Gartner research predicts that by 2026, the chatbot industry will grow into an $8.8B business. According to research done by Yellow.ai and C-Zentrix, a 320%growth of Global Voice Assistant transaction values is expected between 2021-2023.
Here are 7 ways that Chatbots are being used to engage, analyze, and ultimately satisfy the end user, customer and employee for today’s forward thinking companies.
- The rise of mental health chatbots for therapy is happening now – Yes, Robot therapy has arrived. Somewhat controversial, this might best be used in a blended model, when AI can intuitively know when to switch the conversation over to a human interaction for a best of both worlds experience.
- Complex omnichannel synthesis via AI means complex organizations with distributed or decentralized operations require differentiated responses served across multiple channels. This provides a much more personalized response than cookie-cutter or basic chatbot responses. Chatbots are increasingly being used to meet people where they are searching for information – whatsapp, sms, call centers, etc. and that voice and chat data is rolled up in a seamless, synchronized fashion. Suddenly, that abandoned shopping cart on Amazon just might not be abandoned once the potential customer’s phone is picked up again and they get an SMS reminder.
- Conversational AI technology can speak 100 different languages, and detect human emotions, like if someone is getting frustrated or depressed. This deep intel allows companies to organically interact, compete, and engage on the global playing field. Conversational commerce has grown exponentially during the pandemic, and people are getting accustomed to the convenience and personalization that it affords.
- Total Experience Automation (TX) – Think CX (customer) + EX (employee)+ UX (user) Experiences = TX. Since the Great Resignation started, both employees and customers have high expectations and demand a great deal from the companies they work or buy from. In order for companies to deliver optimized service from a TXmindset, they need a complex, dynamic system that will optimize operations across the board, serving the company’s entire ecosystem and working seamlessly in conjunction with all the moving parts to fulfill each individual’s specific needs. Improving the experience of all constituents in the ecosystem helps drive an increase in customer retention and lifetime value by 59%, with happier, more loyal employees to boot.
- Cognitive and Affective Trust is elevated by naming virtual assistants but not pretending they are human. By putting a name on the chat system (e.g. Siri, Alexa) people feel an emotional connection (both consciously and subconsciously), like a helpful friend who they can rely on for consistent results, without the pressure of a human relationship. With repeated use pending satisfying results, both customer and employee retention rates soar.
- Moments of truth are built with each successful interaction. With enough positive interactions that achieve the desired result, a genuine trust can be built. The more you use it, the better it gets. Google’s search engine is a prime example of this phenomenon. Google consistently delivers results and people trust Google’s search engine capabilities. That’s why the brand Google is practically a verb.
- Immersive training is becoming increasingly common. Using VR/AR headset technology in conjunction with Advanced Virtual Assistants can be an effective tool for onboarding and welcoming new employees to a company and can tailor training to focus on relevant skills development efficiently to quickly get people up to speed with a tailored approach.
So, there you have it. And with each interaction, the AI is learning what the user wants and how to deliver it to them in the most effective and efficient way possible, which translates to happier and more loyal customers and employees wherever they are in the world.
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