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We’re not talking about Bots that act like Virtual Assistants. It is ChatBots that can increase your business revenue when implemented in the right way.
No more will you hear about chatbots being the next big thing, because they're already here, and they're here to stay. Indeed, they have become increasingly popular in recent years, 2020 becoming known as the “year of the chatbot”.
Many brands are already utilizing chatbot to experience advancement and benefits out of it. Failure to adopt this technology in your business can lead you to lag behind the competitive world. Hence, it’s time to catch up advanced technology as soon as possible.
These statistics confirm that chatbots represent the new generation in tech. No more waiting for the right time to incorporate them into your business. The time has come.
Broadly speaking, there are just two kinds of ChatBots – one that utilizes Machine learning and one that doesn’t. Clearly, the Chatbots powered by machine learning are the smarter ones. The ones that have the ability to learn from human conversations and get better each time.
However, not all businesses would need a Chatbot that can make a 20 minute conversation or make a restaurant reservation for their customers. Different business operations and processes call for different levels of AI to be consumed by their ChatBot.
The ability to interact with your customers directly without even hiring a sales-person is priceless! Even in the real world, when customers receive personal attention and feel cared-about, they tend to shop more.
You could provide them with simple information like your store locations, directions, operating hours, product information, order status, etc. These functions are simple and need only a basic ChatBot which can be fed with information about your operations and processes like your products info, contact info, etc. Basic-level ChatBots can answer simple and repetitive enquiries based on the knowledge-base provided while your executives can focus better on other processes. They do not possess any AI or NLP (Natural Language Processing) abilities.
In e-commerce stores, you can serve your customers better by providing products based on their preferences, making fashion choices and also allow them to make purchases without leaving the ChatBot messenger. Transaction-level Chatbots can also guide customers based on their past purchases and make transactions automatically. Or book a cab based on their last interaction.
More intelligent of the lot can provide seamless customer experience by analysing previous transactional data and providing useful information like their total travel expenses or shopping expenses.
These ChatBots perform similar functions as the High-level ChatBots, except that it is more intelligent. Based on data that it accesses from enterprise systems (CRMs), it can provide very specific and personalized assistance to your customers. These bots are highly preferred in sales and marketing as they help in converting a lead into a customer by automating the entire process. It can also carry context from one channel to another.
Company Description: H&M is a global fashion company that promote sustainable materials and human labor
How it’s being used:
The purpose of H&M’s chatbot is to help mobile customers navigate their search through outfit possibilities and guide you to the online store areas that align with your purchase desires.
H&M’s chatbot leverages the following information and responds differently based on provided information:
H&M’s consistent increased sales over the past year and its August announcement to launch an eCommerce presence in Canada and South Korea during the fall of 2016, along with 11 new H&M online markets (for a total of 35 markets by the end of the year), appear to signify positive results for its chatbot implementation (though direct correlations are unavailable on its website).
How can our business leverage technology to better and more often engage younger audiences with our products and services? H&M is one of several retailers experimenting with and leveraging chatbots as a mobile marketing opportunity – according to a report by Accenture, 32 percent of the world (a large portion of the population 29 years old and younger) uses social media daily and 80 percent of that time is via mobile.
Company description: The National Railroad Passenger Corporation (Amtrak) provides rail passenger services for customers in the 48 contiguous U.S. states.
How it’s being used:
According to nextIT (Julie’s product platform), implementation of Julie resulted in the following:
With the advancement of technology, everything can now be automated. Even communicating with people. ChatBots are getting more sophisticated over time, making them more popular with large enterprises and SMBs. They’re definitely here to stay as they provide excellent customer engagement, save time and money and improve operations efficiency. Nevertheless, you cannot ignore the fact that there needs to be a balance between fully-automated personalization and human touch. Plain and simply put, a bot can never outsmart a human nor can be compared to one. A well-struck balance between the two can work wonders for your brand.