Top 6 Ways E-Commerce and Banking will Benefit from Chatbots
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Top 6 Ways E-Commerce and Banking Organizations will Benefit from Chatbots

Benefits of Chatbots in E-Commerce and Banking Industry

It may sound strange, but e-commerce and banking organizations almost work on the same principle. If they don’t get back to their customers soon enough, they’ll most likely lose the customer to the ever-increasing competitors. Thereby, it is important for both e-commerce and banking organizations to be available for their customers 24/7 at any cost.

As per a survey, about 44% of U.S. customers prefer chatbots over humans as customer support.

Chatbots have been around for only a few years and they’ve already gained enough popularity that more and more online businesses are using them to resolve the customers’ never-ending queries. Most of all, chatbots are cheaper and can save up to 30% cost on resolving customer requests per year.

1. Enhance User Experience

Let’s discuss an example: You’re an entrepreneur who spends most of his time traveling. You’re into some products an e-commerce store sells online but you have some queries. Would you wait for 3-5 business for the answers if you mail them? Definitely no!

At the same time, if you have an option to talk to a chatbot and ask about delivery duration, charges, product, and any other thing you’d want to know, you’re most likely to become a regular customer. That’s how chatbots are revolutionizing the user experience in e-commerce stores. For the same reason, the use of chatbots in banking has increased over the past few years.

2. Generating More Leads

Those days are long gone when cold calls or newsletters were enough to take your online business to its full potential – be it an e-commerce store or banking organization.

The advent of innovative chatbots has revolutionized the customer support phase – evolving your e-commerce or banking website into a less-frustrating platform. Whether you’re a finance manager or e-commerce manager, you’re always on the verge to stay one step ahead of the competitors. Thus, now is the right time to add a unique feature which can help in generating more leads.

3. Frequent Feedback Collection

The advancement in the natural language process and computing has given rise to the more generic chatbots which are able to handle more convincing conversations. In fact, AI integrated chatbots are able to handle dozens of customers’ queries that are redundant.

For example, if you get over a hundred questions about delivery charges or duration per month, you can simply program your chatbot to answer accordingly.

Moreover, if you’re looking to enhance your bank’s service and eliminate the downsides, the use of chatbots in enhancing the customer experience and asking for feedback at the end of the call has shown considerate outcomes for many banking organizations.

4. Less Cost

As costly as they seem, chatbots are a lot cheaper than developing a complete cross-platform application or hiring staff just to answer some generic queries. Social media platforms have become an integral part of our lives. Whether you manage an e-commerce store, banking organization, law firm, software house, or a personal brand, the majority of your audience is often busy checking your status on social media.

Guess what? Most of these channels come with ready-made chatbot software developed by giant techs like Facebook.

5. Streamline Lifestyle

Chatbots play a key role in streamlining our lifestyle preferences. Your customers can depend on bots for regular assistance i.e. grocery shopping, trouble checking out, not being able to use the credit card, suspended corporate card, and more.

You are likely worried if your audience will ever get satisfied receiving updates from an automated program. But what if you’re providing a 20% discount? Yes, offering something for free can add value to your business – leading to more sales.

If we specifically talk about e-commerce stores, health enthusiasts are more than happy to order healthy food using chatbots in return for some motivational quotes, daily inspiration, and meditation mantras. Thus, chatbots in e-commerce are trending these days.

6. Improved Customer Engagement

All the above benefits of incorporating chatbots to your banking company or e-commerce lead to a single conclusion that chatbots improve customer engagement. According to a report, it was found that banking organizations that use social media chatbots quickly respond to customers who were able to increase their customer spend by up to 40%.

Now that chatbots are being utilized by most finance institutes and e-commerce sites, one can contact for other innovative ways to leverage AI technologies for the better good. Above anything else, the ROI of chatbots is much better than traditional means of customer assistance.

Danni White
Danni White
Danni White is the Director of Content Development at Bython Media, the parent company of TechFunnel.com, OnlineWhitepapers.com, BusinessWorldIT.com, List.Events, and TheDailyPlanIOT.com.
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