Chatbots are all the rage today and deservedly so. While there is no doubt as to the overall advantages they offer a business; it is worth taking a microscopic view of the financial benefits of chatbots, especially in 2020.

Although chatbots have been around for quite some time, they only recently gained popularity.

Bigwigs like Windows, Apple, Amazon, Facebook, and many others have keyed into this fast-rising industry, and it is not a surprise.

Thankfully, they are not only available to big businesses, even as a small or medium scale company, you can also have an AI-based chatbot like Zebrabuzz to help your business.

Chatbots have improved in recent years and are still improving. Even as you read, better versions are being made, especially bots that can negotiate prices like human beings.

Although this may still be a developing industry, it does not take away the fact that you also need to join as soon as possible to reap the many benefits that other businesses are gaining.

Chatbots offer businesses many benefits and advantages for very little costs compared to what it could originally take to get the jobs done.

Their 24/7 availability, speed and efficiency are part of the many reasons why customers love them and businesses are adopting their use.

However, asides these, there are also financial benefits of chatbots that make business love them so much. After all, the goal of most businesses is to make profits.

Read More: Benefits of Chatbots in Customer Service

Here are 8 financial benefits of chatbots in 2020:

Saves Time
Reduces Costs
Sells Products
Prevents Fraud
Provides Abandoned Carts Reminders
Providing Booking and Appointment Reminders
Increases Quality Lead Generation
Offers Financial Advice
Offers Financial Advice

Saves Time

There is a popular saying that goes thus: “Time is Money.” This is true in every way possible. A recent study found that customers find chatbots quick, friendly, easy, fun, and informative.

Take note of the first reason they specified – speed. Not only are they fast, but chatbots also add efficiency into the mix. This means they will get the job done in record time.

The only thing stopping a chatbot from sending a reply is because the user has not even asked yet. Once the query is sent, it takes a second or less for the user to get a response.

Also, as chatbots are being used by some businesses to answer customer queries, they can take the workload off the human representatives who can have the time to answer customers who have more complex requests as well as do other things.

Reduces Costs

Another of the financial benefits of chatbots in 2020 is that they reduce the cost of operation.

 If 10 years ago you were told a bot would be made that will cut your cost and also increase your sales, you may not believe it, but here they are!

While chatbots are usually used for the simple stuff, there exist chatbots that can handle even the complex queries.

With statistics confirming chatbots have answered 80% of customer queries effectively without any form of human intervention, the need for human employees for your customer service or marketing department has reduced.

That is to say, out of ten people, chatbots will do the work of eight. This is why when statements like “Chatbots can function in place of your whole marketing team,” it is not devoid of truth.

So if you were going to hire 10 people, with a very effective and highly intelligent chatbot, you only need 2.

Human employees mean daily, weekly, or monthly wages. There are also costs like hazard payments, overtime, and do not forget a business will still keep paying its staff even when they are on breaks or leaves.

While this is not an attempt to rubbish the work of human employees, the costs of having a chatbot compared to having a marketing and customer service team of human resources are significantly reduced.

Asides the initial costs to implement a chatbot, subsequent costs are significantly low to what you would have dedicated to salaries, training, infrastructure and many more.

Also, remember chatbots do not go on break? Yes, they are available 24/7 to respond to customers. Even while you sleep, at night or during the day, your customers are not getting let down.

Sells Products

Selling your products for you is another of the many financial benefits of chatbots, especially in 2020.

Chatbots are very smart and intelligent. Artificial Intelligence enables them to do things like humans. This includes helping you sell more products and services.

One way bots help to accomplish this is by providing very effective advertisements to both new and existing customers.

Most of us patronise businesses because of the impact their adverts had on us. Chatbots can provide that impact.

As they are intelligent, Zebrabuzz bots, as well as many other bots out there, can send personalised adverts. This is achieved by using data collected from any previous conversation.

Due to the choices of these customers, products and offers in their line of interest will be shown to them.

Prevents Fraud

Prevention of fraud is one of the financial benefits of chatbots in 2020. Chatbots are smart enough to monitor as well as recognise any warning signs on a customer’s accounts.

It then notifies either the customer or the business or both of them depending on how it has been programmed to work.

Sometimes when you log into your profile on a website from a different phone or location, you may see a fraud alert in your mail asking to confirm “if that was you”.

This is to prevent theft of your money or personal details.

Provides Abandoned Carts Reminders

Remember when you are shopping online, see something you like, add them to your cart and forget? Or maybe you did not forget, just not ready to make the purchase yet.

You may eventually forget about the product and only remember when you return to the website.

Well, if that business used chatbots, you would not forget as they can provide regular and timely reminders for your abandoned carts.

That way, you never forget, and you can always come and patronise the business.

Providing Bookings and Appointment Reminders

Asides carts, if your business is such that customers need to book a date for an appointment, chatbots like Zebrabuzz can also help you on the way.

This will ensure you do not lose customers as losing customers mean losing money which is bad for business.

Reminders may come a day or two before the appointment date to remind customers and give them the chance to prepare.

Increases Quality Lead Generation

Chatbots will generate quality leads for you, and you need not be told that leads mean potential customers. They give businesses a boost in generating leads and ultimately making conversions.

This is achieved with the combination of several forms of Artificial Intelligence, including apt semantic interpretation and comprehension, machine learning, natural language processing, amongst others.

These quality leads lead to conversion, and these are customers; more financial benefits of chatbots to your business.

Offers Financial Advice

Some chatbots can also read data and reports to offer you financial advice. Financial institutions mainly use these kinds of bots.

Not only to a business, but chatbots can also give financial advice to your customers.

Remember they are intelligent so they can read a customer’s data on a business page, analyse their spending habits and suggest a savings plan.

These are some of the many financial benefits of chatbots in 2020. You can never go wrong with chatbots, especially if you build them properly.

Read More: What are the Benefits of Chatbots to a Business?

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