can connect and engage with target millennials.

9. A Strong Conversational Marketing Strategy

If you can communicate with your customers in a way they love, then why not?

Today, customers don’t have time to read lengthy materials to learn more about what you have to offer. Instead, they want an innovative way, i.e., voice or image assistance. With voice assistance receiving 2 billion requests every week, more and more businesses are already leveraging it.

10. Applicable in Many Use Cases

Chatbots has many uses than you can ever imagine.

  • Take customer service to the next level
  • Support your marketing efforts
  • Handle internal helpdesk support.
  • Order confirmation and track shipping
  • Handle refund and exchange requests quickly and efficiently.
  • Collect customer feedback.

Also Read: 5 Reasons Why Your Small Business Needs a Mobile App

The Final Takeaway

Considering the chatbot benefits for business, one thing is crystal clear, i.e., chatbots are here to stay, and their usage will increase among businesses and consumers. Not keeping pace with trends can make you lose potential customers or even existing ones.

So, if you haven’t yet taken advantage of chatbots, it’s high time to think about it.