90% Customer Retention: How Chatbots Boost Satisfaction in 4 Effective Ways

 

Chatbots — the tiny message boxes you communicate while visiting any website or mobile application — have become essential to every business. They work as your virtual assistant trained well to answer simple to complicated customer queries. These computer programs are powered by Artificial Intelligence, capable of mimicking human conversations and offering essential support and information to the users.

A few years ago, chatbots were merely an added feature to businesses. However, with evolving technology and AI integration, smart chatbots have become more advanced, smarter, and necessary for most businesses.

Think about a fintech company — the chatbot is capable of guiding users to make a transaction. For a real estate company — the chatbot is smart enough to show users the most suitable properties that users’ requirements. Or think about an insurance firm — the chatbot can not only suggest the best policy as per your status but can accurately tell you how much premium you would need to pay.

Since customer satisfaction and prompt response are the need of the hour, these chatbots have become highly important for most businesses.

Here in this blog, we will discuss 4 ways chatbots increase customer satisfaction. Let’s get started!

1. 24/7 Availability and Immediate Response

Imagine it’s 3 AM on a Sunday, and you need immediate help with a product. The business is already closed and there is no one on the other side to assist you. Not with chatbots. Your virtual assistant is always on duty — 24/7, offering you essential support at odd hours. With Generative AI and other technologies integrated with your traditional chatbot, you get smart bots that can enhance user experience.

A frustrated and dissatisfied customer can cause damage to the company’s reputation. If your customer has to wait till your business opens, chances are very high that your customer has already switched to some other service provider, as the world is highly competitive. However, thank the chatbot as it saved you from losing a customer.

Another situation you may consider is the old customer care method. Your customer calls your helpline and then has to wait for a few minutes, listening to that soothing yet irritating music before they speak to someone to get their queries solved. Chatbots can resolve such problems as customers get solutions to most of their queries, except for some critical questions that require a human assistant.

Simply put, chatbots provide great customer satisfaction by being available for them round-the-clock, as well as by eliminating their waiting time.

2. Personalized Customer Experience

Imagine walking into a store where the salesperson greets you with your name, has details about your purchase history, and knows what type of stuff you buy. Feeling valued, right?

This is exactly what a chatbot a capable of. While it may not be possible to remember the choices of so many people, these smart assistants can do this job so easily. They capture your data, and with this data, they can offer your customers the personalized experience they like.

In case of support related to some product or service, the chatbots know about your past queries and can offer you tailored solutions based on this data. This not only makes your customers valued but also saves their valuable time as they do not have to repeat their previous conversations. The generative AI service providers can upgrade your existing traditional chatbot to an advanced chatbot and enhance the user experience for your website.

3. Efficient Issue Resolution

Humans can make mistakes but chatbots do not. They are simply problem-solving wizards who have the capability of solving very basic to very complicated questions. And they are always ready to learn new things — you feed them more information and they are more powerful. The chatbots of today use machine learning algorithms and can learn by themselves as they solve more and more queries. Partner with a trusted custom AI development company and your smart bot can help you offer amazing experience and value to your customers.

For common queries like resetting a forgotten password or tracking a shipment, your customers get immediate responses without having to wait in line. For complicated questions, the chatbots are getting smarter to answer most of them. However, in rare cases, you have the option to involve a human assistant. But even before that, most of the issues are resolved.

Efficiency is what makes chatbots a must-have feature for businesses of today. People need quick and accurate answers, and these chatbots are capable of providing the same. They not only eliminate the waiting time but also reduce the efforts your customers have to make in exploring different websites or contacting your support staff.

Simply put, chatbots bring great customer support by efficiently resolving their common to very complicated concerns.

4. Valuable Insights and Data Collection

Data is the fuel to businesses and chatbots are real data sponges. From every question the customer asks to every query they resolve, they collect lots of valuable data. Adding to it, they can collect customer feedback in real-time through ratings and comments.

As we all know, modern businesses run on data. Businesses use this data for a lot of purposes, like improving their services, knowing market trends, or even marketing their business. By analyzing this data, businesses can make smart decisions that are highly valuable for their growth.

From a customer’s point of view, this data can be used to provide better solutions to the customers. As discussed before, chatbots can offer personalized solutions because they have lots of information about the customers. This further contributes to customer satisfaction.

Which Type of Businesses Need Chatbots?

Essentially, every business that operates online can leverage the power of a chatbot. However, some businesses can rely a lot upon them. Some of these business segments are:

1. Real Estate

This is one industry that makes great use of chatbots. From suggesting properties based on budget to requirements and lifestyle to assisting customers with availing housing loans, the chatbots become very handy.

Also, since real estate portals have to entertain thousands of visitors a day, the chatbots eliminate the need for bulk human assistants by satisfying most of the customers with generic queries.

2. Fintech

This is where customers get the greatest satisfaction because now they no longer have to wait for a customer support executive for minutes. Simple tasks like balance inquiry, PIN reset, investment portfolio, etc. can be easily resolved by chatbots.

3. Healthcare

The healthcare industry can leverage the power of chatbots as they can help customers with appointment scheduling easily. Other than that, these chatbots can store patient information and health records, eliminating the paperwork. Customers can also get help with telemedicine, virtual consultation, and prescription refills.

4. E-Commerce

Providing the customers with 24/7 support is the backbone of the ecommerce industry and this is where these chatbots become greatly helpful. Apart from that, they can provide personalized product recommendations based on the user’s purchase history. Other benefits include processing orders, tracking shipments, or managing returns.

5. Education

Education, especially eLearning, can make great use of chatbots. These virtual assistants are capable of handling many administrative tasks like managing records or scheduling appointments. Students can find personalized courses according to their academics or interests. Along with that, these bots are capable of answering simple questions about courses, enrolments, and deadlines.

6. Restaurants

Since most restaurants these days have started taking orders online, having a smart chatbot can be very handy. These programs can help them with order placement, providing details about cuisines and ingredients, and booking tables. Order tracking becomes very convenient with the help of chatbots.

So these are some of the notable industries that can leverage the power of chatbots. If we look closely, no business of today can remain untouched by these programs. If used smartly, they can benefit virtually every business.

Wrapping It Up!

If you are running a business and serving your customers online, a chatbot is no longer a luxury you can offer to your customer. It is a necessity if you want to keep your customers happy and satisfied. These tiny virtual assistants are soon going to replace most of the human assistants as we can already see the human assistants are required to answer only complicated questions.

The list is endless about how chatbots can help businesses keep their customers satisfied, but these 4 reasons are sufficient to prove the worth of these virtual assistants. If you want your business to get a competitive advantage and want to keep your customers satisfied, make sure to implement a chatbot on your website or mobile application.