For any product to be commercially successful, it has to create value for its end consumer. For you to capitalize on a market opportunity, there has to be one to begin with.
Consider the case of the AI Conversation Bot. According to Grand View Research, Inc., the international AI chatbot industry is expected to reach USD 1.25 billion by 2025.
digitalgo.it predicts that, by 2020, 85 percent of all consumer interactions will be carried out without human intervention.
The AI chatbot’s ability to operate 24X7 & handle thousands of individual communication threads simultaneously has allowed it to be universally accepted & applied across myriad industries.
With a host of attributes that directly benefit its customers, it is no mystery why chatbots enjoy such a wide-spread appeal.
The Most Powerful Tool Of All: Communication
Communication or the power of speech was what enabled the Cro-Magnons or the modern Homo sapiens, us, triumph over our evolutionary rivals, the Neanderthals.
It made us more formidable hunters & gave us the ability to plan & strategize. Thousands of years later, it continues to be the most potent weapon in our arsenal.
Inherently, we human beings are social animals. We thrive on communication & social interaction. The advent of technological innovation such as the telephone allowed us to communicate over vast distances, from one corner of the planet to the other.
Today, digital communication allows us to do the same, only faster & across many more platforms. Be it social media, SMS, messaging apps or email, people are consuming terabytes of data every day talking to each other.
No wonder then that the bulk of online traffic hitherto enjoyed by the social media platforms has now migrated to the messaging apps. It vindicates social media experts who have, for long, suspected that, more than status updates or posting cat videos, we relish chatting with each other.
A chatbot platform is just another release or vent for all those who crave communication. Imagine a conversationalist who dies not tire & has, quite literally, infinite patience? Wouldn’t you love to talk to a companion who has a witty or humorous retort to your statements?
The Ultimate Companion While Shopping
According to statista.com, the global e-commerce industry is expected to account for about USD 4.88 trillion in sales by 2021. NASDAQ reports that, by 2040, around 95% of all retail transactions will take place online.
To say that the global digital economy is primarily driven by online retail is an understatement. AI chatbots are uniquely positioned to facilitate the online operations.
The reason behind the success of brick-&-mortar retail & the proliferation of malls is that these shops don’t just sell products. They sell an experience.
Going to the mall is a family activity or group exercise. You make a day of it. You do some shopping, eat out, maybe get a massage or simply hangout. Most importantly, you enjoy the companionship of your loved ones.
It is this very companionship that AI chatbots bring to the customers of e-commerce applications. Thanks to the conversational bot, online shoppers are no longer shopping alone. The experience of shopping together in the real world is replicated online as well.
Gone are the days when the best that an online vendor could do is prompt that buyers who purchased the same items that you bought, also bought other similar items.
Now, an AI chatbot assistant can handhold any online consumer, guiding them through the vast electronic terrain littered with innumerable products & helping them to make informed decisions.
Instead of rummaging through scores of web pages looking for the items of their choice, buyers now have access to their very own knowledgeable personal shopper who can help them land the best deals.
Chatbots are destined to become part-&-parcel of business operations worldwide in the near future. If you are looking for Email Follow Up Bot or other AI-powered solutions for your enterprise, get in touch with us today.