London, UK, Oct. 12, 2020 (GLOBE NEWSWIRE) — Tech company Swiss moonshot AG is launching the aiaibot chatbot enterprise solution—an advanced tool that intelligently digitizes customer dialogue with fast, quantifiable benefits. Their product is expected to revolutionize the way we do sales and customer service, through artificial intelligence. As per research by Fameninja, here are some important points regarding The New Generation of Chatbots.
- Swiss startup aiaibot has launched an advanced AI-based chatbot and robot service which is powerful, cost effective, and easy to integrate.
- With both customers and companies looking to conduct operations as quickly and efficiently as possible, chatbots are becoming one of the most vastly integrated technologies across the web.
- Some 1.4 billion people are already using chatbots on a regular basis, with millennials leading the way: three in five millennials have used chatbots at least once in their lives.
- With a total of 50% of businesses planning to spend more on chatbots than on mobile apps, it is worth examining why and how chatbots are changing the online marketplace.
Why Have Chatbots Become So Popular?
Chatbots are being used more and more because they are highly accessible and can be made to show up right there on the screen as soon as a website is accessed. They allow consumers to get answers to questions almost immediately and certainly faster than waiting for a customer-service representative. This is no small matter; one recent survey found that customers expect a reply within 5 minutes or less and that some 64% of internet users believe 24/7 support is the chatbots’ biggest benefit.
On the backend, chatbots can significantly cut costs. Statistics show that businesses spend around $1.3 trillion a year on customer requests, an expense which could be reduced by 30% by using chatbots. In fact, chatbots enable 64% of agents to spend most of their time resolving more complicated problems, compared to 50% of agents who did not have the chatbot option. Some of the ways chatbots do this is by enabling customers to conduct self-service in simple scenarios (such as bank account or shipment inquiries, questions about opening hours or locations, and complaints) and by interacting with customers immediately upon initial contact. This can streamline the cases that do go to a live agent more effectively.
Businesses’ enthusiasm about chatbots has reflected these advantages accordingly, with interest skyrocketing by 160% in 2018, according to Gartner, a prominent research and advisory company.
If Chatbots Are So Great, What Is Still Holding Them Back?
Both end users and businesses may have a negative perception of chatbots due to three distinct issues: complexity of use and implementation (UX), the poor cost-benefit ratio of some of the costlier services, and the unhelpfulness of some of the cheaper services. While new-generation chatbots based on artificial intelligence, natural language processing, and machine learning address these issues, for some, the prejudice against chatbots persists.
In the past, a choice had to be made on the business end between cheap and simple chatbots that offer just a limited selection of pre-programmed answers from rigid avatars and between sophisticated, powerful chatbots that many businesses found unaffordable (due to high prices, implementation costs, and ongoing maintenance).
On the consumer end, 58% of respondents to a recent survey replied that chatbots were not living up to their potential. Some of the frustrations expressed by consumers included a failure to have simple questions answered satisfactorily and obstruction from speaking with a live human being. These complaints reflect consumer irritation with cheap, rigid, and pre-programmed chatbots, which is what most businesses could afford in the past.
What Are Chatbot Developers Doing to Take Them Forward?
Most of these aforementioned issues seem to be a thing of the past; experts are optimistic that with the help of advanced algorithms and technologies, chatbot accuracy, which in aiaibot’s case is already as high as 90%, will continue to make great strides forward.
Thanks to natural language processing (NLP), chatbots are increasingly being developed with more sophisticated conversational interfaces, particularly in the service sector. Chatbots can now get past grammatical errors, slang, and abbreviations. They can understand complex sentiments and messages (such as double negatives or linguistic intricacies like all caps, multiple punctuation marks, etc.). Their artificial intelligence (AI) and machine learning (ML) components also allow them to learn from previous conversations and databases and improve their response quality and time.
One such service is offered by Swiss startup aiaibot. The Swiss company has recently launched an AI-based chatbot and robot that is sophisticated yet also cost-effective for a wide range of businesses, particularly for customer support and sales functions. The aiaibot chatbot-robot-combo is perhaps the first ever that is both powerful and affordable enough while also easily assimilating into business systems. It is built for plug-and-play integration and it requires no coding work on the client’s end, thereby cutting costs and staff dramatically.
Furthermore, the platform is highly flexible, allowing clients to customize their chatbot and narrate their own story, even tweaking it independently over time in keeping with seasonal and other evolving business needs. It facilitates a seamless integration of personalized video and pictures, surveys, GIFs, file uploads, and many other features.
A Trend Worth Observing
Research shows that companies are expected to save some 2.5 billion customer service hours by the end of 2023 through the use of chatbots. This reduction will span across the retail, banking, and healthcare sectors, amounting to $11 billion annually. This is a truly exciting trend that is rapidly changing the marketplace overall and will undoubtedly improve the bottom line of both larger companies and small to medium businesses as well in the short term.
Name: Brianna Peterson